This paper reviews a collection of essays by Charles Kindleberger. After a quick overview of the contents of the volume, the paper criticizes the position advanced by Kindleberger that monetary policy should seek to counteract asset price inflation. The review also discusses critically...

A strictly monetary theory of the Great Depression is generally thought to have originated with Milton Friedman. Designed to counter the Keynesian notion that the Depression resulted from instabilities inherent in modern capitalist economies, Friedman's explanation identified the culprit as an...

Ralph Hawtrey, one of the leading economists of the interwar period, published his first work in economics, Good and Bad Trade, in 1913. The book contains the key elements of the theoretical model developed and refined by Hawtrey over the next quarter century. Notwithstanding Pigou's judgment...

Despite all the commentary that the topic has attracted in recent years, confusion still surrounds the proper definition of relevant markets in antitrust. This paper addresses that confusion and attempts to explain the underlying logic of market definition. It does so largely by way of...

Hayek was among the first to realize that for intertemporal equilibrium to obtain all agents must have correct expectations of future prices. Before comparing four categories of intertemporal, the paper explains Hayek's distinction between correct expectations and perfect foresight. The four...

R. G. Hawtrey, like his younger contemporary J. M. Keynes, was a Cambridge graduate in mathematics, an Apostle, deeply influenced by the Cambridge philosopher G. E. Moore, attached, if only peripherally, to the Bloomsbury group, and largely an autodidact in economics. Both entered the British...

Say's Law occupies a prominent, but equivocal, position in the history of economics, having been the object of repeated controversies about its meaning and significance since it was first propounded early in the nineteenth century. It has been variously defined, and arguments about its meaning...

This review provides a brief summary description of the book and its eight chapters which review the history of and the history of thought about seigniorage. After the first two introductory chapters, the next four chapters analyze the conditions for optimal seigniorage for three ideal types of...

Abstract: In Hayek's early writings on business cycle theory and the Great Depression he argued that business cycle downturns including the steep downturn of 1929-31 were caused by unsustainable elongations of capital structure of the economy resulting from bank-financed investment in excess of...