Austrian School

Jonathan Newman, Mises Institute A great wave of anti-market and pro-socialist opinions has flooded the media in recent years. In most cases, these anti-markets make no distinction between state-sponsored organizations like the IMF and real markets. But that doesn’t matter, because the articles are often populist and vaguely worded – …

A week ago, it was exactly 30 years since one of the biggest one-day crashes in financial markets in human history – the so-called "Black Monday". On October 19, 1987, stock exchanges around the world lost a huge percentage of their capitalization in just a few hours. By the end of the month, the markets …

The EKIP proudly presents a full translation of the fundamental essay “Ten Great Economic Myths” by the great American economist Murray Rothbard, which you can read and download here. Murray Rothbard is one of the greatest economists of the 20th century, a prominent representative of the Austrian School of Economics, and a founder of the modern libertarian movement in …

Author: Murray Rothbard (We at EKIP proudly present a translation of part of the essay "Ten Great Economic Myths" by the great American economist Murray Rothbard. In this part of his essay, Rothbard focuses on the three biggest myths regarding government budget deficits and the effects they have on the economy of …

Six years ago, a study by Alberto Alesina, Dorian Carloni, and Giampaolo Lecce was published entitled “Electoral Consequences of Large Fiscal Adjustments.” In it, the authors dispute the thesis that large reductions in budget deficits (for which the term “fiscal adjustments” is used) lead to worse electoral results for political parties that …

Chapter II. You can see the front parts HERE and HERE How did the Austrian School of Economics originate? In order to more fully and comprehensively understand the contribution of the "Austrians" to economic science, we need to briefly familiarize ourselves with the origin and evolution of their ideas, with the important names in history, and with the result of ...

Chapter I, Part 2* You can read the first part HERE Life is a series of ups and downs In economic theory, there are similar analogous reversals - the constant alternation of a strong economic boom and an almost as long economic downturn. There are different opinions, theoretical and practical explanations for the emergence of business cycles. According to the "mainstream" ...

Chapter I, Part 1* Nowadays, many people feel that the explanations of crises and social processes are incomplete, if not completely wrong. The process repeats itself - political formations change, promises are replaced, and disappointments are not long in coming. Change is needed, but not led by the hope for new state "saviors", ...

In early January, Eurostat data was released showing the first annual deflationary episode in the Eurozone since 2009 – the overall price level fell by 0.2% between December 2013 and the same month in 2014. This sent the European Central Bank and a large number of Keynesian economists into a panic. From …