Monthly Archives: March 2012

Critiques of Natural Monopoly Theory

Many see the monopoly as a hallmark of market failure. Still, historic proof suggests otherwise. In theory, we are told that growing economies of scale, associated with lower costs but at the same time burdening the costs in market entry … Continue reading

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Free-banking revisited: the Chilean experience 1860-1898 (Ignacio Briones)

Free-banking revisited: the Chilean experience 1860-1898 (Ignacio Briones 2002) The empirical evidence we report shows that during the free-banking period (period in which Chile experienced two important wars and a civil war), inflation was low and stable most of the … Continue reading

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Herbert Hoover, Sticky Wages, and the Great Depression

Industrial Employment and the Policies of Herbert C. Hoover by Douglas W. MacKenzie (2010) Wages and cycles The idea that President Hoover intensified and prolonged unemployment with his high wage policy depends upon five propositions: 1. He intended to keep … Continue reading

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Austrian Business Cycle Theory, by Jesús Huerta de Soto

This is a presentation of Huerta de Soto’s exposition of the ABCT, in Money, Bank Credit, and Economic Cycles, Second Edition (2009), and supplied by my own comments and arguments in defense of the ABCT. (February 2015: updated post) Chapter 5 … Continue reading

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Empirical Evidence for the Austrian Business Cycle Theory

I have regrouped the series of articles on the ABCT. The present post is subjected to modification and improvement over time, with my readings on the empirical works on the ABCT. Because this article is already too long, the studies … Continue reading

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