Tag Archives: austrian economics

systems of determining more-effective action

– one system is wherein people do things that work well for them over time, and thus keep doing them, while discarding behaviors that work poorly for them. think of mises’ “removal of felt unease” inherent to all intentional action. – the other meta-system (containing two similar but separable systems) that creates repeated intentional goal-oriented […]

The Genius of Roger Garrison, Part Two

At the end of part one I mentioned Friedman’s fears of deflation, which I said were a natural consequence of his view that depressions stem from the nature of money itself. Friedman basically said that we should keep the nominal interest rate at zero and shoot for consistent and low inflation each year (around 3% […]

The Genius of Roger Garrison (and a Reconciliation with Lachmann and Friedman)

My favorite economist is surely Roger W. Garrison, author of “Austrian Macroeconomics: A Diagrammatical Exposition,” and more importantly, “Time and Money: The Macroeconomics of Capital Structure.” He has also, of course, written a myriad of articles, such as “AS/AD: A Sad Development in Macroeconomic Pedagogy.” Before reading this, one will need to at least understand […]

ludwig lachmann’s psychedelic solitaire

something that struck me one day while i was listening to sikth and playing solitaire on my piece of shit ipod loaded with fucking dope music was that there are incredibly illustrative analogies to be made between said simple card game and the incredibly complex idea of permanent, though perhaps only knowably partial (partial in […]