Liberty Review

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What Do Recent Trends in Economic Freedom of the World Really Tell Us?

RYAN H. MURPHY
ECONOMICS AFFAIRS 35.1 (2015): 138-150

The decline in economic freedom since 2000, as measure by the Economic Freedom of the World index (EFW), is well known to proponents of free markets. However, close scrutiny of the data demonstrates that the reasons for this fall are not what the standard narratives imply. Read the rest of this entry »

Filed under: Economics, Politics

The Moral Narratives of Economists

ANTHONY RANDAZZO AND JONATHAN HAIDT
ECON JOURNAL WATCH 12.1 (2015): 49-57

Abstract: Moral narratives have a substantive effect on the research conclusions of economists. This is one of the findings from a recent survey of economists that we conducted, which found a relationship between views on empirical economic propositions and moral judgments. This finding may help to answer the question this symposium asks: Why don’t U.S. economists ever support the welfare state and oppose the regulatory state, or vice versa? We find the same moral narrative supports or opposes both states in tandem. To support one and oppose the other would be morally incoherent.

Filed under: Economics, Politics

Implications of Machlup’s Interpretation of Mises’s Epistemology

GABRIEL J. ZANOTTI, NICOLÁS CACHANOSKY
JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT 37.1 (2015): 111-138

Abstract: We argue that Fritz Machlup’s (1995) interpretation of Mises’s epistemology is at least as, if not more, plausible than Murray N. Rothbard’s (1957) interpretation. The implications of Machlup’s interpretation of Mises and of Austrian epistemology affect Austrians and non-Austrians in their academic interaction. Machlup’s interpretation shows that Austrian epistemology is well grounded in post-Popperian epistemology and that most criticisms of Austrian economics based on its aprioristic character are misplaced. Read the rest of this entry »

Filed under: Economics

Hayek The Apriorist?

SCOTT SCHEALL
JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT 37.1 (2015): 87-110

Abstract: The paper argues that Terence Hutchison’s (1981) argument that the young F. A. Hayek maintained a methodological position markedly similar to that of Ludwig von Mises fails to support the relevant conclusion. Read the rest of this entry »

Filed under: Economics

Monetary Equilibrium

JOSHUA R. HENDRICKSON
THE REVIEW OF AUSTRIAN ECONOMICS 28.1 (2015): 53-73

Abstract: One implication of the concept of monetary equilibrium is that the money supply should vary with money demand. In a recent paper, Bagus and Howden (Rev Austrian Econ 24:383–402, 2011) argue that this conclusion is predicated on the assumption of price stickiness. The purpose of this paper is to suggest that the foundation of monetary equilibrium is the role of money as a medium of exchange. Read the rest of this entry »

Filed under: Economics

The Impossibility of Pure Libertarianism

MATTHEW BRAHAM, MARTIN VAN HESS
THE JOURNAL OF PHILOSOPHY 111.8 (2014): 420-436

Abstract: In its simplest and most abstract form, libertarianism is a theory of political and economic organization which states that once a set of basic rights has been defined and allocated (“self-ownership” in particular), any distribution of resources, goods, and welfare that arises from this initial allocation of rights is just provided no individual rights have been violated. Read the rest of this entry »

Filed under: Philosophy

Summaries Archive

Recent Posts: Liberty Review América Latina

Pre-Independence Spanish Americans: Poor, Short and Unequal…Or the Opposite?

RAFAEL DOBADO-GONZÁLEZ REVISTA DE HISTORIA ECONÓMICA/JOURNAL OF IBERIAN AND LATIN AMERICAN ECONOMIC HISTORY (2015). ADVANCED ONLINE PUBLICATION. DOI: 10.1017/S0212610914000135 Abstract: This paper attempts to establish a debate between alternative views of living standards in Spanish America during the viceregal period. Since 2009, a growing literature has shared a «common language» based on a similar, though not identical, methodology. […]

Latin American Inequality: Colonial Origins, Commodity Booms, or a Missed 20th Century Leveling?

JEFFREY G. WILLIAMSON NBER WORKING PAPER NO. 20915 (January 2015) Abstract: Most analysts of the modern Latin American economy have held the pessimistic belief in historical persistence — they believe that Latin America has always had very high levels of inequality, and that it’s the Iberian colonists’ fault. Thus, modern analysts see today a more unequal […]

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