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In this issue: Mark Gertsen’s empirical study of “Interest Rates, Roundaboutness, and Business Cycles.” Tomáš Frömmel’s paper on negative inflation targeting. Aidan Walsh and Malcolm Brady contend that rule-following as a coordination mechanism enriches the Austrian theory of the firm. Maia, Steinreich, and Albuquerque help us understand Brazil’s worst recession in a century. Maciel, de Gamboa, Portillos, and Ghizellini apply an economic freedom index to Brazilian states. Pascal Salin’s lecture on the strange contrast between France’s collectivism and its production of important liberal intellectuals. Six book reviews by David Gordon, Audrey Kline, Jason Morgan, and Mark Thornton close out this thought-provoking issue.

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In this issue: Mark Gertsen’s empirical study of “Interest Rates, Roundaboutness, and Business Cycles.” Tomáš Frömmel’s paper on negative inflation targeting. Aidan Walsh and Malcolm Brady contend that rule-following as a coordination mechanism enriches the Austrian theory of the firm. Maia, Steinreich, and Albuquerque help us understand Brazil’s worst recession in a century. Maciel, de Gamboa, Portillos, and Ghizellini apply an economic freedom index to Brazilian states. Pascal Salin’s lecture on the strange contrast between France’s collectivism and its production of important liberal intellectuals. Six book reviews by David Gordon, Audrey Kline, Jason Morgan, and Mark Thornton close out this thought-provoking issue.

Articles
Interest Rates, Roundaboutness, and Business Cycles: An Empirical Study
Mark Gertsen
Can policy-induced deviations from the natural rate of interest increase roundaboutness in production? Mark Gertsen studies 28 developed economies using an ARDL model, and finds Austrian boom-bust dynamics.
Articles
Negative Inflation Targeting: A Proposal of a Non-Distortionary Monetary Policy
Tomáš Frömmel
Tomáš Frömmel contends that a negative inflation target combined with the Taylor Rule can be a non-distortionary monetary policy consistent with Austrian business cycle theory.
Book Reviews
Book Review: Gun Control in Nazi-Occupied France: Tyranny and Resistance
Audrey D. Kline
Audrey Kline reviews Stephen Halbrook's book, "Gun Control in Nazi-Occupied France," which documents the efforts of a totalitarian regime to disarm citizens.
Book Reviews
Book Review: The Origin of the Prolonged Economic Stagnation in Contemporary Japan: The Factitious Deflation and Meltdown of the Japanese Firm as an Entity
Jason Morgan
Jason Morgan reviews Masayuki Otaki's book on Japanese economic stagnation. While Otaki appropriately criticizes stimulus spending, he inexplicably attributes Japanese stagnation to the failure to follow Keynes.
Book Reviews
Book Review: People, Power, and Profits: Progressive Capitalism for an Age of Discontent
David Gordon
David Gordon reviews "People, Power, and Profits," in which Stiglitz professes great concern for the poor, while arguing that most people require control by enlightened experts such as himself.