In this issue, Joanna Kruk expands earlier analysis of NPV and interest rate changes in the context of Austrian business cycle theory. Clifford Thies examines the issue of emergency money during the Great Depression. In a debate over foundations of economic theory, Tate Fegley and Karl-Friedrich Israel argue that the idea of the disutility of labor should be discarded, and Joe Salerno contends that the concept is in fact helpful. Separately, Israel offers a rejoinder to Salerno on the matter of the income effect. Reviews of three important recent books conclude the issue: Sam Bostaph reviews Janek Wasserman’s The Marginal Revolutionaries, Ludwig Levasseur reviews Foss, Klein, and McCaffrey’s Austrian Perspectives on Entrepreneurship, Strategy, and Organization, and Bob Murphy reviews Stephanie Kelton’s The Deficit Myth.
- ArticlesThis analysis of NPV and interest rate changes in the context of Austrian business cycle theory quantifies the riskier positions entrepreneurs take during the boom phase of the cycle.
- ArticlesWhy were bank clearinghouse certificates not issued during the Great Depression? Clifford Thies explains that federal authorities intervened to prevent this temporary expedient.
- ArticlesTate Fegley and Karl-Friedrich Israel argue here that it is not necessary to argue that labor has disutility--which Mises and Rothbard do--and that the concept leads to confusion.
- Notes and RepliesDoes leisure represent the opportunity cost of labor? Joseph Salerno argues that Mises and Rothbard were correct to assert the disutility of labor, in this response to Fegley and Israel.
- Notes and RepliesKarl-Friedrich Israel responds to Joseph Salerno on the matter of the income effect, arguing that his approach is closer to the Slutsky decomposition than the Hicks decomposition.
- Book ReviewsSam Bostaph's review of Janek Wasserman's recent book shows that while it contains an interesting social history of Austrian economics, it misconstrues key ideas and ends with needless ad hominem.
- Book ReviewsLudvig Levasseur reviews Foss, Klein, and McCaffrey's new _Austrian Perspectives on Entrepreneurship, Strategy, and Organization_, a concise book but a must-have for management and economics scholars in the field.
- Book ReviewsStephanie Kelton's influential new book on Modern Monetary Theory meets Bob Murphy's incisive criticism and comes out worse for the wear.