Vol. 24, Issue 2, 2021

The Case against the New “Secular Stagnation Hypothesis”

Mihai Macovei

Lawrence Summers claims that excess savings and feeble investment led to secular stagnation in advanced economies. Macovei defends the Austrian business cycle theory against Summers's arguments.

Articles

Old and New Development Economics: A Reassessment of Objectives

Victor I. EspinosaÓscar R. Carreiro

The behavioral economics-based "new development economics" is just like the old development economics, say Espinosa and Carreiro. The Austrian theory of dynamic efficiency offers a useful path forward.

Articles
Are Free Market Fiduciary Media Possible? On the Nature of Money, Banking, and Money Production in the Free Market Order
Kristoffer J. M. Hansen
How, and to what extent, would fiduciary media emerge in a pure market economy? Hansen argues that holding fiduciary media instead of money is an entrepreneurial error.
Articles
An Anatomy of Failure: China’s Wind Power Development
Jonas Grafström
China's extensive investment in wind power is plagued by planning and knowledge problems, unproductive entrepreneurship, and bureaucracy.
Notes and Replies
Net Present Value, Duration, and CAPM in Light of Investment Theory: A Comment on Kruk
Thomas HeringMichael OlbrichDavid Rapp
How should we address uncertainty when using NPV calculations? The answer is rooted in the Austrian school of thought rather than neoclassical finance theory.
Book Reviews
Book Review: Media Wars: The Battle to Shape Our Minds
William Anderson
Bill Anderson reviews Donway and Kolhatkar's collection of essays on the culture war. Though a non-academic book, it is a good resource for academic researchers and a worthwhile read.

Book Reviews

Book Review: Classical Economic Theory and the Modern Economy

Per Bylund

Per Bylund reviews Steven Kates' new book, in which the author introduces classical economic thought, debunks Keynesian demand-side economics, and discusses the history of the shift in economic thought.

Book Reviews

Book Review: Trust in a Polarized Age

David Gordon

Kevin Vallier's new book is a valuable contribution to "public reason liberalism," introducing useful arguments for strengthening private property rights.

Book Reviews

Book Review: Monetary Policy after the Great Recession: The Role of Interest Rates

Nikolay Gertchev

Nikolay Gertchev reviews Arkadiusz Sieron's effort to investigate the failure of expansionary monetary policy to address the challenges of the 2008-09 Great Recession.

Book Reviews
Book Review: Restoring the Promise: Higher Education in America
Timothy Terrell
Timothy Terrell reviews Richard Vedder's new book documenting the decline of American higher education, and finds it an engaging and thoughtful analysis, with promising suggestions for reversing course.

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