Notes and Replies
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Patrick Newman argues that the 1919-1920 business cycle was due to monetary expansion, and that Borazan's (2023) "administrative decree" about resuming expansionary policy is inapplicable. Wage cuts aided recovery.
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The only preference that is relevant to the understanding of purposeful human action is the preference of ends, and indifference of ends cannot exist, says Manuel García.
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Turowska offers improvements to her earlier contribution in Kruk (2020), suggesting that scenario analysis is not a viable solution to the problem of calculating investment profitability.
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At least some Chicago school economists are indeed open to a genuine free market in money, says Karl-Friedrich Israel in his reply to Salin. But Chicago's instrumentalism presents a problem.
Austrians can learn from engaging with non-Austrian monetary theorists. But Chicagoans would do well to pay attention to Austrian thought, as Kristoffer Hansen shows in this reply to Salin.
In this reply to Pascal Salin, Nikolay Gertchev contends that an unintended contribution of Salin's article is that methodological differences between the Austrian and Chicago schools prevent reconciliation.
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Carmen Dorobăț comments on Pascal Salin's efforts to reconcile the Chicago School and the Austrian School, and suggests that such a reconciliation between the two traditions is impossible.
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How should we address uncertainty when using NPV calculations? The answer is rooted in the Austrian school of thought rather than neoclassical finance theory.
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Does 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.
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Karl-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.
Addressing a problem that Karl-Friedrich Israel perceived in Salerno's chapter "The 'Income Effect' in Causal-Realist Price Theory," Salerno contends that Israel's resolution implies a denial of the law of demand.
Sieroń comments on Book and Sumner regarding the Cantillon effect, arguing that the Austrian analysis of the Cantillon effect is correct.