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Notes and Replies

Defending the Austrian Interpretation of the 1920-21 Depression: Reply to Borazan
February 08, 2024 CDT
Defending the Austrian Interpretation of the 1920-21 Depression: Reply to Borazan
Patrick Newman

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.

A Brief Note on Indifference
August 10, 2023 CDT
A Brief Note on Indifference
Manuel García

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.

An Austrian View on Risk and Its Quantification: A Reply to Hering, Olbrich, and Rapp
May 23, 2023 CDT
An Austrian View on Risk and Its Quantification: A Reply to Hering, Olbrich, and Rapp
Joanna Turowska

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.

On the Complementarity of the Austrian and Monetarist Traditions
February 23, 2023 CDT
On the Complementarity of the Austrian and Monetarist Traditions
Karl-Friedrich Israel

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.

February 23, 2023 CDT
Austrian Monetary Theory: Comment on Pascal Salin’s Paper
Kristoffer Hansen

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.

February 23, 2023 CDT
Comment on Salin’s “The Monetary Economics of the Austrian School and the Chicago School”
Nikolay Gertchev

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.

A Note on Money Neutrality
February 23, 2023 CDT
A Note on Money Neutrality
Carmen Elena Dorobăț

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.

Net Present Value, Duration, and CAPM in Light of Investment Theory: A Comment on Kruk
July 29, 2021 CDT
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.

The Disutility of Labor: A Comment on Fegley and Israel
September 28, 2020 CDT
The Disutility of Labor: A Comment on Fegley and Israel
Joseph Salerno

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.

Income and Substitution Effects: A Rejoinder to Professor Joseph Salerno
September 28, 2020 CDT
Income and Substitution Effects: A Rejoinder to Professor Joseph Salerno
Karl-Friedrich Israel

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.

March 21, 2020 CDT
The Wealth Effect and the Law of Demand: A Comment on Karl-Friedrich Israel
Joseph Salerno

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.

March 21, 2020 CDT
A Note on Some Recent Misinterpretations of the Cantillon Effect
Arkadiusz Sieroń

Sieroń comments on Book and Sumner regarding the Cantillon effect, arguing that the Austrian analysis of the Cantillon effect is correct.