Comment on Michael V. Szpindor Watson’s “Mueller and Mises: Integrating the Gift and ‘Final Distribution’ within Praxeology”
While Michael Watson’s effort to fill the theoretical gap in modern ‘neoclassical’ economic theory is welcome, it too falls short through ‘underdetermination,’ attempting to make a single element—the theory of utility—explain both consumption and ‘final distribution.’
The ‘Missing Element’ in Modern Economics
Austrian Economics scholars observe Christmas by gift-giving in even greater proportion than the general population. But this creates an explanatory problem, because no school of modern economics, including the Austrian School, has an adequate theory of personal gifts.
Money and Inequality
Though most economic inequality–both between and within countries–is due to differences in what Nobel economics laureate Theodore W. Schultrz called ‘human capital’,’ the current monetary system also breeds systematic economic inequality among American households.
How the ‘Reserve’ Dollar Harms America
The economic crisis of 2008-09 was similar to the crisis that triggered the Great Depression–both caused by the ‘demand duplication’ required by using the dollar as an official reserve currency.
Neo-Scholastic Economics and Social Justice
Roughly speaking, scholastic economic theory is the analytical toolkit that the popes have used to discuss the new pastoral challenges of economic history as it unfolds.
Paul Krugman: The Dollar’s Reserve-Currency Role Is A ‘Much Over-Rated Phenomenon’
Keynesians who like Professor Krugman engage in magical thinking have never been infrequent. What is new is that they are being joined in growing numbers by Keynesians who don’t.
Where the Gold Standard Act of 1984 Came From–and Why It’s Still Relevant
The debate that led to Jack Kemp’s Gold Standard Act of 1984 also explains why the agreement on gold that eluded President Ronald Reagan is now finally possible.
The Major Problems Congress Created by Ending the Classical Gold Standard
Congress created the three major economic problems that haunt the United States today by ending the classical gold standard.
(Neo-) Scholastic Economics and Morality
Getting the history of economic theory wrong inevitably leads to inferior modern theory, particularly regarding morality and economics.
Has the Culture of Wall Street Changed Since the Financial Crisis?
EPPC’s John Mueller, the Lehrman Institute Fellow in Economics, took part in a panel discussion in New York City hosted by the Catholic Finance Association on July 31, 2013. The topic was “Has the Culture of Wall Street Changed Since the Financial Crisis?” Text of Mr. Mueller’s remarks is here, and videos of the event […]