This paper defends the Rothbardian theory which states that the proportion of consumption spending relative to investment spending is systematically related to the interest rate through time preference in society,
This article analyzes the housing boom witnessed in the UK economy from 1994–2007 in light of the Austrian theory of the business cycle (ABC). Ludwig von Mises’s parable of the “bricks” is utilized to provide empirical
Ludwig von Mises Memorial Lecture from the 2014 Austrian Economics Research Conference presented by J. Huston McCulloch. Ludwig von Mises’s writings contain many insights that are very relevant for mainstream macroeconomics.
The purpose of this paper is to explain the marginal efficiency of capital. The net present value diagram is derived and used to illustrate how the interest rate regulates the intertemporal allocation of resources.
There exists a modest but steadily growing literature on the economics of science. Much of it concerns the funding of research and the reaping of societal benefits therefrom, but one also sees increasing interest