Tag: Austrian School

Kondratieff, Schumpeter and the Outlook for 2015

Thirty years ago, my book The Age of illusions (1983) contained an exposition of the long waves in economic life, first identified by the Russian economist Nikolai Kondratieff during the 1920s. Kondratieff’s thesis was that long waves lasting approximately half a century each occur in the economic activity of capitalist economies. These waves have two …

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Monetary policy in an independent Scotland – currency union and beyond

There is now just over a month to go before the Scottish independence referendum on September 18th 2014. My purpose in this analysis is not to express a political opinion on the desirability or otherwise Scottish independence. It is rather to give a view as a professional economist on Scotland’s optimal monetary policy, if it …

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Joint Task Force on International Monetary Reform

The first meeting of a Joint Task Force (JTF) on international monetary reform was held at the Institute of Economic Affairs on Thursday, December 6th 2012. The JTF comprises a group of economists concerned that current international trade and monetary arrangements are a major impediment to sustainable economic recovery from the financial crisis that began …

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Sir Mervyn turns Austrian

The aim of commentary on this site is to provide a longer term, more balanced perspective on economic developments than is sometimes offered by the 24/7 rolling news cycle, where today’s lurid headlines of impending disaster often metamorphose into tomorrow’s fish and chip paper.  But while headline news often proves to be of no lasting consequence, sometimes a piece of news barely …

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The Bank of England’s report on the distributional effects of asset purchases: an independent assessment

The Bank of England’s report to the Treasury on August 23rd, The Distributional Effects of Asset Purchases, looks flimsy at best. Gone are the bold claims made for Quantitative Easing when it was first launched back in 2009. QE will boost bank lending to business…… That doesn’t seem to have happened. ….and stimulate business investment. …

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Schumpeter, Creative Destruction and the Regeneration of the Banking System

As a young man, Joseph Schumpeter said he had three ambitions in life – to become the finest horseman in Vienna, the greatest lover in Austria, and the most brilliant economist in the world.  In later years, he confessed to being disappointed that he had only realised two of his three goals. He did not …

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