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Critique of Austrian Economics

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"Science has nothing to fear from an open debate. Feeling of insecurity is characteristic of a cult. Mises would have abhorred the idea that his scientific heritage has fallen to the care of a self-appointed 'thought police' that would censor and suppress all dissent."


"[Hayek] expounded his theory and covered the blackboard with his triangles. The whole argument, as we could see later, consisted in confusing the current rate of investment with the total stock of capital goods, but we could not make it out at the time."

–  Joan Robinson




[Abstract and Contents Page]

Introduction [Read it]

Part I The Legacy of Friedrich Hayek

I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.

The Aggregate Production Structure (p 2)
Wealth or Income? (p 3)
Sideways and Backwards? (p 6)
The Average Period of Production (p 8)
Roundaboutness (p 15)
The Natural Rate of Interest (p 17)
The Severity and Recalcitrance of Depressions (p 21)
The Naivete of Austrian Economists (p 25)
Summary of the Critique of Hayek (p 27)

      

Part II The Legacy of Ludwig von Mises

X.
XI.
XII.
XIII.
XIV.

The Severity and Recalcitrance of Depressions Explained (p 29)
The Meaninglessness of Price Indexes (p 29)
The Orginary Rate of Interest (p 30)
Mises' Regression Theorem (p 31)
Mises' Pseudo-Axiomatic Praxeological Method (p 33)

Part III Conclusion [Read It]



Appendix (p 42)
References (p 44)
Illustrations (p 48)


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