Since Baumol (1990), the economic literature distinguishes between two broad categories of entrepreneurship: productive and unproductive entrepreneurship. This paper attempts to introduce a third category: indirectly (un)productive entrepreneurship. We argue that profit seeking entrepreneurs...

This paper examines whether the "market monetarism" prescribing a 5% yearly NGDP growth rate was too much between the dot-com and the subprime mortgage crises. To do this I search for evidences of monetary disequilibrium in other variables such as trend deviations, the behavior of intermediate...

While Garrison's model has been mostly used to analyze, theoretically and empirically, business cycles, other potential venues have not been explored. The effects of fiscal policy is one of these applications. In this paper we show how Garrison's model can be used to analyze the effects of...

We argue that the application of financial analysis, especially that of duration, clarifies and supports the application of the average period of production in ABCT. We also suggest that the focus in the recent ABCT literature should be more on the average period of production (APP) and less in...

A comprehensive understanding business-cycles needs to account not only for the allocation of resources over time, but also for resource allocation across industries at any point in time. Intertemporal disequilibrium has been a common theme of many theories of the business-cycle. But to properly...

We argue that the canonical reading of Hayek often falls short of the implications of Hayek's insights. We present Hayek's "knowledge problem" (how order in a society is possible without the required knowledge for that order being possessed by any particular individual), and we discuss some of...

This article studies the main aspects of free banking to put forward the argument that such a system is endogenously stable and that financial crisis is an exogenous phenomenon. In support of this conclusion, it analyzes the cases of bank runs, concerted expansion and how free banking would...

Concerted expansion is a common concern in free banking. This situation is sometimes expressed as a prisoner's dilemma game, as Huerta de Soto (1998 [2006], pp. 664-671) does to show that banks have incentives to collude and expand fiduciary media. This approach, however, does not accurately...

The year 2021 marks the 150th anniversary of Carl Menger’s Principles of Economics, the Austrian School of Economics’ foundational work. This paper looks at the most relevant work this school of thought has produced during the last century and a half. The Austrian School has worked on...