We began the week wondering about the cycles of history and markets. We wondered whether Australia is following the Anglo-American cycle into a long-winter…where people lose confidence in each other, in government, and in the institutions they relied on in the past for law and order, employment, and prosperity.
October 15th, 2009 | Dan Denning | 29 comments | ContinuedAll Posts Tagged With: "Joseph Schumpeter"
What Caused the Economic Crisis
Simon Heffer, who writes a mordantly right wing column for the London Daily Telegraph recently wrote that we all know what caused the economic crisis. Perhaps he does, though he did not actually tell his readers what the cause was…
May 7th, 2009 | William Rees-Mogg | 1 comment | Continued
Business Cycle Theory Explained by Joseph Schumpeter
Schumpeter is important because he developed a theory of business cycles which puts its emphasis on industrial innovations rather than banking. Most business cycle theories put their emphasis the other way, and are essentially monetary. Maynard Keynes is just as much a monetary economist as Milton Friedman when he comes to his explanation of business cycles. This is surely an argument which is going to be reopened…
October 2nd, 2008 | William Rees-Mogg | 3 comments | Continued