Austrian Capital Theory: A Modern Survey of the Essentials

Mi último libro con Peter Lewin ya se encuentra disponible en Cambridge University Press en la nueva colecciones Elements of Austrian Economics editada por Peter Boettke.

En este corto libro hacemos una evolución histórica de la teoría del capital incluyendo un breve exposición del análisis financiero que hemos trabajado en los últimos años

El libro es de libre acceso hasta el primero de febrero.

Austrian Capital Theory: A Modern Survey of the Essentials

For some time now, Peter Lewin and I have been working on the implications of applying finance to capital theory. This work has taken place mostly in journal articles.

We now offer a short book on the historical development of Austrian Capital Theory (ACT). This book is a part of the new “Elements” series by Cambridge University Press. The book is part of Elements in Austrian Economics edited by Peter Boettke.

The book is scheduled to be published in January (2019), but is already available to pre-order.

Book description

This Element presents a new framework for Austrian Capital Theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a (subjective) entrepreneurial calculation process that relates the flow of consumptions goods to the value of the productive resources that will produce those consumptions goods. The entrepreneur is a ubiquitous calculating presence. In a review of the development of Austrian Capital Theory, by Carl Menger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann as well as recent contributions, the Element incorporates the seminal contributions into the new framework in order to provide a more accessible perspective on Austrian Capital Theory.

A Conversation with Alex Sater

Last August Alex W. Salter from the Free Market Institute at Texas Tech University came to the conference “The Austrian School in the 21st Century” organized by Fundación Bases.

At the close of the conference, Alex and I talked about a number of different issues ranging from advice to young scholars to his productive research agenda.

Fundación Bases has now made available all the videos of the conference. Here’s the video Alex and I spontaneous talk.

Monetary Equilibrium and Monetary Theory: The Case of Nominal Income Targeting, by Nicolas Cachanosky (Routledge International Studies in Money and Banking) 1st Edition

This book examines the case of nominal income targeting as a monetary policy rule. In recent years the most well-known nominal income targeting rule has been NGDP (level) Targeting, associated with a group of economists referred to as market monetarists (Scott Sumner, David Beckworth, and Lars Christensen among others).

Nominal income targeting, though not new in monetary theory, was relegated in economic theory following the Keynesian revolution, up until the financial crisis of 2008, when it began to receive renewed attention. This book fills a gap in the literature available to researchers, academics, and policy makers on the benefits of nominal income targeting against alternative monetary rules.

It starts with the theoretical foundations of monetary equilibrium. With this foundation laid, it then deals with nominal income targeting as a monetary policy rule. What are the differences between NGDP Targeting and Hayek’s rule? How do these rules stand up against other monetary rules like inflation targeting, the Taylor rule, or Friedman’s k-percent?

Nominal income targeting is a rule, which is better equipped to avoid monetary disequilibrium when there is no inflation. Therefore, a book that explores the theoretical foundation of nominal income targeting, comparing it with other monetary rules, using the 2008 crisis to assess it and laying out monetary policy reforms towards a nominal income targeting rule will be timely and of interest to both academics and policy makers.

TABLE OF CONTENTS

1. Introduction

2. Free Banking and Monetary Equilibrium

3. The Productivity Norm and Nominal Income Targeting

4. Nominal Income Targeting and Monetary Rules

5. Nominal Income Targeting with Monetary Disequlibrium

6. Nominal Income Targeting as Policy Outcome versus Market Outcome

7. NGDP Targeting and the 2008 crisis

8. Policy Reforms Towards Nominal Income Targeting as a Rule

ABOUT THE AUTHOR

Dr Nicolas Cachanosky is an Assistant Professor of Economics at Metropolitan State University of Denver, Department of Economics.

Available in Routledge and Amazon.

LIBERTAS Vol.2 No.2

Ya se encuentra disponible el Vol. 2, No. 2 de LIBERTAS: SEGUNDA ÉPOCA a través de este link. El journal se encuentra abierto al envío de artículos para su evaluación tanto en inglés como en español.

Contenido:

  1. Sobre Mecanismos en Sistemas Abiertos –Agustina Borella
  2. La Política Fiscal en la Macroeconomía del Capital con Recursos Ociosos –Adrián Ravier y Nicolás Cachanosky
  3. Tradición Austríaca y Matemáticas: Respuestas a Cachanosk y Blanco –Rafael Beltramino
  4. Franceso Ferrada and Vilfredo Pareto, Readers of Frederic Bastiat –Alberto Mingardi
  5. ¿Es Posible Introducir Vouchers Educativos en Argentina? –Marcos Falcone

El Estado en la Macroeconomía del Capital

En la primera presentación de este panel que compartí con Alejandro Gómez, María Blanco y Luis Gómez, expongo el trabajo que escribimos en coautoría con Nicolás Cachanosky sobre “la política fiscal en la macroeconomía del capital con recursos ociosos“. En definitiva, es un intento por introducir el Estado a la macroeconomía del capital, con sus consecuencias lógicas.

El video incluye también la presentación de Alejandro Gómez sobre los “Imaginadores de futuro (el capitalismo como generador de riqueza)” y la presentación de María Blanco y Luis Gómez sobre “La agilidad como estrategia en la visión sistémica de la empresa”.