Newly Discovered Gold Does Not Distort the Economy; It Is Not A Market Failure-Reference-Cited by-同舟云学术

Newly Discovered Gold Does Not Distort the Economy; It Is Not A Market Failure

Published:2020-09-01 Issue:3 Volume:20 Page:281-288
ISSN:1804-1663
Container-title:Review of Economic Perspectives
language:en
Short-container-title:

Author:

Block Walter E.¹,Barnett William²

Affiliation:

1. Harold E. Wirth Eminent Scholar Endowed Chair and Professor of Economics Loyola University New Orleans , The Unites States of America

2. Dr. John V. Connor Professorship in Economics and Finance and Professor of Economics, Loyola University New Orleans , The United States of America

Abstract

Abstract We wish to “quibble” with Murphy (2019). We mean this literally. That is, we are in strong and enthusiastic agreement with virtually everything he writes therein, except for one point: we think him guilty of allowing the cloven hoof of market failure into the Austrian tent. Our purpose in the present essay is to banish market failure from praxeological premises. To wit, he maintains that pure market processes such as a gold discovery can “distort” prices and interest rates, and we argue to the contrary.

Publisher

Walter de Gruyter GmbH

Subject

General Economics, Econometrics and Finance

Link

https://www.sciendo.com/pdf/10.2478/revecp-2020-0014

Reference29 articles.

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2. BARNETT, W. II, BLOCK W. E. (2004). “On the Optimum Quantity of Money.” The Quarterly Journal of Austrian Economics. 7 (1): 39-52. http://www.mises.org/journals/qjae/pdf/qjae7_1_4.pdf

3. BARNETT, W. II, BLOCK W. E. (2005). “Money: Capital Good, Consumers’ Good, or (Media of) Exchange Good?” Review of Austrian Economics. 18 (2): 179-194. Reprinted in: Godart-van der Kroon, Annette and Patrik Vonlanthen, eds. 2018. Banking and Monetary Policy from the Perspective of Austrian Economics. p. 49-64; Springer Publishing. https://www.springer.com/gp/book/9783319758169

4. BARNETT, W. II., BLOCK W. E. (2007A). “Saving and Investment: A Praxeological Approach.” New Perspectives on Political Economy. 3(2): 129-138. http://pcpe.libinst.cz/nppe/

5. BARNETT, W. II., BLOCK W. E., (2007B). “Coase and Van Zandt on Lighthouses,” Public Finance Review, (35)6, November: 710-733