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Japan is the Model?

June 16, 2013 in Economics

By Mark Thornton

Nobel Laurette Joseph Stiglitz claims here that Japan is the model for how economic policy can get the world economy out of its current malaise.

Now, though, Japan is leading the way. The recently elected prime minister, Shinzo Abe, has embarked on a crash course of monetary easing, public works spending and promotion of entrepreneurship and foreign investment to reverse what he has called “a deep loss of confidence.” The new policies look to be a major boon for Japan. And what happens in Japan, which is the world’s third-largest economy and was once seen as America’s fiercest economic rival, will have a big impact in the United States and around the world.

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Source: MISES INSTITUTE

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Economic History and the Austrians: The Relevance of Robert Fogel and the New Economic History

June 16, 2013 in Economics

By John P. Cochran

Bob Higgs provides a nice tribute to economic historian Robert Fogel, a leading economic historian and cliometrician at http://blog.independent.org/2013/06/15/robert-william-fogel-july-1-1926-june-11-2013/ .

In 1995 Higgs’s “Austrian Economics and the New Economic History” in Austrian Economics Newsletter vol. 15, no.1, (available here pages 2 and 3) offered a well thought out assessment of what cliometrics might offer “of value to the Austrian economist.” After stating, “At first glance one might well answer no”, he argues, “Upon closer inspection, one may revise this assessment. Austrain economists do sometimes write economic history… .”  Thus, “Austrians engaged in historical interpretation can sometimes benefit from some cliometric work.”

It is two pages well worth keeping accessible for any Austrian researcher “practicing their own disticntive style of interpretative economic history.”

It was advice I tried to keep in mind for my own research and teaching.

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Source: MISES INSTITUTE