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

IF 0.4 Q4 ECONOMICS
W. Block, W. Barnett
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引用次数: 0

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.
新发现的黄金不会扭曲经济;这不是市场失灵
我们希望与墨菲(2019)“吹毛求疵”。我们说的是字面意思。也就是说,我们强烈而热情地同意他在书中所写的几乎所有内容,除了一点:我们认为他有罪,因为他允许市场失灵的蹄裂进入奥地利的帐篷。在本文中,我们的目的是从行为学的前提中消除市场失灵。也就是说,他坚持认为,像黄金发现这样的纯粹市场过程会“扭曲”价格和利率,而我们的观点恰恰相反。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
1.40
自引率
0.00%
发文量
10
审稿时长
38 weeks
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