The NBER framework to asses business cycles describes but does not explain
By Dr Frank Shostak In the 1930’s the National Bureau of Economic Research (NBER) introduced the economic indicators approach to clarify the essence of…
Dr Frank Shostak
Dr Frank Shostak is a leading Austrian economist and director of Applied Austrian School Economics Ltd, which aims to assess the direction of various markets using the Austrian School methodology. AASE aims to make Austrian economics accessible to businessmen.
Innovation is not the key driver of economic growth
By Dr Frank Shostak This year the Nobel Prize in economics was awarded to Joel Mokyr, Philippe Aghion and Peter Howitt for having explained…
Money supply not corporate profits the key driver of price increases
By Dr Frank Shostak Some commentators are of the view that an important driver in the increases of the prices of goods is businesses…
Easy versus tighter monetary stance
By Dr Frank Shostak By popular thinking the economy is perceived to be like a space ship, which occasionally slips from the path of…
Inflation and economic growth
By Dr Frank Shostak By the popular way of thinking the policy of price stability does not always mean that the central bank must…
Marginal utility theory the Austrian School versus the mainstream
By Dr Frank Shostak Why do individuals value bread less than gold, when bread seems to be more important in supporting an individuals’ life…
Milton Friedman’s guitar string boom-bust cycle theory
By Dr Frank Shostak It is popular in economics to employ metaphors in orders to provide support to a particular idea. For instance, some…
Does a government budget surplus contribute to national savings?
By Dr Frank Shostak By popular thinking the budget deficit reduces national savings, whilst a budget surplus is seen as contributing to savings. National…
Do financial markets have superior knowledge?
By Dr Frank Shostak We suggest that what is labelled as financial markets are various individuals engaged in the buying and selling of financial…
Why recessions are not about declining GDP?
By Dr Frank Shostak Most economic commentators consider a weakening in economic statistics such as gross domestic product (GDP) as indicative of a weakening…