The true tax reduction is reduction in government outlays
By Dr Frank Shostak Projects that the government undertakes are likely to be of a questionable nature. The fact that the private sector did…
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.
Can the market economy be trusted?
By Dr Frank Shostak Some commentators are of the view that one cannot trust the market economy, which is seen as inherently unstable. If…
Why the neutral interest rate cannot be established
By Dr Frank Shostak Most commentators are of the view that what prevents the attainment of price stability is the deviation of the policy…
What causes stagflation?
By Dr Frank Shostak In the late 1960’s Edmund Phelps and Milton Friedman (PF) challenged the popular view that there can be a sustainable…
Making sense of historical data
By Dr Frank Shostak In order to make the data “talk,” economists utilize a range of statistical methods that vary from highly complex models…
Theory and historical data
By Dr Frank Shostak According to the leader of the monetarists school Milton Friedman our knowledge of the world of economics is elusive. Consequently,…
Does a growing economy require increase in money supply?
By Dr Frank Shostak It is held by a popular thinking that a growing economy requires a growing money supply in order to provide…
Correlations and money supply definition
By Dr Frank Shostak According to popular thinking, the definition of money is of a flexible nature. Sometimes it could be M1 and at…
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…
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…