Links for 2009-05-04

  • Austrian Business Cycle Theory | John Quiggin – «The version of the Austrian Business Cycle Theory originally developed by Hayek and Mises gives strong reasons to think that an unregulated financial system will be prone to booms and busts and that this will be true for a wide range of monetary systems, particularly including gold standard systems. But that is only part of what is needed for a complete account of the business cycle, and the theory can only be made coherent with a broadly Keynesian model of equilibrium unemployment. Trying to tie Austrian Business Cycle Theory to Austrian prejudices against government intervention has been a recipe for intellectual and policy disaster and theoretical stagnation»;
  • Zakaria: Has Pakistan’s Army Changed Its Stripes? | Newsweek.com – «If Washington hopes to change Pakistan’s world view, it will have to take a much tougher line with the military while supporting the country’s civilian leaders, whose vision of Pakistan’s national interests is broader and less paranoid, and envisions more cooperation with its neighbors»

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