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Nicolas Cachanosky
Denver, CO
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I think it would be useful a short clarification of my paper with Gabriel Zanotti. Our paper is not about Machlup's own position (for instance, whether himself is closer to Friedman or Mises), but about the implications of Machlup's *interpretation* of Mises's epistemology as we stress in our introduction. Even if it were the case (which is possible) that Rothbard's *interpretation* of Mises is the correct one, Machlup's work still provides a so much needed bridge between Mises and Lakatos. It follows, then, that our paper neither presents nor suggest the need of a "Machlup's version of Mises's theory" that challenges Rothbard's work. We don't question, let alone demerit, Rotbhard's analysis of economic policy. Our paper discusses epistemological problems, not theoretical problems. It is no accident that we use the word "epistemology" twice in the title of our paper. I'm confident that a careful reading of our paper does not leave the impression that we are proposing a Mises-Machlup economic theory, but that we use Machlup's work to clarify and bring up to date Mises's epistemology (which, I want to stress, it is silent about other contributions by Rotbhard.) This is something that, we are afraid, is not possible to be done through Rothbard's work.
Toggle Commented Mar 26, 2014 on Machlup and Mises at Coordination Problem
"So the question remains -- how would you design an intellectual test (a broader concept than the more narrow idea of an empirical test) that would be able to sort out from the complex reality of economic policy history which stream of thought is correct?" But isn't that what (right or wrong), Mises, Hayek, Buchanan, Adam Smith, etc., do offer in their work? I'm afraid that either a narrow or broad empirical approach cannot avoid to rest on the need of persuasion.
Roger, you just added a few bullets at the top of my reading list. Good to have the list enlarged.
Pete, besides this Calvo paper that Adrian Ravier sent us, there are a few others that may go into your list: 1) Borio, C., & Disyatat, P. (2011). Global Imbalances and the Financial Crisis: Link or no Link? Basel: BIS Working Paper 2011. 2) Caballero, R. J. (2010). Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome. Journal of Economic Perspectives, 24(4), 85–102. doi:10.1257/jep.24.4.85 3) Diamond, D. W., & Rajan, R. G. (2009). Illiquidity and Interest Rate Policy. Cambridge: NBER Working Paper Series 15197 4) Leijonhufvud, A. (2009). Out of the Corridor: Keynes and the Crisis. Cambridge Journal of Economics, 33(4), 741–757. doi:10.1093/cje/bep022 5) Ohanian, L. E. (2010). The Economic Crisis from a Neoclassical Perspective. Journal of Economic Perspectives, 24(4), 45–66. doi:10.1257/jep.24.4.45 6) White, W. R. (2006). Is Price Stability Enough? Basel: Bis Working Paper 205. These are the ones that are more explicit to the ABCT. There are others that offer a "similar" explanation to the ABCT but without mentioning it (neither for acknowledgement or differentiation): 1) Diamond, D. W., & Rajan, R. G. (2009). The Credit Crisis: Conjectures about Causes and Remedies. American Economic Review, 99(2), 606–610. doi:10.1257/aer.99.2.606 2) McKinnon, R. (2010). Rehabilitating the Unloved Dollar Standard. Asian-Pacific Economic Literature, 24(2), 1–18. doi:10.1111/j.1467-8411.2010.01258.x 3) Meltzer, A. H. (2009). Reflections on the Financial Crisis. Cato Journal, 29(1), 25–30. 4) Schwartz, A. J. (2009). Origins of the Financial Market Crisis of 2008. Cato Journal, 29(1), 19–23. and of course: 5) Taylor, J. B. (2009). Getting Off Track. Stanford: Hoover Institute Press. There's also recent work by A. Hoffmann and G. Schnabl on the ABCT international effects from the "center" of Europe to the Eastern European Countries. We had a similar post to this one a couple of years ago at Punto de Vista Economico. You can practice your Spanish! (or use an online translator) here:
Thank you Chris for this post with a link to our piece. I'm glad that the topic and the content is of interest. We are still working on this; we welcome all comments and suggestions to improve the WP. @Roger. Could you tell us in which part of your Big Players book you discuss this issue? Best, NC
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