Economia
In a 1997 article in the Independent Review ("Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed After the War")
I argued that a major reason for the incomplete recovery of private investment during the latter half of the 1930s was "regime uncertainty." By this, I mean a pervasive lack of confidence among investors in their ability to foresee the extent to which future government actions will alter their private-property rights. In the original article and in many follow-up articles, I documented that between 1935 and 1940, many investors feared that the government might transform the very nature of the existing economic order, replacing the primarily market-oriented economy with fascism, socialism, or some other government-controlled arrangement in which private-property rights would be greatly curtailed, if they survived at all. Given such fears, many investors regarded new investment projects as too risky to justify their current costs.
During the past several years, I have argued that a similar, if somewhat less extreme fear now pervades the business community, which explains at least in part the sluggish pace of the current economic recovery.
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Economia
A Grande Estagnação - "regime uncertainty"
Regime Uncertainty: Some Clarifications
In a 1997 article in the Independent Review ("Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed After the War")
I argued that a major reason for the incomplete recovery of private investment during the latter half of the 1930s was "regime uncertainty." By this, I mean a pervasive lack of confidence among investors in their ability to foresee the extent to which future government actions will alter their private-property rights. In the original article and in many follow-up articles, I documented that between 1935 and 1940, many investors feared that the government might transform the very nature of the existing economic order, replacing the primarily market-oriented economy with fascism, socialism, or some other government-controlled arrangement in which private-property rights would be greatly curtailed, if they survived at all. Given such fears, many investors regarded new investment projects as too risky to justify their current costs.During the past several years, I have argued that a similar, if somewhat less extreme fear now pervades the business community, which explains at least in part the sluggish pace of the current economic recovery.
Mais
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- Lições Da Grande Depressão
Causas da Grande Depressão Hoover and Roosevelt − The 1920s was a period of healthy economic growth until President Herbert Hoover instituted anti-market, anti-globalization, anti-immigration, and pro-cartelization policies, Edward Prescott...
- Entenda A Grande Depressão
The Hoover-Roosevelt Depression Revisited Mises Daily: Tuesday, May 07, 2013 by John P. Cochran This year is the fiftieth anniversary of Murray Rothbard’s America’s Great Depression. In that work, Rothbard masterfully achieves three objectives. ...
- Incerteza Inibe Recuperação Da Economia Americana (como Ela Do Brasil)
Uncertainty Is the Enemy of Recovery At Vanguard, we estimate that policy uncertainty has created a $261 billion drag on the U.S. economy. smaller Larger By BILL MCNABB Anyone hoping for signs of a healthy economic recovery was disappointed...
- Os Erros Da Política Econômica Da Atualidade
Recession and Recovery: Six Fundamental Errors of the Current Orthodoxy By Robert Higgs This article appeared in the Winter 2010 issue of The Independent Review Abstract Almost everything that politicians and pundits have said about the economic...
- Por Que A Crise Continua
The Financial Crisis and Recovery: Why so Slow? Gerald P. Dwyer and James R. Lothian September/October 2011 The U.S. economy has recovered slowly from the recession of 2007 to 2009. U.S. history provides no support for linking low employment and...