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Mises created an artificial construct, the evenly rotating economy (ERE), from which to ascertain the source of entre-preneurial profit and loss. In particular, the ERE is characterized by two distinct elements. First is the elimination of the temporal element, second is the removal of changing market data. The second point necessarily arises from the(More)
is assistant professor of economics at Univer-sidad Rey Juan Carlos, Madrid. I would like to thank José Ignacio del Castillo for our many discussions on monetary theory. I am also indebted to Juan Ramón Rallo for many fruitful arguments on the quality theory of money. I also would like to thank ABSTRACT: Much has been written about the quantity of money and(More)
This paper concerns itself primarily with the question of what makes the boom unsustainable in Austria business cycle theory. This question has been posed before and answers typically take one of two forms. First, the boom may be predicated on the belief that more resources exist than reality provides. Some resource constraint becomes binding, which puts a(More)
e two young Professors Bagus and Howden document the sad story of the Icelandic government's policy mistakes—the artificial creation of a boom, and the savage bust that was the inevitable outcome of this boom. Lile have we learned since the wisdom of Mises and Hayek showed us the way concerning business cycle theory. e former are intellectual heirs of(More)
for their insightful comments on early drafts of this paper. Any remaining errors are entirely my own. ABSTRACT: This paper seeks to explore and to critically evaluate, from an economic standpoint, Joseph Schumpeter's theory of the decline of capitalism, as put forward in his Capitalism, Socialism, and Democracy. It begins by exploring and criticizing(More)
—In computer game software, the implementation of simulated urban crowds is widespread. Representation of pedestrians in computer games has, to date, lagged behind what has been shown possible in academic studies and simulation software. Primary reasons for this are the strict CPU budgets that game AI has to function under, and algorithm implementation(More)