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Hey guys, thanks for your replies. I found the answer to my question here , and the same answer in a much simpler form here . Posting the links just in case someone gets the same question in the future. Thanks again!
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Hoppe says (Economic Science and the Austrian Method, pp 17): "Propositions are analytic whenever the means of formal logic are sufficient in order to find out whether they are true or not; otherwise propositions are synthetic ones. And propositions are a posteriori whenever observations are necessary in order to establish their truth or at least
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I recently saw a new book edited by Herbener became listed and is available as a PDF....I am struggling to find the time to read it though ! Maybe you can do better ;-) Hey nirgrahamUK, I read it a few weeks back. The book is more of a survey of the PTPT than a settling of the debate :( This thing keeps bothering me. I won't be able to make up my
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I would like to know if there are books that deal with the debate within the Austrian school on what determines the market interest rates (whether it's time preference alone, or if productivity too plays a [partial] role in the determination of interest rates). I have read the arguments of both sides (Mises, Fetter etc. vs Bohm Bawerk et al.), but
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Try emailing Prof. Colin Lewis (c.m.lewis@lse.ac.uk) who specializes in Latin American Economic History from the LSE. He hasn't been teaching the course this year, but he might still offer some advise. Goodluck!
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DD5 had the clue to my answer. Took me two weeks to get over this doubt, but it's well worth it. Thanks to everybody, and especially to DD5.
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To be honest, I haven't read any Hayek to speak of so I really can't answer that question. I also don't own the book so, unless the passage is available online, I can't take a look to try to see if I can make out what he's saying. I just quoted Hayek in my previous (edited) post :) The book is available online: http://mises.org/books
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I'm pretty sure this is incorrect, can you provide the quote? Break-even has to do with a specific firm whereas a lengthening of the production process has to do with all firms. Can you then tell me what Hayek is talking about in the schemes A and B in Paradox of Saving? My conclusion is based on what he is aiming to debunk: Foster and Catchings'
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Clayton, is the use of the word "round" the problem here, or something else? I am not sure if Hayek uses the word "round" or not (does he use stages instead?), but what he tells is pretty much the same, I guess. He addresses Fosters and Catchings who say savings would cause production costs to be too high to be compensated by the
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Ok. I think I need to get my question across first. I'll try to explain it in a better way. Initial consumer allocation of income towards Consumption and Investment = $20 vs. $80. In this case, it would take four rounds of consumer spending of $20*4 to get $80 worth of returns. Lets say people now decide to save more, and the C-I matchup becomes