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Arkadiusz Sieroń

Articles by Arkadiusz Sieroń

A Note on Some Recent Misinterpretations of the Cantillon Effect

7 days ago

Abstract: Book (2019) claims that Austrian economists attach too much weight to Cantillon’s discussion of monetary redistribution, while Sumner (2012a, 2012b, 2012c) argues that it makes very little difference how new money is injected. In this note, I critically review these arguments, finding that they are unconvincing. The Cantillon effect matters, and the Austrians correctly …

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The Problem with Measuring “Happiness”

12 days ago

Humanity has been asking what is happiness and how to achieve it since the dawn of time, but still without a definitive resolution. The divergence of views on this subject is enormous, although it may be a good thing, because each individual can pursue happiness in their own way, which—according to the Declaration of Independence—is …

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How This Crisis Differs from the 2008–2009 Financial Crisis

17 days ago

In this crisis the money supply has already increased far more than during the last crisis. But it’s hard to say when this will produce inflation because we’re still in the midst of a demand shock and a collapse in oil prices. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian …

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How This Crisis Differs from the 2008–2009 Financial Crisis

19 days ago

There are several important differences between the global financial crisis of 2007–08 (GFC) and the coronavirus crisis (CC). Origin and Nature of the Crisis The GFC resulted from financial imbalances, primarily the housing bubble, while the CC was triggered by the external negative shock (the pandemic and the following economic shutdown) that dramatically reduced the …

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Rationality in the Real World Isn’t What Economists Think It Is

December 2, 2019

Behavioral economists say that people behave irrationally because they miscalculate the probability. But maybe it is not a problem with people, but with the use of the probability theory in a non-ergodic environment full of uncertainty?1 Daniel Kahneman, an economic Nobel Memorial Prize laureate, in his book Thinking, Fast and Slow puts forward the thesis …

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Legacy of Menger’s Theory of Social Institutions

November 25, 2019

[This article originally appeared in Studies in Logic, Grammer and Rhetoric 57, no. 1 (2019): 145–160. Reprinted with permission.] Abstract. The aim of the article is to examine the legacy of Menger’s theory of social institutions. We argue that Menger’s insights about the origin of social structures inspired later contributions in three main areas: theory …

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The Hidden Costs of a Universal Basic Income

October 10, 2019

The universal basic income (UBI) is gaining popularity as the alternative to the current welfare system. The idea is to give each citizen the same amount of money, no matter if he or she works or not. Therefore, unlike traditional welfare systems, the UBI has no means test, nor willingness-to-work test. Nobody would be then …

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Not-So-Modern Monetary Theory

October 8, 2019

According to some columnists, modern monetary theory (MMT) is the most powerful economic alternative to neoliberal orthodoxy. Is this really the case? The key idea of ​​MMT is that the government that controls the issuance of its currency cannot go bankrupt because it can always issue money to pay off its creditors. If so, then …

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3 Problems with How the Media Looks at Inequality

October 30, 2018

The issue of income and wealth inequality has gained public awareness recently, becoming an important economic problem in our time. Unfortunately, the quality of the public debate about this topic remains very poor. In this piece, I would like to point out three main shortcomings of the problem at hand. Good and Bad Inequality First, …

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The Problem with Prescriptive “Rationality” in Economics

October 19, 2018

Behavioral economics is becoming more and more popular. After Daniel Kahneman, who in 2002 received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for having integrated insights from psychological research into economic science, another representative of this current of thought, Richard Thaler, joined the group of laureates of this prestigious award …

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