scholarly journals El ciclo económico y los recursos minerales. Un enfoque austriaco

2020 ◽  
pp. 173-211
Author(s):  
Jordi Franch Parella
Keyword(s):  
Raw Materials ◽  
Market Price ◽  
Economic Recession ◽  
Mineral Resources ◽  
Jel Classification ◽  
Business Cycle Theory ◽  
Economic Cycle ◽  
Advanced Economy ◽  
Economic Cycles ◽  
Palabras Clave

A great theoretical advance of the Austrian School, thanks to its ela-borate theory of capital, is the understanding of economic cycles. Expansive monetary processes produce serious investment mistakes that inevitably lead to an economic recession, in which mistakes will become apparent and there will be a need to liquidate the wrong projects undertaken, raising the levels of unemployment and promoting the intertemporal reallocation of productive re-sources. One of the sectors most affected by this process of unsustainable and artificial lengthening of the productive structure is mining. This sector extracts the mineral resources necessary for the operation of the industries of capital goods, and thus fully accuses the effects of the economic cycle, both in its upward phase (overinvestment and excess capacity) and the downward phase (decline in the market price of the raw materials and net sales). Changes in prices of minerals, such as nickel and potash, shows a different behavior de-pending on their situation within the set of stages of the production structure. The theoretical analysis is applied to the case of an advanced economy with a strong weight of the mining sector as the Australian and finally some reform measures are proposed. Key words: Business cycle theory, mineral resources, mining, commodities. JEL Classification: E30, E31, Q31. Resumen: Un gran avance teórico de la Escuela Austriaca, gracias a su elabo-rada teoría del capital, es la comprensión de los ciclos económicos. Los proce-sos monetarios expansivos producen graves errores de inversión que inexora-blemente conducen a una recesión económica, en la que los errores se pondrán de manifiesto y surgirá la necesidad de liquidar los proyectos erróneamente emprendidos, elevando los niveles de desempleo y promoviendo la reasigna-ción intertemporal de los recursos productivos. Uno de los sectores más perju-dicados por este proceso artificial de alargamiento insostenible de la estructu-ra productiva es la minería. Este sector es el que extrae los recursos minerales necesarios para el funcionamiento de las industrias de bienes de capital, y por ello acusa plenamente los efectos del ciclo económico, tanto en su fase alcista (sobreinversión y exceso de capacidad) como en la fase bajista (descenso del precio de mercado de las materia primas y de las ventas netas). Las variacio-nes de los precios de los minerales, como el níquel y la potasa, muestra un distinto comportamiento en función de cuál sea su situación dentro del conjun-to de etapas de la estructura productiva. Se aplica el análisis teórico al caso de una economía avanzada con un fuerte peso del sector minero como es la australiana y se proponen algunas medidas de reforma. Palabras clave: teoría austriaca del ciclo económico, recursos minerales, mine-ría, materias primas. Clasificación JEL: E30, E31, Q31.

scholarly journals La teoría del ciclo monetario endógeno y la economía china en 2011

2021 ◽  
pp. 111-153
Author(s):  
Jesús del Amo Lamborena
Keyword(s):  
Economic Freedom ◽  
Jel Classification ◽  
Chinese Economy ◽  
Economic Cycle ◽  
Economic Cycles ◽  
Austrian Theory ◽  
The Third ◽  
Palabras Clave ◽  
Business Function ◽  
Structural Aspects

The present project has as its objective to analyse different variables of the Chinese Economy in order to establish in which aspect it is in, regarding the Austrian Theory of the economic cycle. The project consists of 3 parts: In the first part an introduction will be conducted on the Austrian theory of the economic cycle, in the second part, historical and structural aspects of the chinese economy will be analised, and the third and last part deals with analising the different economic variables to try and establish in which position the chinese economy is in regarding it’s cycle stage, and in turn, establish it’s possible evolution. Finally we have to underline that the Chinese economy has demonstrated how important the forces of entrepreneurship are when you give economic freedom to the population. Key words: Chinese economy, interventionism, economic cycles, business function. JEL Classification: N15, N27, N45, N65, O53, P11, P32, Y10. Resumen: El presente trabajo tiene por objeto analizar distintas variables de la economía china para tratar de establecer la fase en la que se encuentra la economía china con respecto a la teoría austriaca del ciclo económico. El trabajo consta de tres partes: En la primera se realiza una introducción a la teoría austriaca del ciclo económico, en la segunda se analizan aspectos históricos y estructurales de la economía china, y en la tercera y última se tratan de analizar distintas variables económicas para intentar establecer la posición de la economía china con respecto a su fase de ciclo, para a su vez, tratar de establecer su posible evolución. La principal conclusión del trabajo es que la economía china, a pesar de su enorme tamaño y grado de intervencionismo, no es inmune a las leyes económicas y está sujeta a los mismos avatares que el resto de economías. Si las autoridades chinas siguen con su política intervencionista, las consecuencias serán las mismas que en el resto de economías. Por último, hay que reseñar que la economía china ha demostrado cómo de grandes son las fuerzas de la función empresarial cuando se da libertad económica a la población. Palabras clave: Economía china, intervencionismo, ciclos económicos, función empresarial. Clasificación JEL: N15, N27, N45, N65, O53, P11, P32, Y10.

scholarly journals Jesús Huerta de Soto: The Synthesizer of the Austrian School

2017 ◽  
pp. 173-202
Author(s):  
William Hongsong Wang
Keyword(s):  
Jel Classification ◽  
Bank Credit ◽  
Austrian School ◽  
Dynamic Efficiency ◽  
Free Banking ◽  
Economic Cycles ◽  
Palabras Clave

Professor Jesús Huerta de Soto is one of the leading Austrian School economists in the contemporary era. This paper reviews his biography as a great Austrian School economist, a successful entrepreneur and a tireless fighter for freedom. This paper also reviews his original and important aca-demic contributions on the theory of socialism and entrepreneurship, the theory of bank credit and economic cycles, and the theory of dynamic efficiency. Keywords: Jesús Huerta de Soto, Austrian School, free banking, socialism, dynamic efficiency. JEL Classification: B41, B53, C18, D53, D6, D81, D83, E32, E42, E52, E6, G21, H23, K11, K12, L21, P11, P41, P21. Resumen: El profesor Jesús Huerta de Soto es actualmente uno de los principa-les economistas de la Escuela Austriaca. Este trabajo revisa su biografía como gran economista austriaco, emprendedor de éxito, y un luchador incansable y entusiasta por la libertad. Este artículo también revisa sus contribuciones aca-démicas originales en lo que respecta a la teoría del socialismo y la función empresarial, la teoría del crédito bancario y los ciclos económicos, y la teoría de la eficiencia dinámica. Palabras clave: Jesús Huerta de Soto, Escuela Austriaca, banca libre, socia-lismo, eficiencia dinámica. Clasificación JEL: B41, B53, C18, D53, D6, D81, D83, E32, E42, E52, E6, G21, H23, K11, K12, L21, P11, P41, P21.

scholarly journals The Mises-Hayek business cycle theory

2021 ◽  
pp. 81-133
Author(s):  
Robyn Harte- Bunting
Keyword(s):  
Financial Crisis ◽  
Business Cycle ◽  
Banking Sector ◽  
Jel Classification ◽  
Policy Recommendations ◽  
Business Cycle Theory ◽  
Austrian Business Cycle Theory ◽  
Palabras Clave ◽  
Austrian Business Cycle ◽  
Similarities And Differences

The Paper is an Overview of Austrian Business Cycle Theory (ABCT) phenomena it is intended to explain, economy wide crisis especially concentrated on the banking sector. A short examination of similarities and differences between Mises and Hayek, the main developers of ABCT, is then given. Finally, some policy recommendations are examined in the light of ABCT. Key words: Financial Crisis, Business Cycle, Inflation, Saving. JEL Classification: B53, E42, E44, E61, G01, G21, P10, P20. Resumen: El artículo es una visión general de la Teoría Austriaca del Ciclo Económico (TACE) basada en un primer contacto con la literatura. La TACE se presenta en términos de los fenómenos que intenta explicar: crisis eco-nómicas, concentradas en el sector bancario. Después se expone una breve investigación de las semejanzas y diferencias entre Mises y Hayek, los prin - cipales contribuyentes a la TACE. El trabajo concluye con unas recomenda-ciones de política económica que se analizan a la luz de la TACE. Palabras clave: Crisis Financiera, Ciclo Económico, Inflación, Ahorro. Clasificación JEL: B53, E42, E44, E61, G01, G21, P10, P20.

scholarly journals New paths in Austrian Macroeconomics

2021 ◽  
pp. 91-114
Author(s):  
William Barnet II ◽  
Walter E. Block
Keyword(s):  
Interest Rates ◽  
Default Risk ◽  
Jel Classification ◽  
Financial Assets ◽  
Business Cycle Theory ◽  
Austrian Business Cycle Theory ◽  
Nominal Interest Rates ◽  
Palabras Clave ◽  
Austrian Business Cycle ◽  
Interest Margins

This paper makes four points. First, interest rates are not prices; rather they are metrics. Second, there are no markets for «loanable funds» in reality, so attempts to use «the» market for loanable funds either to explain saving-induced growth (or growth induced in other ways) are misleading. Rather, the appropriate concept is markets for financial assets. Third, the primary and most important source of growth is not households’ low or reduced time preferences, but entrepreneurs high or increased profit expectations. Fourth, financial institutions may respond, in part, to a rise in the monetary base by accepting a higher default risk of their assets; i.e., by making riskier loans and buying riskier (financial) assets, in order to maintain nominal interest rates and net interest margins. Key words: Risk, Loanable funds, Financial assets, Austrian business cycle theory. JEL Classification: E32. Resumen: Este artículo desarrolla una versión modificada de la teoría austriaca del ciclo económico en la que el papel protagonista lo juegan las expectativas de beneficio de los empresarios (más que la reducción de la preferencia temporal de los agentes económicos) y la asunción de proyectos empresariales más arriesgado, como principal detonante de las malas inversiones. Palabras clave: Riesgo, Fondos prestables, Activos financieros, Teoría austriaca del ciclo económico. Clasificación JEL: E32.

scholarly journals The non-neutrality of money: a response to Dr. Humphrey

2021 ◽  
pp. 263-284
Author(s):  
Adrián O. Ravier
Keyword(s):  
Key Words ◽  
Jel Classification ◽  
Long Term Effects ◽  
Short Term ◽  
Capital Theory ◽  
Economic Cycles ◽  
Palabras Clave ◽  
True Theory ◽  
Short And Long Term

This article answers Dr. Humphrey contention on the similarities between monetarist and Austrian approaches to the neutrality of money. Monetarists at most only concentrate on short term non neutrality while Austrians base their analysis in short, medium and long term non neutrality. For the more, monetarists lack a true theory of capital that could let then understand thet even with flexible markets money would not be neutral in the short term. Key words: Economic cycles, neutrality of money, short and long term effects of money, capital theory. JEL Classification: B53, B49, D01, K13. Resumen: El presente artículo contesta la tesis del Dr. Humphrey según la cual las diferencias entre austriacos y monetaristas son ficticias pues algunos de éstos también reconocieron los efectos distorsionadores del crecimiento monetario sobre los precios relativos. El artículo demuestra que la teoría austriaca considera que el dinero no es neutral ni a corto, ni a medio ni a largo plazo y ello contrasta con el enfoque monetarista que solo reconoce la no neutralidad a corto plazo y por razones equivocadas al carecer de una verdadera teoría del capital. Palabras clave: Ciclo económico, neutralidad del dinero, corto plazo, largo plazo, teoría del capital. Clasificación JEL: B53, B49, D01, K13.

scholarly journals La decadencia española del siglo XVII: La Escuela Austriaca de Economía y la interpretación de la crisis

2021 ◽  
pp. 13-49
Author(s):  
Jaime Hernán-Pérez Aguilera
Keyword(s):  
Seventeenth Century ◽  
Precious Metals ◽  
Jel Classification ◽  
Economic Cycle ◽  
Public Deficit ◽  
Catholic Faith ◽  
Monetary System ◽  
Palabras Clave ◽  
Imperial Politics ◽  
New Interpretation

The Decline of the Spanish seventeenth century was a deep crisis, with dramatic consequences for the population. Many authors consider the costs of the Spanish imperial politics, defense and commercial monopoly of the Catholic faith, the continuing conflict with France for hegemony in Europe, with England for the defense of American monopoly or the Ottoman Empire for control Mediterranean, as the main causes. However, the un-controlled expansion of the money supply due to the precious metals from America, the use of credit to finance the huge deficits of the Spanish Monarchy and monetary changes, coupled with government intervention offered, from the perspective offered Austrian Theory of Economic Cycle, a new interpretation. Austerity policies, control of public expenditure, reducing the tax burden and reorganization of the monetary system, initiated in the late seventeenth century, stabilized the economy and allowed to return to a path of sustained growth. Key words: Monetary Policy, Fiscal Policy, Monetary Disturbances, Public Deficit, State Interventionism, Recession, Stagflation. JEL Classification: E3, E4, E5, H3, H6, N1. Resumen: La Decadencia Española del siglo XVII fue una crisis profunda, con unas consecuencias dramáticas para la población. Muchos autores consideran a los costes de la política imperial española, la defensa del monopolio comercial y de la fe católica, el conflicto permanente con Francia por la hegemonía en Europa, con Inglaterra por la defensa del monopolio americano o con el Imperio Otomano por el control del Mediterráneo, como las causas principales. Sin embargo, la expansión descontrolada de la masa monetaria debida a los metales preciosos procedentes de América, el recurso al crédito para financiar los gigantescos déficits públicos de la Monarquía Hispánica y las alteraciones monetarias, unidas al interven-cionismo del gobierno ofrecen, desde la perspectiva que ofrece la Teoría Austriaca del Ciclo Económico, una nueva interpretación. Las políticas de austeridad, control del gasto público, reducción de la presión fiscal y re-organización del sistema monetario, emprendidas a finales del siglo XVII, estabilizaron la economía y permitieron regresar a una senda de crecimiento sostenido. Palabras clave: Política Monetaria, Política Fiscal, Alteraciones Monetarias, Déficit Público, Intervencionismo Estatal, Recesión, Estanflación. Clasificación JEL: E3, E4, E5, H3, H6, N1.

scholarly journals THE IMPACT OF ECONOMIC RECESSION ON COMPANY ACTIVITIES / LĖTĖJANČIOS EKONOMIKOS POVEIKIS ĮMONIŲ VEIKLAI

2016 ◽  
Vol 8 (2) ◽  
pp. 159-170 ◽  
Author(s):  
Pavel Gurskij ◽  
Aušra Liučvaitienė
Keyword(s):  
Economic Recession ◽  
Negative Consequences ◽  
Economic Cycle ◽  
Economic Cycles ◽  
Economic Decisions ◽  
Cycle Growth ◽  
Economic Downturns ◽  
Definition Of ◽  
Political Economic ◽  
The Impact

Negative consequences of economic fluctuations and economic downturns influence the significance of research in this area. Results of such research allow providing insights and sugges¬tions for governments to make political-economic decisions. The article investigates the impact of slowing economy on enterprises, the reasons of fluctuations of economic cycles and their characteristics, phases of economic cycle: growth, peak, downturn and crisis. The article studies definition of slowing economy, its reasons, ratios, and inter-relationship between various ratios. Methodology of evaluating economic cycles is provided in the article. Didėjantys neigiami ekonominių svyravimų ir ekonomikos nuosmukio padariniai nulemia šioje srityje atliekamų tyrimų svarbą. Remiantis tyrimų rezultatais, pateikiamos įžvalgos ir pasiūlymai vyriausybės politiniams – ekonominiams sprendimams priimti. Straipsnyje nagrinėjamas lėtėjančios ekonomikos poveikis įmonėms, išgrynintos pagrindinės ekonomikos ciklų svyravimų priežastys ir jų charakteristikos. Nagrinėjamos ekonominio ciklo fazės: pakilimas, viršūnė, nuosmukis ir krizė. Analizuojama ekonomikos lėtėjimo samprata, priežastys, rodikliai ir įvairių ekonominių rodiklių sąveika. Taip pat pateikiama ekonominių ciklų vertinimo metodika.

scholarly journals Thermodynamic Rarity and Recyclability of Raw Materials in the Energy Transition: The Need for an In-Spiral Economy

Entropy ◽  
2019 ◽  
Vol 21 (9) ◽  
pp. 873 ◽  
Author(s):  
Antonio Valero ◽  
Alicia Valero
Keyword(s):  
Automobile Industry ◽  
Circular Economy ◽  
Nuclear Energy ◽  
Fossil Fuels ◽  
Exergy Analysis ◽  
Raw Materials ◽  
Mineral Resources ◽  
Energy Transition ◽  
Advanced Economy

This paper presents a thermodynamic vision of the depletion of mineral resources. It demonstrates how raw materials can be better assessed using exergy, based on thermodynamic rarity, which considers scarcity in the crust and energy requirements for extracting and refining minerals. An exergy analysis of the energy transition reveals that, to approach a decarbonized economy by 2050, mineral exergy must be greater than that of fossil fuels, nuclear energy, and even all renewables. This is because clean technologies require huge amounts of many different raw materials. The rapid exhaustion of mines necessitates an increase in recycling and reuse, that is, a “circular economy”. As seen in the automobile industry, society is far removed from closing even the first cycle, and absolute circularity does not exist. The Second Law dictates that, in each cycle, some quantity and quality of materials is unavoidably lost (there are no circles, but spirals). For a rigorous recyclability analysis, we elaborate the exergy indicators to be used in the assessment of the true circularity of recycling processes. We aim to strive toward an advanced economy focused on separating techniques and promoting circularity audits, an economy that inspires new solutions: an in-spiral economy.

Assessment of Natural Resource Potential of the Landscape of Mongolia (Based on Agricultural Production Resource)

2020 ◽  
pp. 28-42
Author(s):  
Purevsuren Munkhtur ◽  
Avirmed Erdenedalai
Keyword(s):  
Spatial Distribution ◽  
Natural Resource ◽  
Agricultural Production ◽  
Raw Materials ◽  
Market Price ◽  
Mineral Resources ◽  
High Potential ◽  
Resource Potential ◽  
Surface Patterns ◽  
Production Resources

The landscape contains a variety of different potentials that can perform socio-economic and ecological functions, since landscapes are surface patterns that differ in appearance, environmental components, and their spatial distribution and location. The natural resource potential of the landscape refers to the ability of a landscape to provide society with the raw materials and natural resources, which are required for manufacturing products in the society. The natural resource potential of the landscape can be estimated based on mineral resources, forest resources, agricultural production resources, hunting, and tourism or recreation resources. The purpose of this research was to evaluate the natural resource potential of the landscape based on agricultural production resources. This research was carried out with combined methodology, which involved market price method that was used for assessing agricultural production resources with a GIS-based analytical hierarchy process that was used for developing the potential assessment. The analysis of the spatial distribution map of the natural resource potential of the landscape showed that 41.0 per cent of the area studied had “average” potential, while 34.8 per cent had “low” potential and 19.4 per cent had “high” potential. However, only 2.3 per cent of the area had “very high” potential in terms of potential assessment, whereas, almost the same amount of area (2.5%) was assessed as with “very low” potential. Evaluating the natural resource potential of the landscape, based on agricultural production resources, is important as fundamental information for further research, such as developing a concept of regional economic development and evaluating ecosystem services.

scholarly journals Financial Effects of Monetary Expansions

2018 ◽  
pp. 75-94
Author(s):  
Rafael García Iborra
Keyword(s):  
Business Cycles ◽  
Central Banks ◽  
Jel Classification ◽  
Financial Assets ◽  
Business Cycle Theory ◽  
Austrian Business Cycle Theory ◽  
Palabras Clave ◽  
Austrian Business Cycle ◽  
Productive Structure ◽  
Financial Cycles

The Austrian Business Cycle Theory (ABCT) has traditionally been focused on the distortions created by monetary expansions on the productive structure of the economy. In this paper, I will try to show that, if central banks increase the monetary base and the agents’ preferences do not change, the dis- tortions will not be limited to the productive structure but will also affect the financial structure. This will lead to a series of financial cycles in which both bubbles and crashes, the financial counterparts of booms and crisis, will take place. Keywords: Bubbles, Business Cycles, Financial Assets, Financial Crisis. JEL Classification: E14, E32, E44, G01. Resumen: La Teoría Austriaca del Ciclo Económico (TACE) se ha centrado tra- dicionalmente en las distorsiones generadas por las expansiones monetarias en la estructura productiva de la economía. En este artículo, se intenta mostrar que, si los bancos centrales aumentan la base monetaria y las preferencias de los agentes se mantienen sin cambios, las distorsiones no se limitarán a la estructura productiva sino que también afectarán a la estructura financiera. Esto conducirá a una serie de ciclos financieros en los que burbujas y crashes, los equivalentes financieros de auges y crisis, tendrán lugar. Palabras clave: Burbujas, Ciclos Económicos, Activos Financieros, Crisis Finan- cieras. Clasificación JEL: E14, E32, E44, G01.

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