Here is the video from yesterday evening, in which Lawrence Read talks about how money has always been, and should always be, strictly a market phenomenon.

 In recent weeks we examined the causes of the booms and busts that seem to be becoming more frequent. We spent time examining The Great Depression and the role of the Central Banks at that time. But a good question asked by some in those seminars was whether there were booms and busts before central banks were created.

The answer to this requires a study of history and specifically of the history of business cycles in the United States. So in tonight’s seminar we will look back in time to see what we can learn from the past. While the examples will be based on US history,  virtually all the same things can be said about the UK and NZ. We will discuss what lessons we in New Zealand can take from the US experience.

Time: 6:00pm

Date: Tuesday 20 September

Location: Case Room 1, Level 0,

University of Auckland Business School

Look forward to seeing you tonight.

With Europe’s debt problems growing worse by the day, the prospects for Europe are bleak. Not that they are any better over the Atlantic where President Obama has just put forward a job’s plan that will only increase the massive deficit and add to its debt mountain. So where is all this headed?

Tomorrow we will look at a view that this is the end game of the forty-year experiment with paper (fiat) money.

What economic ideas lead to this view and if true, what should we expect over the next few years?

Join us tomorrow as we discuss what is one of the most important topics of the year.

Time: 6:00pm

Date: Tuesday 13 September

Location: Case Room 1, Level 0, UoA Business School

See you tomorrow.

“Now it seems that the welfare state is failing in a much more profound way.  In the United States, Italy, Greece, and to a lesser extent New Zealand, the political systems produce expectations around taxes and entitlements that do not balance, leading to deficits, debts, and disruption.  Drawing on public choice economics, ecology, and the history of collapsed societies, I’ll argue that our current democratic process is a case of the tragedy of the commons.  Like environmental commons tragedies, the solution is to return more decision making to the private realm.”

Just a quick note that the Reisman Course (Sunday Economics) is cancelled this Sunday (14th August)

It will resume next Sunday.

Regards,

The UOA Economics Group

This week we have Rodney Dickens coming to speak to us further about the role the Central Bank plays in the Business Cycle.  Rodney Dickens is the former head of Research at ASB Bank and has been a member of the RBNZ’s Monetary Policy Committee.  He is now the Managing Director of Strategic Research Analysis and brings a unique perspective on how the market operates from his 25 years experience working as an Economist.

In a recent media release he showed how lowering the OCR during the early 2000′s created the boom bust property cycle.  [Some reaction to his media release here.] While this created short-term employment for those in the building industry, it ultimately left many people out of pocket, as over 50 different finance companies collapsed and billions of dollars in investments were lost.  As markets around the world continue to struggle, come and hear an interesting perspective on how this story began.

Date: Tuesday 9th August

Time: 7pm

Location: Case Room One, Level 0, UOA Business School

Please note the change of time for this week to 7pm.

There is great course being put on by the LEANZ on Law and Economics.  The reading material includes ‘Economics for Real People’ by Gene Callahan and ‘Economics in One Lesson’ by Henry Hazlitt, both of which you can find in the Resources Section of the Blog.  This may be a little expensive for students but anyone working for a company which sponsors short courses this is one not to be missed.  Go here for further information http://leanz.org.nz/leanz-short-course—intro-to-l-e

LEANZ SEMINAR

INTRODUCTION to LAW & ECONOMICS

Professor Basil Sharp

Goals of the Course

This course is designed to give  participants a solid understanding of, and experience with, the application of economic models to law and organization, and  legal aspects of public policy.  The seminar series will  provide a comprehensive coverage of the field of law and economics for law and economic policy practitioners.

Upon successful completion of this course, participants should be able to apply an appropriate economic model to a range of topics  in property, contracts and torts, and identify the economic consequences of alternative legal rules.

Course Outline

The course will cover the economic analysis of law and organization, and the application of economics to property rights, patents and natural resource management. Topics include: contracts, transaction cost analysis, classical contracting, long-run contracts, enforcement, the role of market forces, risk aversion, remedies for breach, the economic theory for torts, negligence rules, strict liability, multiple torts, product

liability, crime, insider trading, business law and competition policy.

Learning and Teaching

The course will be conducted over eight weeks on Monday mornings from the 29

thof August 2011 to 31^st October (missing 5^th September and 24^th of October), from 8.00am to 9.30am—cutting as little as reasonably possible out of the working day.

“On the Origins of Money”
Carl Menger
www.mises.org/books/origins_of_money.pdf 

Peter Schiff Lecture: Financial Bubbles Explained
“Why the Meltdown Should Have Surprised No-One”
Peter Schiff, 2009
60 min. video presentation
http://www.youtube.com/watch?v=GPF2rxUyCTU

Meltdown
Thomas Woods
Chapter 4, ‘How Government Causes the Boom-Bust Economic Cycle’
[Get a free chapter of the book here:
http://www.meltdownthebook.com/offers/offer.php?id=MEL001 

“The Global Financial/Economic Crisis: Causes & Solution”

David McGregor
[Article online at
http://pc.blogspot.com/2008/11/global-financialeconomic-crisis-true.html

Economics For Real People
Gene Callahan
Chapter 13: “Times Are Hard: On the Causes of the Business Cycle”
Book online at www. mises.org/books/econforrealpeople.pdf

“Financial Crisis and Recession”Jesus Huerta de Soto

 http://mises.org/daily/3138 

“Our Financial House of Cards”
“The Myth that Laissez-Faire is Responsible for the Economic Crisis”
“Credit Expansion, Economic Inequality and Stagnant Wages”
“The Housing Bubble and the Credit Crunch”
George Reisman
http://mises.org/daily/2926 and http://mises.org/daily/3165 and
http://georgereisman.com/blogWP/?tag=boom-bust and http://georgereisman.com/blogWP/?tag=credit-crunch

“The Origin of Money & Its Value”

Robert Murphy
http://mises.org/daily/1333

“There’s No Such Thing as ‘Overproduction’” Thomas Woods
http://www.fee.org/articles/great-myths-of-the-great-depression/

The Austrian Theory: A Summary
Roger W. Garrison
http://mises.org/tradcycl/theorsum.asp 
Time & Money: The Macroeconomics of Capital Structure
Roger Garrison

Chapter 4, ‘Sustainable and Unsustainable Growth’

http://www.auburn.edu/~garriro/tam.htm

Friedrich A. Hayek
http://mises.org/tradcycl/avoidinf.asp

Economic Depressions: Their Causes & Cure
Murray Rothbard
http://mises.org/daily/3127 

Human Action: A Treatise on Economics
Ludwig Von Mises
Chapter 17, ‘Indirect Exchange’
Chapter 18, ‘Action in the Passing of Time’
Chapter 19, ‘Interest’
Chapter 20 ‘Interest, Credit Expansion & the Trade Cycle’
Chapter 31, ‘Currency, Credit Creation & the Business Cycle’
Book online at http://www.econlib.org/library/Mises/HmA/msHmA.html

The Great Depression
Lionel Robbins
Chapter 1: “1914-1933”
Chapter 2: Miconceptiions”
Chapter 3: “The Genesis of the Depression”
Book online at http://mises.org/books/depression-robbins.pdf 

Mark A. Abrams
Chapter: “Can Price Stabilisation Help?”
[Chapter available in Austrian Economics: A Reader, ed, by Richard M. Ebeling]

The Organisation of Debt Into Currency
Charles Holt Carroll

You can read an introduction to this important but little-known book here:
http://mises.org/daily/2114.   The complete book is online at
http://mises.org/etexts/currency.pdf 

The news today is full of concerns over the state of the world’s economies; in fact these concerns have not subsided for the last three years. This has resulted in many central banks around the world having increased their printing of money, especially so in the United States which has printed hundreds of billions (if not trillions) of US currency.

But what theory is advanced for doing this?

Can printing bits of paper actually solve an economy’s problems?

And what are the long-term consequences of such a policy?

To help answer these questions we need to examine the often misunderstood economic concepts of inflation and deflation.

In this week’s seminar we set out to better understand these concepts. To do so we must first look at the origins of money and ask some more fundamental questions as to what money actually is. Did the market for money develop naturally or spontaneously or did it require a central authority to mandate its use?

The University of Auckland Economics Group

It offers, as the sub–heading of Prof. Reisman’s book describes it, “a complete and integrated understanding of the nature and value of human economic life.”

This Sunday, tomorrow, we’ll be listening to Prof. Reisman’s classic lecture on “Capitalism: The Cure for Racism”—an extension of the Uniformity-of-Wages Principle, i.e.,

that the profit motive of employers [where it is free to operate] operates to eradicate all differences ni pay based not on differences in performance. Where such differences persist, they are [argues Reisman] the result of government intervention or private coercion that is sanctioned by the government.

This is an ideal time to come along and hear Prof Reisman’s mind at work on a subject no less topical today than when his lecture was first delivered. So why not come along and enjoy the discussion!

When: Sunday 31 July (tomorrow), 10:30am
Where: The Organon Architecture offices, Level 1, 236 Dominion Rd (next door to the Valley Rd supermarket carpark)

See you there!