A new type of societal organization

The Austrian capital theory is frequently used to explain the economic processes under invariable money and during the process of credit expansion. It will be argued that its specific implementation is incorrect. In particular that the Austrian capital theory cannot account for the existence of fixed capital goods and for the production of durable capital goods. It cannot properly account for the similarities and commonalities between fixed capital and consumer goods, it cannot represent the lines of production correctly in time and and the movement of economic resources due to saving and economic losses. In addition it will be shown...

By Youliy Ninov Vote0 0

The contemporary Austrian economics views about saving and investment are derived from a basic Robinson Crusoe type of economy. This leads to oversimplification and the alternative ways to save and invest observable in any contemporary economy can not be accounted for. In a monetary, capitalistic economy the process of saving does not require that consumption goods or their intermediate products be accumulated in advance in order for investment to take place. We also show that any economy possesses an amount of free capital which is self-sustaining and can be used exclusively for capital substitution and investment, thus avoiding the necessity...

By Youliy Ninov Vote0 0

I recently published my second peer-reviewed article, this time about national defense. It is published in New Perspectives on Political Economy, Vol.13, No.1-2, 2017 http://www.cevroinstitut.cz/data/nppe-13.pdf Enjoy!

By Youliy Ninov Vote0 0

Austrian Monetary Economics Conference, Madrid, Nov.2-3, 2017 The 100% reserve gold standard as such has many supporters within the Austrian economics circles. The main reason why it gathers so much support is because it takes the rains from the hands of the government. In particular, it does not allow for money to be created out of thin air and thus to create inflation and its concomitant consequences: wealth redistribution and economic crises. Admitting all of the above, however, does not logically lead us to the conclusion that the gold standard as such is the ideal monetary system. The aim of...

By Youliy Ninov Vote2 0

I recently published my first article in a peer-reviewed Austrian journal, namely, in "New Perspectives on Political Economy" Vol. 12, No. 1–2, 2016. Enjoy! http://www.cevroinstitut.cz/data/nppe-12.pdf

By Youliy Ninov Vote2 0

Prague Conference on Political Economy, March 17-18, 2017 How to protect your nation/community/society against foreign invasion is one of the hard questions posed in front of the supporters of anarcho-capitalism. Several solutions to this problem have been offered, which are stateless and market based by their nature. The aim of the present article is to offer another alternative for defense against foreign aggression, which is also stateless and market-based while at the same time critically opposing the existing ones. For this purpose, comparisons from a normative point of view only will be drawn between the suggested organization for defense and...

By Youliy Ninov Vote3 0

In my article "National defense: the hard problem and its true free-market solution" I describe a basic problem of the anarcho-capitalist national defense/insurance companies. The idea that I advance there is however not limited to protection from foreign invasion only, but applies directly to the anarcho-capitalist style crime prevention companies. In short what I claim (similarly to many other authors) is that they find themselves in a classical conflict of interests situation. This conflict stems from the fact that in order to exist such protection agencies need clients, i.e. private property owners who would like to pay for police protection....

By Youliy Ninov Vote0 15

One of the main differences between the Austrian school of economic thought and the rest of the economic schools is the Austrian view how the economic growth (i.e. capital accumulation) takes place. This view is embodied in the so called Austrian Business Cycle (ABC) theory. This theory presents a view of how the capital is organized, how it grows, stagnates or diminishes and finally used to explain the boom-bust fluctuations through which economies typically pass, i.e. the so-called economic cycle. The intent of the present article is to show why the ABC theory is conceptually flawed and therefore must not...

By Youliy Ninov Vote0 2

A typical view in the Austrian school of economics is that processes which are longer and require more capital to be performed are more productive. Whereas this view can in general be proven correct, the way it is presented is very often misleading. Two fundamentally different types of processes are confused for each other and based on this a correct conclusion is reached by using wrong arguments. In short: being right for a wrong reason. The typical flow of arguments can be found in many Austrian economics textbooks, in this particular case taken from De Soto[1]. It goes like this:...

By Youliy Ninov Vote2 0

How to protect your nation/community/society against foreign invasion is one of the hard questions posed in front of the anaracho-capitalists. As the most common solution to this problem it is suggested that protection against foreign invasion be implemented with the help of a combination/fusion of private insurance and private defense companies. With this solution private property owners buy private property insurance and the insurance companies in turn make sure their clients are secured against foreign invasion by employing private defense companies to fend off the aggressors. A separate and somehow different view is the one offered by D. Friedman. In...

By Youliy Ninov Vote1 27

An Alternative Austrian Capital Theory Feb 15, 2020

An Alternative View on Saving and Investment From an Austrian Economics Perspective Mar 17, 2019

National Defense as a Private Good: Freedom as a Positive Externality Feb 5, 2018

Against the Gold Standard Jun 15, 2017

My first peer-reviewed Austrian economics journal article! Mar 15, 2017

National Defense: The Hard Problem Jan 7, 2017

The Conflict Of Interests Inherent in Anarcho-capitalism Aug 25, 2016

Why the Austrian Business Cycle (ABC) theory is conceptually wrong Aug 23, 2016

On the justification of “Longer processes are more productive” Jun 30, 2016

National defense: the hard problem and its true free-market solution Jan 16, 2016