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Frank Shostak

Frank Shostak is an adjunct scholar of the Mises Institute and a frequent contributor to Mises.org. His consulting firm, Applied Austrian School Economics, provides in-depth assessments and reports of financial markets and global economies.

Frank Shostak Articles

For most commentators, a “stable price level” is the key for economic stability. For instance, let us say that there is a relative increase in consumer demand for potatoes versus tomatoes.
According to the Austrian Business Cycle Theory (ABCT), the artificial increase in the money supply via central bank expansionary monetary policy lowers the market interest rate. This, in turn, causes the market interest rate to deviate...
It is widely held that financial asset markets always fully reflect all available and relevant information, and that adjustment to new information is virtually instantaneous. This way of thinking is also known as the Efficient Market...
To gain insight into the state of an economy, most economists rely on a common statistic named the Gross Domestic Product (GDP). The GDP looks at the value of final goods and services produced during a particular period, usually a quarter...
According to some “experts,” there is an urgent need to remove cash from the economy. It is held that cash provides support to the “shadow economy” and permits tax evasion. Another justification for its removal is that, in times of...
According to some commentators, to counter inflation interest rates in the US must increase to a level that effectively restrains the economy. It is held that this increase in interest rates does not have to cause a recession if Fed’s...
In the late 1960s Edmund Phelps and Milton Friedman challenged the popular view that there can be a sustainable trade-off between inflation and unemployment. In fact, over time, according to PF, loose central bank policies set the platform...
It is a common belief that a key factor in determining the currency exchange rate is the balance of payments. An increase in imports increases the demand for foreign currency. To obtain the foreign currency, importers buy it using domestic...
Most mainstream economists believe the application of quantitative methods on historical data can explain the state of the economy. Others such as Ludwig von Mises held that the data utilized by economists is a historical display, which by...
Many economists claim that economic growth is driven by increases in the total demand for goods and services, additionally claiming that overall output increases by a multiple of the increase in expenditures by government, consumers, and...

In 1792 the U.S. Congress adopted a bimetallic standard (gold and silver) for the new nation's currency - with gold valued at $19.30 per troy ounce

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