Research Papers

‘Fiscal and Monetary Interdependence’,
      Economic Affairs June 2020

‘Arguments over inflation can be a non sequitur’,
      Financial Times 5 May 2020

‘What the thinking economist knew all along’,
      Financial Times 4 April 2020

‘Central bankers show signs of madness’,
      Financial Times 3 March 2020

‘How will these higher wages be financed?’,
      Financial Times 1January 2020

‘The empty ritual of macroeconomic policy’,
      Financial Times 8 August 2019

‘It's the same for any 'ology'’,
      Financial Times 4 April 2019

‘From Professional to Performance’,
      Subtext , February 2019

‘Austrian theory solves 'normalisation'’ mystery,
      Financial Times 14 March 2019

‘No place in a democracy for unelected tecnicians’,
      Financial Times 19 December 2018

‘Is credit-led boom a sensible benchmark?’,
      Financial Times 13 August 2018

‘Economic Policy in a Recession. Lessons from the Past’,
      Lancaster University Economics Working Paper Series 2018/019 September 2018

‘Is credit-led boom a sensible benchmark?’,
      Financial Times 13 August 2018

‘Capital and Earnings Management: Evidence from Alternative Banking Business Models’,
      with Marwa Elnahassa and Marwan Izzeldin
           International Journal of Accountancy, February 2018

‘Not in the Textbook’,
      mimeo

‘Burn the Maths’,
      mimeo

‘J’accuse! Mankiw and Taylor: Of conflating tautology with a behavioural relationship’,
      mimeo

‘Small Detail Missing’,
      Financial Times 18 August 2017

‘Attempt to punish UK may backfire on Hollande’,
      Financial Times 20 December 2016

‘The Money Economy: Mercantilism, Classical Economics and Keynes’ General Theory’,
      in S. Kates (ed.) Keynesian Economics and its Critics, Edward Elgar forthcoming

‘Credit controls incited high-cost evasion’,
      Financial Times 11 November 2015

‘"Will the crisis “tear us apart”’? Evidence from EU"’,with H. Ingham, M. Izzeldin, and V. Pappas,
      International Review of Financial Analysis October 2015

‘Iceland's proposal dates back to 1933’
      Financial Times, 13 April 2015

‘No one shops on the basis of a price index’
      Financial Times, 24 January 2015

‘Hayek’s Pure Theory of Capital’,
      in Garrison, R. and N. Barry (eds) Elgar Companion to Hayekian Economics, Edward Elgar 2014, pp. 71-93

‘Human Resourses: Not up to the Job?,
      Subtext , October 2014

‘The Role of Head of Department’,
      Subtext, February 2014

‘Monetary Policy: Reforming the Rules’,
      IEA Blog 3 February 2014

‘The Credit Counterparts of Broad Money: A Structural Base for Macroeconomic Policy’, Lancaster University Management School
      Economics Working Paper Series, 2014/001,

‘Casting a Shadow on Banking’,
      IEA Blog 3 January 2014

‘Setting up the next Keynesian bubble and bust?’,
      IEA Blog 4 December 2013

‘Eloi and Morlocks’,
      Subtext , October 2013

‘The UK and the Eurozone. Sovereign Debt Management and Monetary Policy’,
      Economic Affairs, vol. 33, no. 3, October 2013, pp. 327-33

‘Mark Carney “out-herods, Herod”’, (with John Whittaker)
      IEA Blog 13 August 2013

‘Central bank-bought government debt is still government debt’, (with John Whittaker)
      Comment on De Grauwe, P. and Y. Ji, ‘Fiscal implications of the ECB’s bond-buying programme’, 14 June 2013,
           Vox eu 27 June 2013

‘Bank Deposits cannot be Guaranteed across the Eurozone’,
      IEA Blog 25 March 2013

‘Negative Interest Rates? Never!’,
      IEA Blog 4 March 2013

‘Ireland’s Sovereign Debt Monetisation’,
      IEA Blog 13 February 2013

‘Complexity and Degeneracy in Socio-economic Systems’, (with H.Hosseini)
      in R. Frantz and R. Leeson Hayek and Behavioral Economics,
            Archival Insights into the Evolution of Economics, vol. 4. 2013 (Palgrave Macmillan)

Book Review: John B Taylor
      First Principles. Five Keys to Restoring America’s Prosperity (W.W. Norton & Co: New York/London, 2012)
           Economic Affairs, Journal of the Institute of Economic Affairs, vol. 33, no. 1, March 2013

‘Keynes Hayek: The Clash That Defined Modern Economics’,
      IEA Blog 14 January 2013

‘And it’s Hayek. Hayek to Suarez. Goal!’,
      The Intependent 8/9 January 2013

‘London 2012. gold, not growth’,
      IEA Blog 31 October 2012

‘Ben Bernanke's Road to Inflation’,
      IEA Blog 18 September 2012

Book Review: Nicholas Wapshott
      Keynes Hayek: the Clash that Defined Modern Economics (W.W. Norton & Co: New York/London, 2011)
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 32, no. 3, July 2012, pp. 124-5
                   also reviewed by Brian Doherty
                            and by Peter Clarke

‘No Ruse to save the Euro’,
      IEA Blog 10 August 2012

‘Don’t Look to Seigniorage to Save the Euro’, (with John Whittaker)
      EconoMonitor, 7 August 2012

‘The Answer is Inflation. What is the Question?’,
      IEA Blog 1 June 2012

‘Networks, knowledge and entrepreneurship’
      The Critical Review: An Interdisciplinary Journal of Politics and Society vol. 24 no. 1, May 2012, pp. 102-113

‘Plan B Alternatives for Economic Growth’
      The Times, 25 May 2012

‘Tax-free pedalling’
      The Times, 31 March 2012

‘Keynes, Keynesianism and Krugman’,
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 32, no. 1, February 2012, pp. 64-67

‘Warts and All’
      Journal of Lancaster University Economics Society, Michaelmas 201, pp. 9-10

‘The trouble with Keynesian ‘make-work’ plans’
      Financial Times, 8 December 2011

‘Economic Fundamentals and the Eurozone’,
      IEA Blog 23 November 2011

‘The ECB cannot hold back the tide of euro credit and banknotes’,
      IEA Blog 17 November 2011

‘Hayek’s overcoat’,
      IEA Blog 24 August 2011

‘Keynesian paradoxes’,
      IEA Blog 18 August 2011

‘Two Kinds of Growth’
      Financial Times, 17 August 2011

‘Democracy and Taxation’,
      IEA Blog 18 23 June 2011

‘Progressive Taxation: Applying Hayek’s Constraint’,
      The Political Quarterly, Volume 82, Issue 2, April-June 2011, pp. 222-30
           see also The Times, 31 March 2012

‘No situation is so bad that Government Intervention cannot make it worse’,
      IEA Blog 16 June 2011

‘A Promethean Tragedy: the Ultimate Green Economy,
      IEA Blog 13 June 2011

‘Critical Realism and the Ontological Turn. A Rejoinder to Lewis’
      in The Critical Review: An Interdisciplinary Journal of Politics and Society, vol. 23 nos. 1-2, May 2011, pp. 231-4
                   a response to Lewis (2011) ‘On the Merits of Critical Realism and the “Ontological turn” in Economics: Reply to Steele’
                                      which was a response to Steele (2005)

‘Sovereign Debt Restructuring and the Euro Crisis’
      IEA Blog 18 April 2011

‘Is Ireland exploiting eurosystem loopholes at Germany’s expense?’
      IEA Blog 1 April 2011

‘Ministers are bad at picking winners’
      Financial Times, 23 March 2011

‘Oils Prices and Inflation’
      IEA Blog 14 March 2011

‘Taylor Rules - far from ‘OK’!’
      IEA Blog 21 February 2011

‘How can so-many economists be wrong headed on inflation?’
      IEA Blog 21 January 2011

‘Does China want more US paper?’
      Financial Times, 25 January 2010

‘Keynesian act can swell contortions’
      Financial Times, 6 December 2010

‘The economic consequences of fiscal consolidation’
      IEA Blog 29 November 2010
         extended version (mimeo)

‘A Post-Keynesian sleight of hand’
      IEA Blog 19 November 2010

‘A Tale of Two Letters’
      mimeo February 2010

‘The Inter-temporal Price System’
      Frantisek Cuhel Memorial Lecture, Prague Conference on Political Economy, 19th March 2010

‘Budget multiplier is a non starter’
      Financial Times, 15 June 2010

‘Housing benefit and higher taxes’
      The Times, 30 August 2010

‘Inflation Economics: the Heath-Barber Boom, 1972-74’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 30, no. 3, September 2010, pp. 79-81

‘Credit Withdrawn’
      The Sunday Times, 12 September 2010

‘Postcode Lotteries’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 30, no. 3, September 2010, pp. 90-91

‘Budget philosophy is all Greek to me’
      Financial Times, 8 October 2010

‘The tragedy of the eurozone’
      IEA Blog 10 December 2010

‘Inflation sting in pushing demand’
      Financial Times, 23 December 2010

‘Reflecting upon knowledge: Hayek’s psychology and social science, in W.N. Butos ed.,      
      The Social Science of Hayek’s ‘The Sensory Order’, Advances in Austrian Economics, vol. 31, pp. 57-81
         Emerald Books - Amazon

‘There’s No Such Thing as Society’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 29, no. 4, December 2009, pp. 85-6
          Lancaster University’s ‘Focus on Sociology’
                             mimeo December 2009

‘There’s No Such Thing as Society’
       IEA Blog 30 September 2009

Book Review: Stephen P. Dunn (2008)
      The ‘Uncertain’ Foundations of Post Keynesian Economics. Essays in Exploration (Routledge: London and New York)
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 29, no. 3, September 2009, p 110

‘Damn the Rules, It’s a Parallel Universe!’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 29, no. 3, September 2009, pp. 98-101

‘Crass Keynesianism’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 29, no. 2, June 2009, pp. 85-7

‘Great Crash/Credit Crunch. Friedrich Hayek’s Business Cycle Theory’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 29, no. 1, March 2009, pp. 92-4

‘Forget economics, try astrology instead’
      The Times, 7 February 2009

‘Case for euro rest on two unlikely ‘ifs’’
      The Financial Times, 6 June 2008

‘Austrian Business Cycle Theory, Keynes’s, General Theory, soaring wheat prices and sub-prime mortgage write-downs’
      in The Quarterly Journal of Austrian Economics, vol. 11, no. 2, June 2008, pp. 119-22

‘Friedrich Hayek: the Complete Economist’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 28, no. 2, June 2008, pp. 67-9

‘Harold Wilson’s Devaluation: a Salutary Lesson’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 28, no. 3, September 2008, pp. 68-9

‘Inflation: plus ça change’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 28, no. 4, December 2008, pp. 77-9

‘Are Macroeconomic Theorists Rational?’
      The Quarterly Journal of Austrian Economics, vol. 10, no. 2, Summer 2007, pp. 3-13

‘Richard Layard’s Happiness: worn philosophy, weak psychology, wrong method and just plain bad economics!’
      The Political Quarterly, vol. 77, no. 4, October-December 2006, pp. 485-92
                   also see various commentary in Martin Wolf’s Economists’ forum Financial Times blog      
                   also see Jonathon Sacks on Happiness at Sacks (2008)      

‘Interest rates must be able to function freely’
      Financial World, February 2006, p. 6

‘Critical Thoughts about Critical Realism’
      The Critical Review: An Interdisciplinary Journal of Politics and Society, vol. 17, nos. 1 & 2, 2005, pp. 133-54

‘Psychology, Social Evolution and Liberalism: a Hayekian Trinity’
      Review of Political Economy, vol. 17, no. 4, October 2005, pp. 1-16

‘Hayek’s Theory of Money and Cycles: Retrospective and Reappraisal’
      The Quarterly Journal of Austrian Economics, vol. 9, no. 1, Spring 2005, pp. 3-14

     ‘Hayekowska teoria pieniadza i cykli – retrospektywa i ponowna ocena’
      INSTYTUT MISEA,
           ..... this paper is a response to White (1999)

‘Rational economic man and his dog set out to mow a meadow’
     The Independent Review, vol. 9, no. 4, Spring 2005, pp. 559-62

‘Advice to seers’
     The Times, 28 December 2004

‘Hayek’s Sensory Order’
      The Journal of the Hayek Sociey at the London School of Economics, vol. 6, no. 2, Spring 2004, pp. 4-6

‘Understanding Economic Man: Psychology, Rationality and Values’
      American Journal of Economics and Sociology, vol. 63, no. 5, Nov. 2004, pp. 1021-55

Book Review: Richard M. Ebeling, (2003)
      Austrian Economics and the Political Economy of Freedom (Edward Elgar: Cheltenham, UK/Northampton, MA, USA)
      Australian Economic History Review, vol. 44, no. 2, July 2004, pp. 211-2

‘Hayek’s Sensory Order’
      Theory and Psychology, vol. 12, no. 3, June 2002, pp. 387-409

‘Currency Options. Hayek & Competing Currencies’
      Economic Affairs, June, 2001, pp. 46-8

Book Review: Critistina Petsoulas (2001) Hayek’s Liberalism and its Origins (Routledge Studies in Political Thought: London)
      The Quarterly Journal of Austrian Economics, vol. 5, no. 1, Spring, 2000, pp. 93-5

‘Laissez-faire and the institutions of the free market’
      Economic Affairs, vol. 19, no. 3, September, 1999, pp. 47-50

‘Shades of Gray’
      Liberty, vol. 13, no 7, July 1999, pp. 39-41, 61

(Review Essay) ‘John O’Neill (1998) The Market: Ethics, Knowledge and Politics, London: Routledge pp. 228 + x.
      Review of Austrian Economics, vol. 12, 1998, pp. 257-63

‘Hayek’s Money Economy: the Dynamics of Competitive Equilibrium and Socio-economic Order’
      The Quarterly Journal of Austrian Economics", vol. 1, no. 3, Fall, 1998, pp. 1-14

‘The Money Economy: Mercantilism, Classical Economics and Keynes’ General Theory’
      American Journal of Economics and Sociology" , vol. 57, no. 4, October, 1998, pp. 485–98

Book Review: Deepak Lal (1998)
      Unintended Consequences. The Impact of Factor Endowments, Culture, and Politics on Long-Run Economic Performance
      (MIT Press, Cambridge Massachusetts)   The World Economy, vol. 23, no. 7, June 1998, pp. 953-54

‘A Meeting with Margaret’
      June 1997

Hayek and Keynes on Capital’ in S.F. Frowen (ed)
      Hayek: Economist and Social Philosopher A Critical Retrospect, The Macmillan Press 1997, chapter 11, pp. 237-49

‘Universal Darwinism and the Methodology of Social Science’
      Journal of Social and Evolutionary Systems, 1996, vol 19, issue 4, pp. 381-403

‘First Principles of Taxation’
      The Financial Times, 8 October 1995

‘Common Currency’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 15, no. 3, Summer 1995, pp. 57-8

‘Economic Forecasts’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 15, no. 4, Autumn 1995, pp. 59-60

‘Keynes on Involuntary Unemployment’
      Journal of Political Economy, vol. 10, no. 4, August 1993, back cover  

‘Philosophical Perceptions and the Precepts of Political Economy: Friedrich Hayek and John Maynard Keynes’
      Scottish Journal of Political Economy, vol. 40, no. 1, February 1993, pp. 88-103  
      reprinted in Wood, J.C. & R.D. Wood (2004), vol. 1, 254-72*

‘Hayek’s Contribution to Business Cycle Theory: A Modern Assessment’
      History of Political Economy, vol. 24, no. 2, Summer 1992, pp. 477-91   , repr. in Wood, J.C. & R.D. Wood (2004), vol. 1, 238-43*

                   * Wood, J.C. & R.D. Wood (2004) Friedrich A. Hayek: Critical Assessments of Leading Economists (4 vols), London: Routledge                    Contents       Google Books       Amazon     eCampus     

‘Real interest rates and the exchange rate connection’
      The Financial Times, 8 July 1992

‘Hayek’s Economics’
      Economic Affairs, Journal of the Institute of Economic Affairs, vol. 12, no. 4, June 1992, pp. 26-9

‘Keynes Twice Confirmed’
      Journal of Political Economy, vol. 101, no. 1, February 1993, back cover  

‘Chicken Feed’
      The Sunday Times, 10th January 1988

‘Teaching Economics: the failure of Macroeconomics’
      Economic Affairs, vol. 8 issue 2, June, 1988, pp. 11-5

‘Hayek’s Ricardo effect’
      History of Political Economy, vol. 20, no. 4, Winter 1988, pp. 669-72   

‘Monetarism’, in G.B.J. Atkinson (ed),
     in Developments in Economics. An Annual Review, vol. 3, 1987, pp. 93-109, Causeway Press

‘University Salaries in the U.K.: A Study of Local Variations within a National Pay Structure’
      Bulletin of Economic Research, vol. 33, no. 1, 1981, pp. 13-36

‘The Impossibility of Financial Hierachy’
      Economic Affairs. Journal of the Institute of Economic Affairs, vol. 6, no. 4, April/May 1986, pp. 38-9

‘Boom that would soon go Bust’
      The Times, 25 September 1985

‘Legal and Trade Union Limitations Upon Hours of Work: The Problem of Overtime’,
      Economic and Industrial Democracy, vol. 7, no. 1, 1986, pp.61-74

‘Industrial Accidents: an Economic Interpretation’
      Applied Economics, vol. 6, no. 2, June 1974, pp.143-55
                   similar findings are reported in Herbert (1979)      

‘Computing Homogeneous Least Squares Regression Equations using a Non-Homogeneous Programme’
      mimeo January 1974

‘Structural Breaks in Linear Regression’
      mimeo December 1973

Reviews

Review by Karen Vaughan of: The Economics of Friedrich Hayek (New York: St. Martin’s Press)
      Journal of Economic Literature, vol. 33, no. 1, March 1995, pp. 196-8

Review by Roger Garrison of: The Economics of Friedrich Hayek (New York: St. Martin’s Press)
      Southern Economic Journal, vol. 61, no. 4, April 1995, pp. 1234-36

Review by Steven Horwitz of: Hayek: Economist and Social Philosopher: A Critical Retrospect (New York: St. Martin’s Press) S.F. Frowen (ed)
      EH-Net June 1998

Review by Viktor Vanberg of: Hayek: Economist and Social Philosopher: A Critical Retrospect (New York: St. Martin’s Press) S.F. Frowen (ed)
      Cato Journal, vol. 18, no. 3 (Winter 1999).

Review by William Butos of: The Economics of Friedrich Hayek (Second Edition) (Palgrave MacMillan, New York)
      Journal of Economic Behavior & Organization, vol. 69, issue 1, January 2009, pp. 88-90