Joseph T. Salerno (born 1950) is an American Austrian School economist who is Professor of Economics, Chair of the economics graduate program in the Lubin School of Business at Pace University and Academic Vice President of the Ludwig von Mises Institute. He earned his B.A. at Boston College and his M.A. and Ph.D. at Rutgers University.
Preventing Opposition to War, by Sheldon Richman, 13 Apr 2007
Explains why the Bush administration has not gotten more people directly involved in its foreign wars, such as by demanding "sacrifices" or re-instituting conscription, and points out the paradox that increased involvement could cause more war opposition
In a lecture last year Prof. Joseph Salerno of Pace University pointed out that war is a device by which a ruling class not only expands its power and access to wealth, but also distracts the domestic population from the exploitation perpetrated by its government. The welfare-warfare state does not exist primarily to serve and protect "its" people. It does those things to some extent, of course, but only for the same reason the giant in "Jack and the Beanstalk" fed the goose that laid the golden eggs: to sustain the exploitation as long as possible.
Despite the many illustrious forerunners in its six-hundred year prehistory, Carl Menger (1840-1921) was the true and sole founder of the Austrian school of economics proper. He merits this title if for no other reason than that he created the system of value and price theory that constitutes the core of Austrian economic theory. ... This then is Menger's greatest achievement and the essence of his 'revolution' in economics: the demonstration that prices are no more and no less than the objective manifestation of causal processes purposefully initiated and directed to satisfying human wants.
A Fairy Tale of the Austrian Movement, Mises Daily, 25 Sep 2007
Review of Brian Doherty's Radicals for Capitalism, in particular of the section in chapter 7 where Peter Boettke discusses Austrian economics
The outstanding merit of Brian Doherty's book is that it contains a treasure trove of valuable information regarding the events, personalities, periodicals and organizations whose complex interplay influenced the intellectual and institutional development of the modern American libertarian movement. ... That Doherty has been badly misled by his credulity and by his investigative and interpretive derelictions is substantiated in an oddly telling review of his book by Fink protégé Tyler Cowen ... It got things exactly right — when seasoned with a pinch of interpretive analysis.
I vividly recall the event that set me on a long and winding road to libertarianism and Austrian economics. I was twelve years old and my parents, who were both first generation Italian-Americans, were hosting some of my mother's relatives, including a distant male cousin who had traveled from Italy to visit relatives residing in Rhode Island and New Jersey. ... Thus when I disembarked from Don Lavoie's car in South Royalton, Vermont in June 1974 to attend the first Austrian economics conference to be convened in the United States, I, like Don and most of the other attendees, had arrived by way of Murray Rothbard.
In consecutive issues of The Freeman, Richard Timberlake has contributed an interesting trilogy of articles advancing a monetarist critique of the conduct of U.S. monetary policy during the 1920s and 1930s. In the first of these articles, Timberlake disputes the late Murray Rothbard's 'Austrian' account of the boom-bust cycle of the 1920s and 1930s. ... Our conclusion, then, is that the Fed's monetary policy, except for very brief periods in 1929 and 1936–1937 when it turned mildly disinflationist, was consistently and unremittingly inflationist in the 1920s and 1930s.
The Mystery of Banking, The Mystery of Banking, Sep 2008
Foreword to the 25th anniversary edition published in 2008 by the Mises Institute
Long out of print, The Mystery of Banking is perhaps the least appreciated work among Murray Rothbard's prodigious body of output. This is a shame because it is a model of how to apply sound economic theory, dispassionately and objectively, to the origins and development of real-world institutions and to assess their consequences. ... With the US housing crisis metamorphosing into a full-blown financial crisis ... The time is finally ripe to publish this new edition of the book that asked the forbidden question about the Fed and fractional-reserve banking when it was first published 25 years ago.