Canada Alberta Court of Appeal (Kerans, Hetherington, and Irving JJ.

Case 586 Canada Alberta Court of Appeal (Kerans, Hetherington, and Irving JJ.

Case 586 MAL 2 8 (1) Canada Alberta Court of Appeal (Kerans, Hetherington, and Irving JJ. ) Kaverit Steel and Crane Ltd. v. Kone Corp. (16 January 1992)

Over the following century, economists like John Stuart Mill, Walter Bagehot, Irving Fisher, Knut Wicksell, and John Maynard Keynes devised a list of steps to take in order to avoid or cure a depression.

IRVING, TEXAS Saudi Arabia wants it all to salvage OPEC, achieve income diversification and industrialization, and preserve its market share in crude oil, petroleum products, petrochemicals, and natural gas liquids (NGLs). Whether the Saudis succeed will be determined largely by the shale energy industry in the United States.

Nonetheless, whenever a crisis loomed in the last century, the broad consensus among economists was that it did not. As far as I can find, almost no one in the profession not even luminaries like John Maynard Keynes, Friedrich Hayek, or Irving Fisher made public statements anticipating the Great Depression.

In the interwar Great Depression, the economist Irving Fisher accurately described the process of debt deflation, in which lenders, worried by the deterioration of their asset quality, called in their loans, pushing borrowers to liquidate assets. That, in turn, merely drove down prices further, leading to more credit rationing, bankruptcies, and bank failures.

The deniers range from second rate historians like David Irving to apparently popular politicians like Iran s recently elected president, Mahmoud Ahmadinejad. The evidence of what Nazi Germany did is so powerful that those who deny it can probably be dealt with even without putting them in prison and thereby drawing more attention to them than they deserve.

Indeed, in a certain sense, Irving Kristol, Norman Podhoretz, and other neo conservative elder statesmen remain defined by the communist dogmatism they sought to oppose when they were youthful Trotskyists. The virtue of their party or clique needs no complex justification it stands for American values, while critics merely provide an objective apology for the enemies of freedom.

Under the gold standard, the dollar was convertible into gold at a fixed price of 20.67 an ounce. To stabilize the price level, the economist Irving Fisher had produced a plan for a compensated dollar, which would vary the dollar s gold value to offset rising or falling prices, in effect allowing the Fed to issue more or fewer dollars as dictated by business conditions.

Irving Fisher s prescient warning in 1933 about such a debt deflation spiral resonates strongly today, given that public and private debt levels are at or near historic highs in many countries. Especially instructive is the 2.2 price decline in Greece for the 12 months ending in July the most severe example of ongoing deflation in the advanced countries and counterproductive to an orderly solution to the country s problems.

PALO ALTO People everywhere are increasingly vulnerable to the use of what Nobel Prize winning chemist Irving Langmuir dubbed pathological science the science of things that aren t so to justify government regulation or other policies. It is a specialty of self styled public interest groups, whose agenda is often not to protect public health or the environment, but rather to oppose the research, products, or technology that they happen to dislike.

The problem is not that governments are unsure about what to do. The standard checklist of what to do in a financial crisis to avoid a deep and prolonged depression has been gradually worked out over two centuries by Bank of England Governor Cornelius Buller in 1825 by the Victorian era editor of The Economist , Walter Bagehot and by the economists Irving Fisher, John Maynard Keynes, Milton Friedman, among many others.