Adam Smith and Karl Marx’s basic and monumental (in consequences) error
What could these two thinkers, considered to be opposites, have in common?
Monetary Theory
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How Many Traders Can You Fit into a Model?
What, then, can be done with economic theory whose models resemble jokes about how many elephants can be fit into a refrigerator? And how, given the overrepresentation of often indecipherable mathematical symbolism, is one to distinguish good economics from bad?
And Thus It Came to Pass
August 2 saw Matthew Beller’s Daily Article “The Coming Second Life Business Cycle,” wh
Good Question Marty
In his new NBER working paper Martin Feldstein writes that “Reducing the large current account deficit will require both a higher rate of nat
The Gold Problem
The result of the governments' and the unions' meddling with the height of wage rates cannot be anything else than an incessant increase in the number of unemployed.
The Trouble with David Friedman’s “Rationality”
Economics is therefore not quantitative prediction. Nor is it a game or puzzle solving. Neither of the Friedman's assumptions — the rationality of economic agents and of the simplicity of preferences — is necessary.
Accounting and Accountability in Government
This is a story about Linda Combs, who cleaned up the government’s
The Principle of Sound Money
Mises knew why abandoning the principle of sound money would be so problematic: "In the opinion of the public, more inflation and more credit expansion are the only remedy against the evils which inflation and credit expansion have brought about."
