Other Schools of Thought

Displaying 11 - 20 of 1986

"Monopoly" Is No Excuse for Government Intervention

Economic FreedomMonopoly and CompetitionOther Schools of Thought

Blog09/16/2020

In an unhampered economy, monopoly is not a framework distinguishable from “pure” competition. In fact, inefficient monopolies arise only in case of government interventionism.

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Calculating GDP Correctly

Other Schools of Thought

Blog08/12/2020

There are many reasons we should be skeptical of the GDP statistic. But it is nonetheless important to understand how it is calculated.

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MMT's Very Odd Definition of "Savings"

Monetary PolicyInterventionismOther Schools of Thought

Blog07/30/2020

Proponents of modern monetary theory have come up with their own idiosyncratic definition of savings in support of their theory. But the common usage of the term shows MMT doesn't work the way its supporters think it does.

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The First Socialists: The Saint-Simonians and the Utopians

SocialismWorld HistoryOther Schools of Thought

Blog07/13/2020

While collectivism was implied in Sismondi’s idea of a “general interest,” Owen and Fourier offered the first formal expression of full socialist collectivization.

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The Problem with Measuring "Consumer Sentiment"

Other Schools of ThoughtPhilosophy and Methodology

Blog07/03/2020

Information on consumer sentiment is potentially helpful, but only insofar as sentiment reflects the reality of the economic situation.

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Keynesians on the Cause of, and Cure for, Depressions

KeynesInterventionismOther Schools of Thought

Blog06/16/2020

Keynes viewed depressions as something that could naturally plague market economies when total spending was insufficient to support full employment. Only with wise oversight could we hope to achieve steady economic growth.

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Why the New Economics Just Boils Down to Printing More Money

InflationOther Schools of Thought

Blog06/15/2020

The new Keynesian recommendation for monetary policy is to “stabilize the growth of aggregate demand.” In plain language this means that the monetary authorities should never stop flooding the economy with paper money.

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The Quantity Theory of Money and the Equation of Exchange

InflationOther Schools of ThoughtPrices

Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.

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The Importance of Economic Theory in Understanding Historical Data

Other Schools of ThoughtPhilosophy and Methodology

Blog06/08/2020

"History cannot teach us any general rule, principle, or law. There is no means to abstract from a historical experience a posteriori any theories or theorems concerning human conduct and policies."

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Progressives and the Origins of the Economic "Consensus"

ProgressivismInterventionismOther Schools of Thought

Blog06/03/2020

Why economics abandoned the analysis of human action in favor of Keynes-inspired math-centered economics.

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