Gordon is incensed that a few "analysts," including myself and Professor Stan Liebowitz of the University of Dallas, have argued that the bursting of the housing bubble has caused the chickens to come home to roost, so to speak, after thirty years of government policy pressuring banks to make tens of billions of dollars in bad loans to people with low (or nonexistent) credit ratings.
Reading about Katz's journey causes those of us at middle age to reflect, and think about packing our bags.
Samuelson makes grandiose and indefensible claims on behalf of the use of mathematics in economics.
What Rothbard was describing, as have other Austrian-school economists, was the business cycle — when "businessmen are misled by bank credit inflation to invest too much in higher-order capital goods," like land, plant and equipment.
In the present article I am not taking a stand on whether price inflation will be high or low in 2008.However I will say this: If you are revising your inflation forecasts downward because of your expectation of sluggish economic growth, you might want to rethink that logic.
But perhaps it is just women on either coast who want Metrosexual males, and that in flyover country there are still women who want to put up with real guys.
But even if you are not likely to be among them, consider the loss of privacy, the loss of liberty, the loss of independence, the loss of all that used to be considered truly American, in the course of building prison nation.
Mises's great insight was that economic reasoning has its foundation in just this understanding of action; and that the status of economics as a sort of applied logic derives from the status of the action-axiom as an a priori-true synthetic proposition.
The discussion on pages 635–636 explains the "tragedy of the commons," in which people overutilize a resource (such as a buffalo herd or pasture) because of weakly defined or enforced property rights.
Unemployment in the unhampered market is always voluntary.
