Against Mistaken Moralizing

 

Volume 3, No. 1 (Spring 2000)

 What the author objects to is assertions about morality linked to misconceptions and word games concerning money and its functions, property, and titles. Modern money does not consist and does not pretend to consist of commodities. Ban knotes, demand deposits, and the new means of payment being multiplied by modern technology do not even purport to be titles, whether valid or false, to underlying property.

In Defense of Fundamental Analysis: Securities Arbitrage and the Efficient Market Theory

 

Volume 3, No. 1 (Spring 2000)

 

An entire generation of students has been taught to accept efficient market theory (EMT) as gospel.  They have learned about investing in securities in an academic environment that rejects fundamental analysis.  With the Austrian School of economics as his starting point, Frank Shostak has begun the process of reexamining EMT.  Applying arbitrage and the historical record of Benjamin Graham and Warren Buffet to EMT would continue this process of critical examination.

Post-Modern Economics: The Return of Depression Economics by Paul Krugman

 

Volume 3, No. 1 (Spring 2000)

 

While damning the free market with the faintest of praise, Krugman’s book provides us with an excellent example of why it is so important to get the analysis right before prescribing policy solutions for an economic problem. In Krugman’s case, bad analysis leads to bad policy recommendations. 

 
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