My greatly esteemed friend Vernon Smith turned 86 years of age yesterday. Vernon is, among other things, the leading figure in the development of experimental economics, for which he shared the Nobel Prize in 2002. For various methodological reasons, I have never been a fan of experimental economics. To me, it represents the sort of positivism that Austrian economists reject for good reason.

Robert Wenzel makes this important point.

The Greek government places price controls on many types of fuel, and to the extent that the controls correlate, more or less, to existing supply and demand conditions, they are harmless in an economic sense. But today’s news tells of a smothering smog enveloping Athens as Greeks increasingly choose lumber over heating oil to warm their houses.

A great, uplifting song for kicking off the first day of the new year. “It’s hard to dance with the devil on your back, so shake him off!” Interpret it as a motivational anthem for the free (market-civil-and-family) society, and the “devil” as the imperial, parasitic state.

Be sure to read any you missed!

The Indian Journal of Economics and Business recently published a revised version of my testimony to Congress in Vol 11, no.

Not only is he still alive but the Nobel Laurette is working on a new book and is starting a new journal. He recently published an article in the Harvard Business Review criticizing modern economics for not being realistic.

Here is Murray Rothbard’s comments on Coase’s lectures. Go to page 253.

“Austrian School of economic thought gaining influence as nations tackle debt.” Mark Thornton, GP Manish, and Malavika Nair are quoted.