In my post Patents Kill: Compulsory Licenses and Genzyme’s Life Saving Drug, I noted that, due to the monopoly granted by patent (yes, it is a monopoly), people are literally dying because the drug Fabrazyme is in short supply and the sole, monopolistic manufacturer, Genzyme, can’t make enough quickly enough–and no one else is pe

I don’t believe Krugman saw Judge Napolitano’s invitation, but he at least is grappling with specific (and modern-day) proponents of Austrian business cycle theory. There is a definite imbalance in the comments if any of you want to chime in. (And remember, they don’t like naughty words at the NYT.)

Bagus explains the moral hazard here. The problem is that Ireland is too big to fail, and it is guaranteed by the ECB. News story:

We are now on our third (and counting?) attempt by the Keynesians (and their occasional Chicago School comrade, Sumner) to use statistics to beat the Austrian theory. Here I once again shown that the data match the Mises-Hayek story pretty well.

My article, “Intellectual Freedom and Learning Versus Patent and Copyright,” was published today in Economic Notes (No. 113, Jan. 18, 2011), a publication of the UK-based Libertarian Alliance. (This article is based on my speech of Nov.

[David Beckworth offers this reply to Robert Murphy:]

Ryan Grim reports on an issue becoming evermore widely known:

“The Federal Reserve, through its extensive network of consultants, visiting scholars, alumni and staff economists, so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession, an investigation by the Huffington Post has found.

All the things you use every day started out as good ideas. In the market economy, good ideas are built upon by better ideas. And the results are not just felt in the abstract but become very real to millions.