Irving Kristol, RIP

The news reports the death of Irving Kristol, one-time socialist turned democratic capitalist. He was of course not a libertarian; his love for the market extended to two cheers only. He was also instrumental in tying the capitalist cause to a celebration of the warfare state–the whole ideology of neoconservatism–which didn’t help the cause much in the end.

Murphy Critique of John Cochrane’s Response to Krugman

As many readers here probably already know, Chicago economist John Cochrane wrote a blistering reply to Paul Krugman’s NYT Magazine piece on what’s wrong with the economics profession. When I read Cochrane’s piece, I was dismayed because many of his arguments to defend himself against Krugman’s attacks would just as well “prove” that the Austrian school is defunct.