Believing his record on economic predictions to be impeccable, Paul Krugman has declared himself "Krugtron the Invincible." Unfortunately for him, a closer look at this record leaves quite a bit to be desired when it comes to accurately predicting the future.
Noah Smith joins sides with Paul Romer&n
Mises Daily Wednesday by Andrew Syrios:
Believing his record on economic predictions to be impeccable, Paul Krugman has declared himself "Krugtron the Invincible." Unfortunately for him, a closer look at this record leaves quite a bit to be desired when it comes to accurately predicting the future
From Edward Fuller in the Spring 2015 issue of The Quarterly Journal of Austrian Economics:
This paper examines Roger W. Garrison’s interpretation of John Maynard Keynes. Garrison has given economists a useful way to illustrate Keynes’s theory, but there are two fundamental problems with Garrison’s interpretation. First, the shape of the Hayekian triangle cannot be fixed in Keynes’s theory. Second, Garrison’s interpretation contradicts the IS-LM model. The demand constraint is derived from the IS-LM model and the IS-LM demand constraint is used to illustrate Keynes’s theory.
At the heart of the egalitarian left is the pathological belief that there is no structure of reality; that all the world is a tabula rasa that can be changed at any moment in any desired direction by the mere exercise of human will—in short, that reality can be instantly transformed by the mere wish or whim of human beings.
Mises Daily Tuesday by Christopher Westley:
It appears that even economists are now being replaced by machines. At least it seems that way given a recent paint-by-numbers attack from the New York Times on James Grant's new book The Forgotten Depression.
Louis Rouanet discusses the deep French libertarian tradition, which goes far beyond Bastiat and Jean-Baptiste Say. In fact, French economics was once a close cousin of the Austrian school. And while we tend to see France as hopelessly statist and egalitarian today, its intellectual traditions are radically liberal.
Mises Daily Monday: Krugman is confused as to why so much technological growth in recent years has not led to more economic growth. The answer lies in the fact that true technological change requires funding — and thus real savings — to be implemented.
In this paper from the Summer 2015 issue of The Quarterly Journal of Austrian Economics, Matei Apăvăloaei argues that politics/political science can form a sub-field of praxeology.
Editor’s Note: Greece is looking at defaulting on its debts yet again, the EMU remains in crisis mode.
