Many modern economists think the standard for a "good" economic theory is how well it predicts future trends. Not only are most economists terrible at making predictions, but the whole premise of economics as being about predicting things is a flawed idea.
The budgetary restraints that the eurozone placed on member states are now in the crosshairs of ECB President Christine Lagarde.
The actual policies that labor unions have systematically followed from the beginning of their existence have in fact reduced the real wages of the workers as a whole below what they would otherwise have been.
That so many voters, pundits, academics, and media figures are taken in by the Warren-Sanders wealth confiscation and redistribution schemes does not bode well for our economic and political future.
Price inflation is probably down in energy, food, and apparel. But asset price inflation in stocks and real estate is significant. This means high rents and high home prices for ordinary people.
Zimbabwe's government has embraced a potent mixture of monetary inflation and price controls. The result has been economic disaster.
John Maynard Keynes's stance on German reparations in the wake of the First World War may have precipitated the rise of Hitler.
Medicare and Medicaid ended up destroying the finest healthcare system in history, and the healthcare crisis has become a permanent part of American life.
Central bankers are increasingly talking about raising the inflation target above 2 percent. Are negative interest rates next?
