"There are more things in Heaven and Earth, Horatio, than are dreamt of in your philosophy."
Anything involving Keynesian economic ideas
American progressives are afflicted by a number of biases, which cause them to devalue the classical laws of economics. Nevertheless, whether they believe in those laws or not, those laws … Read More
Considerations (c) Can Stock Photo / radiantskies Today we are probably experiencing some of the most important clashes of ideas since the Age of Enlightenment. If … Read More
The four greatest neoclassical economic philosophers: from top left clockwise, Adam Smith (Wikimedia Commons / Scottish National Gallery), J.B.Say (Wikimedia Commons), Carl Menger (Wikimedia Commons / Mises.org) , and David Ricardo(Wikimedia Commons … Read More
Left: Jean-Baptiste Say (5 January 1787 – 15 November 1832), Wikimedia Commons Right: John Maynard Keynes (5 June 1883 – 21 April 1946), Wikimedia Commons / National Portrait Gallery At … Read More
Line of shoppers in front of a Polish shop in the 1980s. A common sight in Warsaw pact countries ruled by communism. Wikimedia Commons Actually, dirigisme as a way of … Read More
Sisyphus and his rock Photo Credit: Wikimedia Commons / Titian(1490-1576), Prado Museum Sisyphus is a figure from out of ancient Greek mythology, the founder and king of the city Ephyra, … Read More
Particularly notable dirigistes from the past. From top-left clockwise: King Louis XIV of France, Karl Marx, Adolf Hitler, Benito Mussolini Image Credits from top-left clockwise: Wikimedia Commons/Louvre Museum, Wikimedia Commons/John Jabez … Read More
Double, double toil and trouble; Fire burn, and cauldron bubble. The three witches in Shakespeare’s Macbeth, Act 4, scene 1 Image Credit: Wikimedia Commons/Johann Heinrich Füssli 1783 The Western World’s political … Read More
Real U.S. GDP growth rate from the first quarter of 2009 to the second quarter of 2016. The maroon curve is a linear fit to the data from Q1 2014 … Read More
Mariano Rajoy, Prime Minister of Spain, addresses supporters in the 2011 electoral campaign Photo Credit: Wikimedia Commons/manulqsa After the success of the Leave side in the Brexit election last Thursday, … Read More
The Emperor has no new clothes! Image Credit: Wikimedia Commons/Vilhelm Pedersen (1820-1859) Given all their failures in suggesting successful economic policies around the world, one would have thought … Read More
The School of Athens, a place for the development of ideologies Image Credit: Wikimedia Commons/Raphael (1505) Many of the people with whom I have talked over my lifetime, if indeed not most, hated the … Read More
Joko Widodo, President of Indonesia Photo Credit: Wikimedia Commons/Government of Indonesia For a country that is widely reputed to have a lot of crony capitalism, Indonesia is pretty lucky to … Read More
How can we get a little inflation around here?! Photo Credit: Canstockphoto.com/Bialasiewicz Do you remember how the European Central Bank (ECB) decided to try to add more zing to the Eurozone’s economy … Read More
The University of Chicago, where much of New Classical Economics was built by Robert Lucas, Jr. Photo Credit: Wikimedia Commons In my last post I began an examination of what … Read More
Adam Smith (1723-1790), founder of classical economics, which has flowered into New Classical Economics Image Credit: Wikimedia Commons/By Unknown – http://www.nationalgalleries.org/object/PG 1472, Public Domain At this time in history, the … Read More
The original Phillips curve for the U.S. fit to 1960s data. A non-economist might justifiably be confused about why the Federal Reserve, the European Central Bank (ECB), and the the … Read More
Janet Yellen, Chairman of the Federal Reserve System Wikimedia Commons/United States Federal Reserve Wednesday and Thursday, Janet Yellen, the Chairman of the Federal Reserve, gave one of her periodic reports … Read More
Chaos, chaos everywhere! Image Credit: Flickr.com/SantaRosa OLD SKOOL It is sometimes said that “if the only tool you have is a hammer, then everything you see looks like … Read More
Mario Draghi, President of ECB, and Haruhiko Kuroda, Governor of BOJ Photo Credits: Wikimedia Commons/World Economic Forum and Asian Development Bank Now there are two central banks living in Alice’s … Read More
How many of these should we make? Image Credit: Freeimages.com/Tracy Olson As the world confronts the smoking ruin of Keynesian monetary policy [see the posts Economic Damage Created … Read More
The problem space: a system with chaotic boundaries Image Credit: Wikimedia Commons/Eequor In Central Planning for Chaotic Social Systems I discussed how social systems, particularly economic systems, are really chaotic … Read More
“I’m here from the government, and I’m here to help!” Image Credit: FreeImages.com/Daniel Perry In the preceding post The Keynesian Excuse: Secular Stagnation, I described the Keynesian revival of the … Read More
Lawrence H Summers, leading Keynesian resurrecting Secular Stagnation Photo Credit: Wikimedia Commons/LHSummers The Keynesians must be panicking. In the United States, Europe, and Japan, nothing they have advised governments to … Read More
Federal Reserve Building, Washington DC Photo Credit: Flickr.com/wwarby Last September 10, I commented on Senator Richard Shelby’s Financial Regulatory Improvement Bill in A More Accountable Fed. Greg Ip in The … Read More
The wreck of an elegant model! Photo Credit: Flickr.com/Kevin Hutchinson The New Keynesian economics is such an elegant mental construct that it is … Read More
Dr. Jimmy Carter’s Stagflation Advice: “I’m Going To Give It To You Straight—I Don’t Have Any Idea What I’m Doing.” … Read More
One view of what to do with too much money! Photo Credit: CanStockPhoto.com/dolgachov (c) Can Stock Photo [NOTE: Edited on 11/13/2015 to ensure proper interpretation of the Taylor … Read More
A New Keynesian’s Brain Image Credit: FreeImages.com [NOTE: Edited on 11/13/2015 to ensure proper interpretation of the Taylor Rule.] There can be no doubt … Read More
