This Robert Samuelson piece on the inherent problem with Keynesian economic theory – which, in my opinion, can be summed up neatly as “First, assume that your planned economy will be managed forever by an immortal, unelected, and incorruptible Keynesian economist” – is pretty good, but it has one passage in it that makes my teeth ache. Here it is, in all of its questionable | Read More »
If there has been one positive result from the recent knife fight in an alley that has been our debt ceiling debate, it’s come from watching the self-appointed Smartest People In The Room come to the belated realization that they’ve been out-maneuvered by a bunch of hobbits. No, don’t take it from me: listen to them. A representative sample is below. Paul Krugman: “The worst | Read More »
“As you continue to watch the news coverage of the deteriorating economic climate, just remember that most of the premises that will be made and enunciated are that the government must do more, not less.” In all of the discussions about our current economic state, a possible regression or double dip recession, out-of-control debts, and continued high unemployment there is one conversation those who frame | Read More »
(Via Instapundit [and @Aaron_RS]) EconStories has another one of their extremely good Keynes v. Hayek videos up: My only issue with this series is that it’s fairly obvious that the creators are fundamentally on Hayek’s side… and while they do (I think) a credible job of being fair to Keynes it would be helpful for the economic debate if there was somebody who was ready | Read More »
I gave a talk at the Heritage Foundation and the subject of economics and policy came up. I’ve been dwelling on this 2009 article in the New Zealand Centre for Political Research Weekly and I think it is relevant today too. I stumbled onto it a couple of weeks ago and think it makes a worthwhile point — we keep digging up these dead and | Read More »
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