Monthly Archives: February 2009
It turns out, Alan Greenspan was a closet Hayekian macroeconomist all along. Beyond a dose of hedge here and there, Greenspan seems to be aware that the mistakes of the Fed needed to be corrected. But he simply chose to … Continue reading
Economist Craig Newmark suggests that the discipline of economics recommends itself over other social sciences on the basis of its better “track record”. But let’s take a closer look. What we find is that much of the best economics has … Continue reading
Keynesian anti-recession legislation to the rescue. The “Post Hoc Ergo Propter Hoc” fallacy illustrated, 1948-2001. Is it any wonder politicians love Keynesian economics? Piled upon a recovered economy, these “cures” are literally infallible, a sure thing.
Quotable: “If the market really achieves a utilization of more information than any participant in this market process possesses, the outcome must depend on more particular facts than the scientific observer can insert into his tentative hypothesis which is intended … Continue reading
John Taylor reports on his most recent research findings. The rough draft of history begins to be written.
Alexander Solzhenitsyn accepted his Nobel Prize in 1974, the year Friedrich Hayek received the Nobel Prize in economics. Hayek seems genuinely pleased with the award. The picture is from The Guardian.