Monthly Archives: March 2009
David Beckworth weighs in.
From Roger Garrison, “Mainstream Macro in an Austrian Nutshell”: Of all the losses suffered during the current recession, one of the most notable (and well deserved) is the loss in reputation suffered by today’s macroeconomics textbooks. J. Bradford DeLong admits … Continue reading
Quotable: Hayek represents Keynes’s idea – that new investment is profitable only when there is an increase in consumers’ demand – as ‘part of the same widespread fallacy to which the businessman is especially prone’ (Hayek, 1978, p. 213). The … Continue reading
In the most corrupt of scholarly ethics, Berkeley economist Brad DeLong has continued his misinformation campaign against the economic ideas of Friedrich Hayek, blatantly misreporting the scientific record in order to smear Hayek. And let’s be blunt. There are only … Continue reading
Don Boudreax hones in on the fallacy at the core of Keynesian economics. Here’s the popular version: Keynesian economists .. fail to understand what the great Austrian economist F.A. Hayek understood, namely, that markets allocate resources by relative prices. For … Continue reading
Steve Forbes: Obama and Summers believe that only a federal government with unprecedented power will save us from the sins of the legacy of low-tax, keep-America-strong Ronald Reagan. But the President must rise above his present predilections. Obama should do … Continue reading