Monthly Archives: July 2009

The Economics Profession Is Trapped In A Cul De Sac Of Fake Science

And the science of psychology is helping us understand how and why this has happened: “Academics, like teenagers, sometimes don’t have any sense regarding the degree to which they are conformists.” So says Thomas Bouchard, the Minnesota psychologist known for … Continue reading

Posted in Economics Profession | 2 Comments

john stossel: The Medical Economy & The Knowledge Problem

John Stossel weighs in on the brain-dead arrogance of  President Obama & the U.S. Congress: focus on the spectacle of that handful of men and women daring to think they can design the medical marketplace. They would empower an even … Continue reading

Posted in Knowledge Problem | 2 Comments

economics: The Tyranny of Fake Science

Mario Rizzo takes you inside the pseudo-scientific mind of the contemporary academic “economist”.   No wonder the economics profession is widely perceived to be as culpable in the current economic debacle as Congress, Wall Street, and the Federal Reserve, and just … Continue reading

Posted in Economics Profession | 1 Comment

wikipedia: Pigovian Taxation & The Knowledge Problem

From the Wikipedia entry for “Pigovian Tax”: A Pigovian tax is considered one of the “traditional” means of bringing a modicum of market forces, and thus better market efficiency, to economic situations where externality problems exist. More recently, particularly in … Continue reading

Posted in Economics | 1 Comment

wikipedia: “Neutral Money”

The Wikipedia entry on “Neutral Money”: The term “neutral money” was coined by Friedrich Hayek, and was originally defined as a market coordinating money rate of interest which did not create a boom and bust cycle by falsely misdirecting investment … Continue reading

Posted in Monetary Theory | 2 Comments

paul krugman: Hayek is RIGHT

Look who’s a Hayekian macroeconomist now.  Paul Krugman spent most of a decade advocating a Fed created artificial boom.  Now Krugman is explicitly acknowledging that such actions created systematic malinvestments in the capital structure of production.  Here’s Krugman: Financial firms, … Continue reading

Posted in Boom & Bust | Comments Off on paul krugman: Hayek is RIGHT