For a variety of reasons I pulled Olivier Blanchard's macroeconomics textbook off my shelf yesterday -- I have the fifth edition which dates back to 2007. Or at least that's how he begins his opening paragraph, he says he's writing in mid-2007. So it would be easy to plunge into the book and start to look for [more…]
Ben Casselman at fivethirtyeight.com throws us some back to school numbers. They make for depressing reading. America is not committed to education, far from it. Priorities seem to be elsewhere. And short term thinking dominates. Here are a few key highlights:
The US had roughly 8.4 million teachers back in 2008. Now it has 8.2 [more…]
One of the major reasons, perhaps the major reason, economics is oftentimes irrelevant to our understanding of economies is that it fails to notice a rather salient fact: economies have no end. They have no beginning either. Or, rather, the choice of an ending or a beginning are merely arbitrary selections by an analyst needing [more…]
Jonathan Rauch has just written an absurd article for The Atlantic magazine. It isn't often that I say such things - well except every time I talk about rational expectations, but that's just me - but his entire thesis reeks of defeatist nonsense, is anti-democratic, and antediluvian to boot.
What's worse, his argument builds from a [more…]
Yesterday I stirred up a certain curiosity as to why I had lumped Peter Drucker into the same bag as both von Mises and Hayek.
Well, simply put, the three of them, along with Karl Popper and Joesph Schumpeter, had an enormous, even oversized, impact on modern economics. Yes economics. Let's not fall into the [more…]