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…]
Shocking is an understatement. Donald Trump is unfit for public office, be it town clerk or president of the US. He's an unbalanced egomaniac. He's a racist. He's an immature misogynist. He's many other awful things. Presidential, he is not.
How did we get here?
Failure. But a particular kind of failure. Failure dressed as success. [more…]
We hear it all the time. It is a relentless drum beat on the left. Capitalism, we are told, is in crisis. This crisis is manifested in all sorts of ways. We - meaning those of us on the left - need to prepare. We need to counter attack. We need to seize this moment [more…]