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Liberty To Do What?

by on May 13, 2015

Continuing my peon to Judt: he reminds us of Condorcet's fear:
"Liberty will be no more, in the eyes of an avid nation, than the necessary [more…]

We Rely on Economics Too Much

by on May 13, 2015

I think I am with Tony Judt on this one. I am reading the new collection of his essays written between 1995 and his death [more…]

Transaction Cost Confusion

by on May 4, 2015

OK. Let's have some fun.

Transaction costs were invented by Ronald Coase to help explain why we see business firms littering the economic landscape when [more…]

Absurd Texas

by on May 4, 2015

Oh dear ...

I rarely post here about politics anymore. At least politics disconnected from economics. But politics disconnected from reality still catches my attention.


Coase and Reality

by on April 30, 2015

In his introduction to a collection of his own work, Ronald Coase tells us:
‘Becker points out that: “what most distinguishes economics as a discipline [more…]


by on April 6, 2015

There are many billions of people in the world. There are tens, if not hundreds, of business firms. There are hundreds, if not thousands, of [more…]

Efficient Allocations?

by on March 25, 2015

Willford King has written:
"It is easy to find a man in almost any line of employment who is twice as efficient as another employee, but [more…]

Ideas That Must Be Forgotten

by on March 17, 2015

Much of what we are told as being advances in economics are diversions or delusions that serve only to trap us in a cul-de-sac. Sometimes [more…]

Where’s the Structure?

by on March 5, 2015

In its long search for the illusion of equilibrium economics has had to barter away one aspect of reality after another. Driven by its desire [more…]

Economic Ignorance?

by on March 2, 2015

Ha-Joon Chang nails it.

But I wish he hadn't.

You see, I agree with his analysis of the inverse nature of status within the economics [more…]