Chicago School

Archive for Chicago School

Murphy vs. Cochrane

I have been reading (and enjoying) John Cochrane’s blog lately, which means I show my appreciation by criticizing any mistakes I perceive. My latest at Mises.org laments that Cochrane said income is a “meaningless concept.” I push back with an analogy. (I won’t change the formatting because then it would be double-nested; the following words […]

Where Monetarism Goes Wrong

Jeff Deist had me on “Mises Weekends” to talk about Vienna vs. Chicago. Speaking of which, we’ll be in Chicago next week, and then Seattle.

Tom Woods and I Talk Austrian vs. Chicago, Bitcoin, Gold Standard

Here’s his blog post with various formats, below is the YouTube version.

The Continuing Importance of Capital Theory

My new post at Mises Canada, which on Facebook I summarize as “Friedrich Hayek >> Scott Sumner.” An excerpt: Now if Sumner’s explanation were the main thing going on, there would be two immediate implications: (1) Booms are good things. And (2) Booms should naturally slide back into normal growth as wages and prices adjust; there is no […]

The Austrian School (and Rothbardians in Particular): The Only Consistent Anti-Interventionists

In the blogosphere’s discussion to the Krugman-Barro flap–which soon enough engulfed Russ Roberts and me–Scott Sumner has (partially) defended Krugman. Sumner too is frustrated with modern conservatives who reject Obama’s fiscal “stimulus” packages, yet do so with rhetoric that would also throw out the need for Fed monetary stimulus. I agree entirely with Scott when […]

Potpourri

==> Oh my gosh, a peer-reviewed publication cited my doctoral dissertation. I am still in shock. Topan and Paun–like me–think Mises makes an invalid argument to establish the apodictic preference for satisfaction sooner rather than later. Jeff Herbener responds. ==> This guy literally lives in the NYU library. ==> Pat Michaels and Chip Knappenberger show […]

Accounting Identities Versus Economic Theories

OK I’m going to crowdsource this one, because I’m guessing in the comments there will be two camps who will eventually reach the truth (at least in my mind). In a previous post I alluded to Brad DeLong bringing up a 2009 Fama essay on the impotence of stimulus spending. Upon seeing DeLong’s post, Krugman […]

Eugene Fama: Who Would Build the Roads? Certainly Not an Efficient Market

Brad DeLong is as cranky about not winning the Nobel as I am, and kicks sand in Fama’s face by bringing up an article the new Nobelist wrote in 2009 criticizing “stimulus.” What jumped out at me was the following passage from Fama’s essay: Government infrastructure investments benefit the economy if they are more productive […]