Economics

Archive for Economics

Mosler in the House

BTW I realize I may have an advantage in monitoring incoming comments, so I point interested parties back to the MMT post, because Warren Mosler showed up and defended his honor against some of us in the comments.

More Mises Mastery

On Sundays I quote Holy Scripture, on Mondays I quote from The Theory of Money and Credit: The national capital is composed of the capital of the individual members of the State, and when the latter is consumed nothing remains of the former either. The individual who takes steps to invest his property in such […]

A Lesson in Subjective Value Theory

Today at Mises. You know how a lot of times, you bump into a guy with a bunch of barrels of fish, and he’s trading them for another guy’s horse? And you wish you had a theoretical framework to explain the price upon which they agree? Rest easy.

I Agree With Krugman and DeLong

Well it was bound to happen sooner or later. To set the context, Krugman recently wrote that if the dollar is ousted as the global reserve currency, it won’t be a big deal. (I think it would be, and I support such a shift, incidentally, since I think it would limit the American empire.) So […]

Krugman and I Are Self-Hating Economists

I was reading this Krugman blog post on the numerous benefits of more inflation, and it occurred to me: A lot of today’s Austrians predict that big price inflation is going to hit, and this troubles them because they think it would be a bad thing. On the other hand, a lot of today’s Keynesians […]

Even Supercore Inflation Might Not Do the Trick

[UPDATE below.] Uh oh. Days after saying that even “core CPI” (regular CPI with food and energy prices taken out) might be overstating the actual danger of inflation, such that maybe the Fed should just be looking at wage growth as the barometer of inflationary pressures, Krugman now blogs: First, Bloomberg reports on signs that […]

Brad DeLong: If We Rule Out Any Alternatives, My Solution Is the Only One

I don’t understand why the debt ceiling issue is so mysterious. DeLong approvingly quotes Glenn Hubbard and then elaborates: Glenn Hubbard in the Financial Times: Forget the debt ceiling and focus on debt: On May 15, the US hit its “debt ceiling” of $14,300bn, covering publicly owned debt held by the Federal Reserve and government […]

Government Ag Policies: Harvesting Absurdities

You can see my George Costanza impression in the beginning, and at the end I quote extensively from Catch 22. Oh, I also explain some economics in it, if you’re into that kind of thing.