Economics

Archive for Economics

Notes on Arrow’s Impossibility Theorem

Someone ran across my CV and asked me if I could send anything I’d written on game theory. So I dug up my class notes (for an undergrad class at Hillsdale) on Kenneth Arrow’s famous “Impossibility Theorem” regarding social choice. I haven’t looked at these in 7 years, so I hope they’re right: ============= NOTES […]

Krugman Has Trouble Parsing Robert Samuelson

This is really astounding, even for Krugman. If you have 10 minutes, and you’re the kind of person who loves to see Krugman executing a mob hit on an ideological opponent, then first read Krugman discussing Robert Samuelson’s piece on government job creation. Based on Krugman’s commentary, imagine what you think Samuelson’s actual article must […]

Let’s Delve a Little Deeper Into Krugman’s Newfound Respect for Liquidity Trap Economics in Japan

Krugman often tells of how he is a true scientist because he didn’t believe in the liquidity trap, until faced with the problem of Japan in the 1990s. Then he realized that unconventional monetary policy–the promise to be irresponsible in the future–was something the Bank of Japan could do. All of this serves as a […]

Potpourri

==> Redmond and I talk about all kinds of stuff for a good hour. This is actually “new” stuff if you are bored out of your mind at work and want to have this going in the background… ==> The Center for American Progress recycles my backside. ==> My brother sends this compilation of impressions. […]

If You Could Ask Krugman Anything…

UPDATE: Video below! Kojo Prah writes me: Bob, I’m a student at Texas Tech University and I recently found out Paul Krugman will be giving a speech about the economic crisis with a Q&A at the end tomorrow the 25th. So I was wondering what question you would, if you were here, ask him. I […]

Money Is a Spontaneous Order Not a Social Contrivance

Everybody has been talking about this “is money a bubble?” controversy. (Nick Rowe, in addition to being awesome on OLG apple models, is also good at linking everybody in this debate.) I want to make two main points: (1) This isn’t even about fiat money per se. Even if we’re talking about gold, once it […]

Illustration: Today’s Generation Eating More at Expense of Next 65 Descendants

[UPDATE below.] OK kids get a cup of coffee and study this thing: I spent a decent amount of time making sure the above works. I confess I didn’t actually fill in the whole table; I just did the beginning, then skipped to the end and worked backwards. But I’m pretty sure I could fill […]

CAP’s Unsustainable Energy Vision

I don’t reproduce all of my Institute for Energy Research (IER) blog posts here, because they are often variations on the same themes. But this one on the Center for American Progress (CAP)’s new study is a good one to represent the kind of stuff I publish at IER’s blog. Some excerpts: Yes, it is […]