Archive for Gold

My EconLib Article on Bitcoin

At EconLib I have an article on Bitcoin. The first half is based on the article I already posted here with Silas Barta, but the second half has new stuff, sure to enrage half of you: Economically, the chief attraction of Bitcoin is its mathematically guaranteed scarcity. Even a pure commodity like gold could eventually […]

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Krugman Gloating on Gold

This really makes no sense. As everybody knows, gold just had the biggest one-day drop in three decades. Here’s Krugman’s reaction: So, the slide in gold has turned into a rout. As Joe Weisenthal says, this should be seen as really good news, because it offers strong evidence that the goldbug/inflationista view of the world […]

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Stockman-Bashing Is Seriously Getting Out of Hand

This is really amazing. I had coffee with a young finance guy (just graduating) today and I remarked, “I can’t believe the treatment David Stockman is getting, the proportion of ridicule to actual examination of his arguments. The only analogous thing I can remember is how people treated Ron Paul.” Seriously, this is insane. Look […]

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A Different Explanation of the “Productivity” and Wage Divergence

I have not read a single word from the EPI paper claiming that if the minimum wage had followed “productivity growth” it would now be $22/hour, so everything I am writing in this blog post is predicated on Daniel Kuehn’s interpretation being sound. Having said that, consider the following fable: In 1968, a nation of […]

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It Sounds So Much Prettier When He Says It

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Learning From Brad DeLong and Paul Krugman

[UPDATE below.] Rather than have a long series of posts discussing the fallout from my (price) inflation bet with David R. Henderson, I decided to do one comprehensive reply to Brad DeLong and Paul Krugman. I had toyed with not even responding, but two things ruled that out: (1) This isn’t a case of two […]

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Clarification on Cantillon Effects

Steve Horwitz’s thoughts reinforced my own inkling that I should spell out what I had always filed away as “the Austrian point about Cantillon effects.” So the following is what I would have said, had you asked me a month ago. Note that I speak for myself, and I’m not even saying this is what […]

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You Might Be Talkin to a Market Monetarist If…

…you ask this clarifying question on his blog and you genuinely don’t know what answer to expect: Thanks Nick. One more from me please. (And I’m not asking these to trap you, I’m asking so I fairly recapitulate what your position is.) If the Fed were to suddenly dump its mortgage-backed securities and replace them […]

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