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Potpourri

==> Richard Ebeling talks about the great Austrian inflation. ==> The Tennessee chapter of NORML put out this publication on quick facts about marijuana legalization. Let me know if you guys spot anything that should be tweaked, because I know these people. ==> A blog post from Mises.org about “the time Murray Rothbard schooled James […]

The Final Nail in the Coffin: MPK Is Not Sufficient For Interest, Either

For those who really want to understand what all the fuss is about capital & interest, you need to get a cup of coffee, perhaps even a piece of paper and pencil, and spend 20 minutes reading my latest Mises Canada post. You know I don’t often ask these things of you, but this is […]

Heterodox Economists School Krugman on His Flim-Flam Econ

Wow, I thought I was hard on the guy… In the debate over Thomas Piketty’s book on Capital, many of the heterodox leftist economists are coming out of the woodwork to complain. Specifically, the problem is that Piketty relies on the mainstream notion that interest in a market economy is determined by the “marginal product […]

Whether r < g or r > g, We Need Much Bigger Government

I was toying with this idea but hadn’t had time to go document my claims. But now Nick Rowe is saying the same thing, so I’ll let him put his head out there. Anyway here’s the claim: (1) A few months ago, Krugman was agreeing with Larry Summers that we were stuck in a period […]

The Importance of Capital in Economic Theory

This is my EconLib article this month. I told the editor that this isn’t my personal favorite piece, and it’s not my “best” piece in some objective sense. But if I had to pick a single article (word for word) to represent my contribution to professional economics, it would be this one. It summarizes some […]

Some Background on Capital Controversy

I am going to be putting out stuff in the coming month on why Thomas Piketty’s use of a neoclassical aggregate production function is so dubious–Austrians and Post-Keynesians agree–but if you just can’t bear the suspense, here are three links: ==> I walk through the “reswitching” controversy, focusing on Paul Samuelson’s excellent numerical example. […]

Old White Rich (?) Guys Complain About Privilege

Krugman links to his panel discussion at CUNY on Piketty’s book. Here’s the screenshot: Piketty himself is only 42. (But it wouldn’t surprise me if he’s in the 1% himself this year or next, depending on the structure of his book contract.) Anyway it just jumped out at me to make this observation. Carry on.

Potpourri

==> Lew Rockwell has a forthcoming manifesto on anarcho-capitalism. ==> Hmm, this is one case where fiat money may have been preferable. ==> Responding (on Twitter) to my Mises Canada post about TARP, John Taylor reminds us of some of the details of Paulson’s offer that banksters couldn’t refuse. ==> Arnold Kling on Solow on […]