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Lucas Is (Mostly) Clueless
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Monetary Theory, Other Schools of Thought, The Fed, Free Markets
For the most part, Austrians have been doing theoretical battle with the Keynesians over the causes of why the current depression occurred and why it continues. Yet while Keynesians are both under attack and on the attack (read Paul Krugman and Brad DeLong and other Keynesians), nonetheless, the Chicago School also finds itself on the defensive —
Is Economics Worthless Ideology?
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Other Schools of Thought
In fêting the latest recipients of the Nobel Memorial Prize in Economic Science, Christopher Sims and Thomas Sargent, the New York Times editorializes that somehow this is a “victory” for empiricism over theory. Although the editors don’t come right out and attack theory, they make their point clear by declaring that the latest award is a
The Price is Wrong – and So is Krugman
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Other Schools of Thought, Prices
Every once in a while, Paul Krugman gives an object lesson in Keynesian economics and his M.O. generally is as follows: create a caricature of other points of view which is built on faulty assumptions and outright misrepresentations of the real position discredit that phony caricature claim victory In a recent blog post, Krugman looks at
Was Friedman Right About Rothbard on Collapsing Banks?
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Business Cycles, Other Schools of Thought
While economics supposedly is a science involving logic, it seems to me these days that prominent economists pursue their points by employing logical fallacies. Thus it was that recently I came upon a blog post by Paul Krugman in which he uses a 1999 Milton Friedman interview to attack the Austrian business cycle theory. The logical fallacy is
Keynes’s Ghost Continues To Haunt Economics
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Business Cycles, Other Schools of Thought
When the U.S. economy dipped into an inflationary recession in 1969, Murray N. Rothbard in his introduction to the Second Edition of America’s Great Depression wrote that the Keynesian paradigm could not explain that phenomenon, but Austrian economics could explain what was happening. If Rothbard was correct — and he was — then one might believe
Krugman’s Adventures in Fairyland
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Interventionism, Production Theory
After studying and teaching Keynesian economics for 30 years, I conclude that the “sophisticated” Keynes­ians really do believe in magic and fairy dust. Lots of fairy dust. It may seem odd that this Aus­trian economist refers to fairies, but I got the term from Paul Krugman. According to Krugman, too many people place false hopes in what he calls
Anti-Logic and the Keynesian “Stimulus”
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Monetary Theory, Other Schools of Thought
American political culture always seems to be “celebrating” the anniversary of something, be it JFK’s assassination (we just passed the 50th anniversary of that sad event) or the signing of some (mostly bad) legislation. The latest political activity to be enshrined with an anniversary is the so-called stimulus, the $800 billion monstrosity passed
We Do Not Live in a Post-Scarcity World
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Other Schools of Thought, The Entrepreneur, Free Markets
Jeremy Rifkin long has perfected the art of adding two and two and getting five. In the 1980s, he claimed that entropy made it impossible for a free economy to exist, and therefore Rifkin concluded the state needed to plan and run things. How the state would triumph over the second law of thermodynamics is anyone’s guess. He later declared that a
Steel Favors
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Interventionism
This piece ran in the Journal of Commerce , October 19, 1998. In what can only be termed as truly bizarre, an Alabama local of the United Steelworkers of America recently demanded that Alabama Governor Fob James close the international port at Mobile to all steel imports. Besides the fact that it would be a violation of the U.S. Constitution for
Market Failure?
Mises Daily
Author: William L. Anderson
Online Publish Date:
Category: Calculation and Knowledge, Capital and Interest Theory, Interventionism, Money and Banking, Other Schools of Thought, Philosophy and Methodology, Political Theory, Big Government, Corporate Welfare, The Fed, Financial Markets, U.S. Economy
Comedian Steve Martin once did a standup act in which he asked the audience in an incredulous tone, “You mean, you don’t remember when we had nuclear war and the earth was wiped out?” The audience would laugh, as expected, since the entire idea was ridiculous. While Steve Martin isn’t writing columns about the current global financial dealings, he