Ok, so some of the best economists, trained at elite institutions, working for the pinnacle of the of the financial world got it wrong, very wrong. How wrong? Just go ask a Greek citizen. But, of course, we all knew that just by reading the headlines coming out of Greece over the last couple of ...
We can perhaps amend an old Ethiopian saying to read “absolutes are for infants and kings”. It is catechism worth remembering when arguing with liberal economists. For theirs is not a just sport. In fact, one should never mix sport with justice. As Berlin said long ago (1958): Everything is what it is: liberty ...
O.k. I wrote this years ago. Maybe 2003, maybe 2005: And while NKs accept the basic logic of the rational expectations augmented Philips curve (that is, that the NAIRU is semi-fixed in the long run) monetary and fiscal policy can … Continue reading →
Apparently Stephen Gordon is having a hard time figuring out where Andrew Jackson, the chief economist for the CLC, got the bizarre idea that: The argument for corporate income tax cuts has been that increased after-tax corporate profits would be … Continue reading →
If you are going to read one thing and just one thing on the financial crisis and how it is working itself out you need to read this blog post at naked capitalism: the one stop shop for understanding contemporary … Continue reading →
Over at the Economy Lab in the Globe which Failed, which itself has gone from bad to worse, one of the economists they keep in their stable has either produced an extraordinarily naive analysis or a dishonest one. I am … Continue reading →
Yesterday I noted that 10 percent of Mankiw’s students walked out of his class to protest what they, rightly believed, to be a heavily biased introduction to economics. I think the students are right. Introductory courses are meant to introduce … Continue reading →
So about ten percent of Mankiw’s students figured out that Mankiw is a neoliberal. Harvard students should have known that by grade six. Better late then never I suppose. Filed under: Greg Mankiw, liberal economic theory, Neoclassical, Neoliberalism, political humour