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Further Thoughts on Gibson’s Paradox
FURTHER THOUGHTS ON GIBSON’S PARADOX “The paradox is one of the most completely established empirical facts in the whole field of quantitative economics.” – John Maynard Keynes “The Gibson paradox remains an empirical phenomenon without a theoretical explanation” -Friedman and Schwartz “No problem in economics has been more hotly debated.” – Irving Fisher Introduction Two […]
The consequences of leaving the party
The consequences of leaving the party The collective decision of the British electorate is to reject the recommendation of its government, excepting those of its few dissenting ministers, that Britain should remain in Europe. It is a signal failure of government policy. Above all, it is a failure that undermines the state’s control over ordinary […]
The consequences of leaving the party
The consequences of leaving the party The collective decision of the British electorate is to reject the recommendation of its government, excepting those of its few dissenting ministers, that Britain should remain in Europe. It is a signal failure of government policy. Above all, it is a failure that undermines the state’s control over ordinary […]
Guessing the future without Say’s law
Guessing the future without Say’s law Or some reflections to read over the Easter holidays With Japanese and Eurozone interest rates becoming increasingly negative, and the Fed backing off from at least some of the planned increases in the Fed funds rate this year, economists are reassessing the interest rate outlook. Economists lack consensus, with […]
The ECB and John Law
The ECB and John Law Last week, the ECB extended its monetary madness, pushing deposit rates further into negative figures. It is extending quantitative easing from sovereign debt into non-financial investment grade bonds, while increasing the pace of acquisition to €80bn per month. The ECB also promised to pay the banks to take credit from […]
Out of the mouths of babes….
Out of the mouths of babes…. Parents will tell you the most difficult questions to answer sometimes come from their children. Here are some apparently innocent questions to ask of economists, journalists, financial commentators and central bankers, which are designed to expose the contradictions in their economic beliefs. They are at their most effective using […]
Austrians get (some) mainstream credibility
Austrians get (some) mainstream credibility Well, well: who would have believed it. First the Bank for International Settlements comes out with a paper that links credit booms to the boom-bust business cycle, then Britain’s Adam Smith Institute publishes a paper by Anthony Evans that recommends the Bank of England should ditch its powers over monetary […]
China’s 1929 moment
China’s 1929 moment Anyone with a nose for markets will tell you that the Chinese government’s attempt to rescue the country’s stock markets from collapse is far from succeeding. Bubbles collapse, period; and government interventions don’t stop them. Furthermore, we are beginning to see a crack widen in the foundations of China’s capital markets that […]
