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Rationalizing ‘Rational’

RATIONALIZING ‘RATIONAL’ Walter W. Heller was said to have been an “educator of Presidents.” As an economist and Presidential advisor in the inner circles of DC, Heller worked with more candidates and officeholders than perhaps any other man. As he himself described, his influence went all the way back to Adlai Stevenson and kept on […]

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Mises.org: Keynes’s Critique of Econometrics is Surprisingly Good

MISES.ORG: KEYNES’S CRITIQUE OF ECONOMETRICS IS SURPRISINGLY GOOD In a recent article we had a brief look at Ragnar Frisch’s (1895–1973) vision of econometric model building. As mentioned, Frisch was the first economist chosen over Mises to win the Nobel Prize in 1969. In fact, there was a second one in the same year. Frisch won the […]

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Are Austrian Criticisms of Mainstream Economics Still Relevant?

Are Austrian Criticisms of Mainstream Economics Still Relevant? Occasionally, when Austrians try to distinguish their brand of doing economics from the mainstream, they get hit with accusations that they are attacking straw men; that no one believes what Austrians claim is the mainstream approach. Is this true? Are Austrians attacking enemies that don’t exist anymore? […]

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Manipulating the Consumer Price Index: Hedonic Quality Adjustments | The Consumer Price Illusion

Manipulating the Consumer Price Index: Hedonic Quality Adjustments | The Consumer Price Illusion. Have you heard the one about CPI? Suppose that a TV manufacturer retires a product and replaces it with a newer, better, and much more expensive one. If the new TV costs 5 times more than the old one, how can we manipulate the […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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