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Economists Who Push Inflation Stunned That Rising Home Prices Put Buyers Deeper Into Debt
Economists Who Push Inflation Stunned That Rising Home Prices Put Buyers Deeper Into Debt Once again, when the government intervenes – this time in housing – the left hand is starting a fire that the right hand is trying to put out.Rising prices for homes are once again pricing out prime borrowers and nobody can […]
Economists vs. Scientists on Long-Term Growth
Yegor Aleyev\TASS via Getty Images Economists vs. Scientists on Long-Term Growth Artificial intelligence researchers and conventional economists may have very different views about the impact of new technologies. But right now, and forgetting the possibility of an existential battle between man and machine, it seems quite plausible to expect a significant pickup in productivity growth […]
Daniel Nevins: Economics for Independent Thinkers
Daniel Nevins: Economics for Independent Thinkers It’s time we stop trusting the ‘experts’ Economists are supposed to monitor and analyze the economy, warn us if risks are getting out of hand, and advise us on how to make things runs more effectively — right? Well, even though that’s what most people expect from economists, it’s […]
For God’s Sake, Stop!
FOR GOD’S SAKE, STOP! “Most economists, it seems, believe strongly in their own superior intelligence and take themselves far too seriously. In his open letter of 22 July 2001 to Joseph Stiglitz, Kenneth Rogoff identified this problem. ‘One of my favourite stories from that era is a lunch with you and our former colleague, Carl […]
If Economists Are So Smart, Why Are They Always Wrong?
If Economists Are So Smart, Why Are They Always Wrong? When I took Econ 101 and 102 as a young college student back in antediluvian times the textbook we were assigned was Paul Samuelson’s Economics: An Introductory Analysis. This book is the all-time best selling economics textbook and is still around today (19th ed.). I had the 1961 […]
Economists Are the New Astrologers
Economists Are the New Astrologers When Christopher Nolan was promoting his previous film Interstellar, he made the casual observation that “Take a field like economics for example. [Unlike physics] you have real material things and it can’t predict anything. It’s always wrong.” There is a lot more truth in that statement than most academic economists […]
CERN Discovers New Particle Called The FERIR
CERN Discovers New Particle Called The FERIR This is an article by our friend Steve Keen, which was yanked by Forbes yesterday after just a few hours due to, according to Steve, their ‘parody policy’. I did some research and it turns out the Automatic Earth has no such policy. So I offered Steve to […]
Bank of Canada faces key rate decision Wednesday: To cut or not?
Bank of Canada faces key rate decision Wednesday: To cut or not? Economists have conflicting views on whether the central bank should cut its rate or hold steady Bank of Canada governor Stephen Poloz is set to reveal the bank’s latest decision on interest rates on Wednesday, and many economists say a rate cut could […]
JP Morgan And Citigroup Agree That The U.S. Economy Is Steamrolling Toward A Recession
JP Morgan And Citigroup Agree That The U.S. Economy Is Steamrolling Toward A Recession As we approach the end of 2015, researchers at both JP Morgan and Citigroup agree that the probability that the U.S. economy will soon plunge into recession is rising. Just last week, a member of the U.S. House of Representatives asked […]
Chapter 5: Economists and the Banking System, Part 2: Adam Smith, Some Early Americans, and Friedrich List
Chapter 5: Economists and the Banking System, Part 2: Adam Smith, Some Early Americans, and Friedrich List This chapter is about economics in transition. Economics means literally ‘housekeeping’ and most early writers on economics (roughly speaking before Adam Smith, 1723-90) treated it that way. They worried about a nation’s solvency, whether fairness generally prevailed in […]
Economists vs. Economics
Economists vs. Economics Ever since the late nineteenth century, when economics, increasingly embracing mathematics and statistics, developed scientific pretensions, its practitioners have been accused of a variety of sins. The charges – including hubris, neglect of social goals beyond incomes, excessive attention to formal techniques, and failure to predict major economic developments such as financial […]
What Happens When Economists Talk Politics
What Happens When Economists Talk Politics As the “Varoufakis Files” provide everyone interested in the Greek tragi-comedy with an additional million pages of intriguing fodder -we all really needed that added layer of murky conspiracy, re: the Watergate tapes-, a different question has been playing in my head. Again. That is: Why are economists discussing […]
The FOMC Decision – Studying the Flight of Birds and Gold
The FOMC Decision – Studying the Flight of Birds and Gold Federal Open Yawn Committee puts Kremlinologists all over the World to Sleep … The Fed’s monetary policy statement delivered on Wednesday was the non-surprise/yawn-inducer of the year. Readers can take a look at the trusty WSJ statement tracker, which reveals that apart from a few […]
Whatever Became of Economists and the American economy
Whatever Became of Economists and the American economy According to the official economic fairy tale, the US economy has been in recovery since June 2009. This fairy tale supports America’s image as the safe haven, an image that keeps the dollar up, the stock market up, and interest rates down. It is an image that […]
