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2021 Year in Review: Crisis of Authority and the Age of Narratives
2021 Year in Review: Crisis of Authority and the Age of Narratives Every year, friend-of-the-site David Collum writes a detailed “Year in Review” synopsis full of keen perspective and plenty of wit. This year is no exception. Poignant and delightfully acerbic when necessary, considering the troubling times. As with past years, he selected Peak Prosperity […]
Keynesian Ideas Can Only Make Things Worse
KEYNESIAN IDEAS CAN ONLY MAKE THINGS WORSE In the New York Times on September 8, 2020, Paul Krugman suggested that “The CARES Act, enacted in March, gave the unemployed an extra $600 a week in benefits. This supplement played a crucial role in limiting extreme hardship; poverty may even have gone down”. For Krugman and […]
Krugman and the Goldbugs
Krugman and the Goldbugs The announcement that President Trump would nominate Judy Shelton, a long-time advocate of the gold standard, for a seat on the Federal Reserve’s Board of Governors got Paul Krugman thinking: why do some economic commentators become goldbugs? Krugman offers a rather cynical view. It is difficult “to build a successful career as […]
Waiting For The Black Swan
Waiting For The Black Swan War with Iran would be the beginning of the end Two more tankers were attacked near the Strait of Hormuz on Thursday morning (6/13/19) in the Gulf of Oman, and if hostilities advance we could be facing a ‘black swan’ event. One that changes everything, and divides the world into […]
The Great Financial Crisis: Bernanke and the Bubble
The Great Financial Crisis: Bernanke and the Bubble Ben Bernanke responded to Paul Krugman’s post last week, which agreed with my argument that the main cause of the Great Recession was the collapse of the housing bubble rather than the financial crisis. Essentially, Bernanke repeats his argument in the earlier paper that the collapse of […]
Trump buys into the Krugman con
Trump buys into the Krugman con Leading economic indicators suggest that the Republicans are headed into the fall mid-term election season with the wind at their backs. Real GDP growth hit 4.1% during the second quarter. The unemployment rate recently slipped to 3.9%, and the US Federal Reserve is finally starting to meet its inflation […]
Do We Really Borrow From Only Ourselves? Does the Debt/GDP Ratio Means Anything?
Do We Really Borrow From Only Ourselves? Does the Debt/GDP Ratio Means Anything? QUESTION: Mr. Armstrong, the famous economist Paul Krugman says that debt is ok when we owe it to ourselves. He calls it “deficit scolding” as he wrote in the New York Times. Would you like to comment on this statement? GH ANSWER: Paul […]
Does it Matter Whether Assumptions in Economics are Arbitrary?
DOES IT MATTER WHETHER ASSUMPTIONS IN ECONOMICS ARE ARBITRARY? Various assumptions employed by mainstream economists appear to be of an arbitrary nature. The assumptions seem to be detached from the real world. For example, in order to explain the economic crisis in Japan, the famous mainstream economist Paul Krugman employed a model that assumes that […]
Why Mainstream Economics Consistently Fails to Explain the Occurrence of Recessions?
WHY MAINSTREAM ECONOMICS CONSISTENTLY FAILS TO EXPLAIN THE OCCURRENCE OF RECESSIONS? In his article released on March 21 2018 – Economics failed us before the global crisis – Martin Wolf the economics editor of The Financial Times expressed some misgivings about macroeconomics. Economics is, like medicine (and unlike, say, cosmology), a practical discipline. Its goal […]
An Inflation Indicator to Watch, Part 1
An Inflation Indicator to Watch, Part 1 “Inflation is always and everywhere a monetary phenomenon.” —Milton Friedman Have you ever questioned Milton Friedman’s famous claim about inflation? Ever heard anyone else question it? Unless you read obscure stuff written for the academic community, you’re probably not used to Friedman’s quote being challenged. And that’s despite […]
Climate Crisis, ‘Smart’ Growth and the Logic of Calamity
Climate Crisis, ‘Smart’ Growth and the Logic of Calamity A few years back at a Leftish gathering a group of self-described Marxist economists channeled liberal Democrat Paul Krugman’s explanation of the Great Recession without apparently knowing of Mr. Krugman’s thesis. Basically, a self-perpetuating recession had a grip on the economy, Wall Street was a catalyst […]
