A few weeks ago a fellow named Jeffrey Doyle posted a “history of economic thought” type comment/post on the blog, which can be found here. Beyond this he also added one additional criticism of “neo-classical economics” – the focus on “monetary flows” instead of energy. Of course, as a criticism of economic science this is […]
Over at 100 word blog, Richard notices an interesting phenomenon – namely that areas with more Starbucks are being more heavily hit by the credit crisis. Now this isn’t good for NZ – as we have over 40! Looking at this only provides us a correlation – not causation, as the Starbucks are not causing […]
I do not know what happened, as I am writing this post several days before the results came out. So what did happen? Key statistics for me are: Hours worked: How much did they decline? This is the “labour input” in its entirety – if domestic activity is declining this will tell us. Retail/construction/wholesale/business and […]
Matt is away for the next two weeks. There will still be posts from me – which are time delayed. However, my response to any questions will also be significantly time delayed as I will not have access to the internet. Other authors will be posting and commenting while I am away – I just […]
John Maynard Keynes: I see three outstanding dangers in economic nationalism and in the movements towards national self-sufficiency, imperilling their success. The first is Silliness–the silliness of the doctrinaire. It is nothing strange to discover this in movements which have passed somewhat suddenly from the phase of midnight high-flown talk into the field of action. […]
Vernon Smith: That economic agents can achieve efficient outcomes which are not part of their intention was the key principle articulated by Adam Smith, but few outside of the Austrian and Chicago traditions believed it, circa 1956. Certainly I was not primed to believe it, having been raised by a socialist mother, and further handicapped […]