Category: economics
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What does Google AI say about crypto?
Google Gemini: What lessons should I learn about crypto from Charles Mackay’s “Extraordinary Popular Delusions and the Madness of Crowds”? Charles Mackay’s “Extraordinary Popular Delusions and the Madness of Crowds” is a classic work that, despite being published in 1841, offers timeless lessons for understanding speculative bubbles, including those…
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“Neoliberal” is a dishonest word
“Neoliberal” was coined by Milton Friedman in the 1950s as a friendly seeming marketing rebrand for the same old conservative economics policies. What Friedman and his colleagues really meant was that working people needed to be made to suffer to accept lower living standards through a rerun of conservative economic…
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Inventing the minimal state
Economists, even liberal (in the US sense) economists, generally consider the United Kingdom in the 1820s to be the exemplar of the minimal state. This is a strange way to view an empire that had conquered half the world , ran on enormous public debt despite Europes highest tax burden,…
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Agency, neoliberalism, and anti-neoliberalism.
What caused US manufacturing to off-shore and the white working class to abandon the Democrats? During the 1970s a massive change in technology particularly communications and transport (like container shipping) made it easier to manage production at a distance and move goods by sea. More importantly, economic advances in India…
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America’s “liberal” newspaper on economics in “unleashed” Germany.
The @nytimes is well known for its “liberal” bias despite its role pushing the Iraq War, suppression of stories on Trump/Russia while engaging in hysterical attacks on Hillary Clinton, its sad role in hyping the Whitewater non-scandal, its suppression of a story on Bush’s domestic spying before the 2004 election…
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Progressive Economists keep confusing themselves
Dean Baker’s CEPR published the following interesting graph which tells us both something interesting about the economy and something sadly dismal about how “progressive” economists keep confusing themselves. Dean goes on to helpfully remind us of the real meaning of this graph. Obama’s economic legacy:Months of consecutive job growth is…
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Mainstream Economics is Laughable Right Wing Trash
On page 4 of Nobel Prize winning economist Tom Sargent’s paper on Latin American Hyperinflation you can find the following statement that, on the surface, looks like a scientific claim: The two fixed points are on different sides of the peak of the Laffer curve, so increases in the deficit…
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Dean Bakers silly and politically backwards bailout falsehood
Finally, Sorkin again makes the annoying assertion on the AIG bailout that, “we got our money back — with more than $22 billion in profit.” This one deserves derision. Access to liquidity back in 2008-2009 carried an enormous premium. We gave $192 billion to AIG at a time when other…
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The Progressive Ideology and finance
One of the most consistent and loudest and falsest “criticisms from the left” of the Obama Administration has been that it failed to properly punish and re-regulate the financial sector. The criticism is usually heavily made up in populist cosmetics: Main Street versus Wall Street, the 99% versus the 1%, …
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297 words explaining economics as immoral pseudo-science
And remember, eugenics used to be respectable as was Galen’s anatomy. Nobel Prize winning economist Thomas Sargent provides graduating students with the following list of economics principles, lauded by Vox as deeply insightful 1. Many things that are desirable are not feasible. On the surface, this is a tired truism…
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