PhD Economist Derp: Open to Criticism and New Ideas
Ten year after the start of the acute phase of the Great Financial Crisis and the Economics profession is still defensive about... Read More
Asset Bubbles and Transparency
I would like to clear up a common mistake: transparency does not prevent asset bubbles from occurring. What transparency does do is... Read More
PhD Economist Derp: Seeds for Next Financial Crisis being Planted
Having had the Queen of England point out they missed seeing the Great Financial Crisis coming, PhD Economists aren’t taking any chances... Read More
Has Economics Failed? Yes! Part II
A decade has passed since the acute phase of the Great Financial Crisis began and the Economics profession has not produced a... Read More
Has Economics Failed? Yes!
The Financial Times asked two experts to address the question of “Has Economics Failed“. The real answer to this question is it... Read More
Time to Declare Victory on Financial Crisis Response Playbook
In 2008, I started making the point banks are designed to protect the real economy during a financial crisis (as oppose to... Read More
Macro Economics Confuses Correlation with Causation
It has become very clear macro economists confuse correlation with causation. Since it was first introduced by Keynes, macro economists have told... Read More
The Confident Idiots at the Fed and Bank Stress Tests
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Perhaps the single worst idea to emerge from the acute phase of the Great Financial Crisis was the public announcement of the... Read More
Figuring Out Where the Banks Fit In
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Tim Congdon, Chairman of the Institute of International Monetary Research, laid down the challenge for what the Economics profession needs to learn:... Read More
Minsky Moments and the Information Matrix
When the acute phase of the Great Financial Crisis hit in the fall of 2008, many Economists were quick to call it... Read More
Pathology, Prophylactics and Palliatives
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Prospect Magazine asked a number of PhD Economists and Economic commentators what is the one lesson they wish Economists would learn. Imagine... Read More
PhD Economist Derp: Confident Idiots and Bank Capital Regulations
Since the Great Financial Crisis began in 2007, I have found myself having frequent exchanges with PhD Economists about transparency, how our... Read More
To Change Economics, Build a New Model
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“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”... Read More
Wall Street Phishes for Fools, aka Confident Idiots
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One of the central themes of this blog is Wall Street’s business model of selling opaque investments. Wall Street understands everyone likes... Read More
PhD Economists Explained: Confident Idiots
I came across an article by psychologist David Dunning that does a tremendous job of explaining PhD Economists’ (aka Confident Idiots) actions... Read More