Economists, Lawyers and the Myth Investors Confused by Too Much Disclosure
Since the beginning of the Great Financial Crisis, I have talked to hundreds of economists and lawyers who believe the myth too... Read More
Economists and Opacity
Since the beginning of the Great Financial Crisis, I have met too many PhD Economists to count who accept the idea opacity... Read More
Has Economics Added Any Value?
Since 2008, I have cheekily asked “have all the engineers and other graduates of MIT generated enough economic value to offset the... Read More
The End of the Myth of Economists as Technocratic Experts
It has taken 40 years, but we have finally arrived at the end of the myth of Economists as technocratic experts. What... Read More
Damn the Toxic Side Effects, …
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Anna Schwartz was right*. No matter how toxic the side effects or how ineffective the policies chosen by PhD Economists, they will... Read More
Debunking Bernanke’s Financial Accelerator Model
Recently, I engaged in a Twitter exchange in which I asserted the financial accelerator model proposed by Bernanke, Gertler and Gilchrist was... Read More
Economists Lost Sight of Economy by Focusing on Math
Nobel prize winning economist George Akerlof identified why economists have lost sight of the real economy: they are too concerned with the... Read More
Why Do We Keep on Taking Advice From Clueless Economists?
In 2008, the Queen of England asked the Economics profession why it hadn’t seen the Great Financial Crisis coming. Like the Queen... Read More
The Fed: Not Fit for Purpose
This interview with former Federal Reserve Vice Chair Donald Kohn is jaw dropping. It reveals just how unfit the Fed was and... Read More
Chicago Booth Confirms Economists Don’t Understand Transparency
It is incredibly ironic that the University of Chicago confirmed economists don’t understand either transparency or its role in the global financial... Read More
Does Economics as a Whole have Any Claim to Authority?
Recently, Fareed Zakaria set off the Economics profession by asking “Is This the End of Economics?”. Soon thereafter, Larry Summers sought to... Read More
Are Economists Scholars?
In an editorial on the GOP tax bill, Economist Brad DeLong set a standard for separating highly paid, partisan myth pushers from... Read More
Biggest Lesson of 2008
The biggest lesson of 2008 is opacity is the necessary condition for a financial crisis to occur. Investors panic and rush to... Read More
Debt and Information Sensitivity
When the acute phase of the Great Financial Crisis hit, PhD Economists went into overdrive inventing new theories to explain what happened.... Read More
The Economics Profession Chooses Ignorance
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The Economics profession is still without an explanation for why the Great Financial Crisis occurred that doesn’t leave out inconvenient facts. Specifically,... Read More