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
Economists Don’t Let Stature or Facts Interfere With Their Pursuit of Flawed Policies
I stumbled across a December 2011 article by Joseph Stiglitz that showed just how committed PhD macroeconomists are to pursuing flawed policies.... Read More
Economists Have No Problem Destroying Global Finance In Order To Avoid Admitting Their Theories Are Wrong
Only a bunch of PhD Economists could have managed to take a bad, but contained problem (aka, the Great Financial Crisis) and... Read More
Economists Discover It’s What You Know For Sure That Just Ain’t So
It has taken over a decade since the Great Financial Crisis started, but macroeconomists have discovered what they knew for sure about... Read More
“How Neoliberal Economists Faith in Themselves Broke America”
The cult of the PhD Economists managed to do what no other country has been able to do: undermine America. Not only... Read More
Cure for Great Financial Crisis Still Proving Elusive
Periodically, it is nice to see I am not alone in what I proposed was and still is necessary to end the... Read More
Economists Know Nothing When It Comes to Financial Crises
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While still the Fed chair, Janet Yellen gave an interesting speech on October 14, 2016 in which she pointed out when it... Read More
The Downfall of the Economics Profession: Priors
Mark Twain could have been talking about Economists’ priors (the assumptions they make) when he is credited with observing: It Ain’t What... Read More
Central Bankers Have Only Themselves to Blame for Their Failures
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Raghuram Rajan, a University of Chicago professor, former head of India’s central bank and one of the handful of economists who predicted... Read More
The Myth of Information Overload
Even more than Wall Street, the Priesthood of the Economic PhDs champions greater levels of opacity in the global financial system. Why?... Read More
MMT: I say tomaato, they say tomato
In an earlier post, Even with MMT, Economics still struggles with financial crises, I managed to convey much more disagreement with the advocates of... Read More
Opacity in the Financial Markets is the Toxic Side Effect of Information Asymmetry
Wall Street bankers know they make more money selling high margin, opaque products (like structured finance securities) rather than low margin, transparent... 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