Yale Professor: Basically You Don’t Understand the Crisis
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/Yale professor Gary Gorton is the gift that keeps on giving. His latest gift was to inform a Wall Street journal reporter... Read More
Trivializing Their Inability to Predict a Financial Crisis
Clearly the Queen of England hit a nerve when she asked in 2008 why the economics profession had not seen the crisis... Read More
How Much Influence Should Central Banks Have in a Democracy?
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Paul Tucker asks the question “how much influence should central banks have in a democracy”. My answer is central banks should have... Read More
Paul Krugman and the Myth Economists Open to New Ideas
Despite their protests to the contrary, Economists and therefore Economics is not open to new ideas. Here is a classic example: @paulkrugman God... Read More
How to Spot Fraudulent Economic Arguments
Macro Economist Simon Wren-Lewis provided five signs to identify fraudulent economic arguments. It is amazing what happens when you apply these five... Read More
Economists Have No Sense of Shame
Since the acute phase of the Great Financial Crisis started, it has become clear Economists have no sense of shame. If they... Read More
Is the Economics We Have Better than Nothing?
A decade after the acute phase of the Great Financial Crisis it is time to ask “is the Economics we have better... Read More
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
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
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