The “We Prevented a 2nd Great Depression” Lie has Proven Very Costly
As the billionaire boys gather at Davos, it is time to reflect on how costly the lie the policy responses to the... Read More
Was it a Mistake to Save the Banks?
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Since the acute phase of the financial crisis began and the decision was made to “save” the banks, the question has been... Read More
The Response to the Financial Crisis Worked …. Hmmm ….
A decade after the acute phase of the financial crisis the Economics profession is still trying to make the case its policy... Read More
Economics Still Needs to Come up with THE Big New Idea
A decade after the acute phase of the Great Financial Crisis and economists are still arguing amongst themselves whether there is any... Read More
Paul Krugman Finds There Never was a Risk of a 2nd Great Depression
Regular readers know since the acute phase of the Great Financial Crisis began in September 2008, I have been saying the programs... Read More
Macro Economists and Unwarranted Over-Confidence
Since the acute phase of the Great Financial Crisis erupted, we have been treated to macro economists confidently putting forth their policy... Read More
Newsflash: Macro Economists Did Not Prevent a Rerun of the Great Depression
After a decade of being derided for their failure to predict the financial crisis, macro economists want us to stop criticizing them... Read More
Economists and Credentialism
On his Grumpy Economist blog, John Cochrane wrote an interesting post on Economists as Public Intellectuals. What caught my attention in his... Read More
Economists and Their Inability to Say They Don’t Know
Why do Economists, particularly macro-economists, have such a difficult time saying “I don’t know” rather than confidently offering an ill-informed opinion? Consider... Read More
Upton Sinclair was Right About MacroEconomists
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A decade after the beginning of the global financial crisis, I have come to realize the inability of macroeconomists to understand the... Read More
Answering Thaler’s Calls for Good Nudges
At a banquet prior to accepting his Economics Nobel Prize, Richard Thaler observed: So what did I discover to get up here?... Read More
Gary Gorton and the Panic of 2007
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As I was reading Professor Gorton’s article for the 2008 Jackson Hole conference, I realized it confirms everything I have said about... Read More
Is Transparency Too Complex for Economists to Understand?
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Over the last couple of decades, it has become increasingly apparent to me the concept of transparency is too complex for Economists.... Read More
Economists Struggle with Facts versus Model Assumptions?
Do Economists actually have any idea of what is a fact in the real world versus what is an assumption in one... Read More
Economists Unnecessarily Complicate Bail-in/Bail-out Discussion
A decade after the start of the financial crisis you would hope the Economics profession would have a good grasp on why... Read More