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
The Closing of the PhD Economist’s Mind
There is nothing as tightly sealed shut as an academic macroeconomist’s mind. Unless of course, it is the minds of the rest... Read More
The Lies We Were and Are Being Told
For over a decade, I have written about the lies we were and are being told about the Great Financial Crisis and... Read More
The Illusion of Technocratic Competence
The Economic profession’s and the financial regulatory community’s illusion of technocratic competence is like Dracula. It refuses to die. Wouldn’t you have... Read More
The Shame of the Economists: They Chose to Make Themselves Irrelevant
In 2008, the Queen of England asked the Economics profession why it hadn’t seen the financial crisis coming. After mumbling a bunch... Read More
Anna Schwartz: Saving Banks Won’t End Well
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In an October 2008 Wall Street Journal interview, Economist Anna Schwartz unloaded on the Committee to Save the Banks’ response to the... Read More
Bernanke and Post-Real Financial Crisis Models
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Recently, I politely referred to Ben Bernanke’s latest effort to rewrite the history of the Great Financial Crisis as garbage. The paper... Read More
“It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.”
Professor John Harvey uses this quote from John Maynard Keynes in a must read post. It captures the essence of Nobel prize... Read More
Intellectual Honesty and Economics
After winning a share of this year’s Nobel prize in Economics, Paul Romer repeated his called for intellectual honesty in Economics (apparently... Read More
Serious Economics and the Nobel Prize
Nobel prize winning Economist Paul Krugman once again trotted out his “serious economics” meme. This time in reference to an American Economics... Read More
When Hindsight into the Great Financial Crisis is 20/20
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Wow! The architects of the policy response to the Great Financial Crisis cannot stop themselves from showing how unfit they were for... Read More
Economics Profession: Continually Admired, Chronically Mistaken
I would like to expand on Gene Epstein’s article on Joseph Stiglitz and show how it really applies to much of the... Read More
How and Why did Economics Fail, Anyway?
As I was reading Noah Smith’s excellent review of Richard Bookstaber’s The End of Theory, I realized every shortfall he finds with the... Read More
Nobel Prize Isn’t Barrier to PhD Economist Derp
It has been a decade since the acute phase of the Great Financial Crisis. Yet it appears macroeconomics has learned nothing over... Read More
Restructuring Debt Key to Quickly Ending Financial Crisis
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Regular readers know the global financial system is designed to support the Swedish Model for responding to a financial crisis. Under the... Read More