Monthly Archives: October 2013

Can Schiff’s Argument be Salvaged by Introducing Nonsense Assumptions?

In my previous post on Peter Schiff and the Austrians a commenter pointed out that I might be misrepresenting Schiff’s position and that it could be salvaged if we allowed for some of Schiff’s own nonsense assumptions. The conversation got … Continue reading

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Posted in Economic Policy | 7 Comments

Global Sectoral Balances

I recently came across a very confused post on the sectoral balances approach here. I’m not going to argue with it because that would be boring. But check out the graphic that the author has put together. Good stuff!

Posted in Economic Policy | Leave a comment

Peter Schiff, the Austrians and Their Mission to Increase US Debt Held by Foreigners Together With the Budget Deficit

Today I’m going to do something that I usually refrain from doing; that is, I’m going to engage with some of the crank arguments that come from the so-called ‘Austrian economists’. (Actually I have done this once before, but shhh… … Continue reading

Posted in Economic Policy | 35 Comments

Historians, Avoid the Mistakes We Economists Made!

A friend of mine recently drew my attention to something he thought would be of interest to this blog.  Apparently something of a controversy has arisen regarding a recent study in the Proceedings of the National Academy of the Sciences … Continue reading

Posted in Philosophy, Statistics and Probability | 4 Comments

Updating the Technostructure: A Sketch of Galbraith’s Institutionalism with a Financial Sector

I’m currently rereading The New Industrial State by John Kenneth Galbriath. It is a very rewarding book and, despite what some have said, I do not see it as being at all outdated. I think it translates perfectly well to … Continue reading

Posted in Economic Theory | 3 Comments

Bad Criticisms of Economics: A Response to Chris Auld

A quick bit of fun regarding criticisms of economics. It is a post by a blogger listing 18 “bad criticisms of economics”. I think this might be worth engaging with because (a) some of the criticisms are highly subjective and … Continue reading

Posted in Economic Theory, Media/Journalism | 10 Comments

Is Peer Review Forcing Academics to Become Prostitutes?

Recently I came across a fantastic blog entitled Rejection Letters of the Philosophers. It is a satirical blog in which famous philosophers are imagined to have submitted their manuscripts to their peers via the contemporary academic peer-review system. The humour … Continue reading

Posted in Politics | 15 Comments

Why the Fall in Gold Prices Will Not Let Up

Here we take a quick break from our scheduled program so that I can brag a little and buttress the points I’ve been making about the gold market. Back in July of this year I pointed out that gold had … Continue reading

Posted in Market Analysis | 1 Comment

The CAPM and the Non-Ergodic Axiom

While doing my dissertation on constructing a new theory of asset-pricing I became exposed to some contemporary theories. To be frank, I didn’t really know how to integrate them because they seemed to be ether (a) intuitively incorrect or (b) … Continue reading

Posted in Economic Theory, Market Analysis | 1 Comment

The Economics of Counterfeit Money

Endogenous money theory, which is usually associated with the Post-Keynesian school of economics, has long told us that central banks do not control the supply of money in the economy. Instead the amount of money is determined by the demand … Continue reading

Posted in Economic Theory | 3 Comments