Why assessing business cycles using the NBER approach is questionable
byMost economists are of the view that by means of economic indicators it is possible to identify early warnings regarding an upcoming recession or…
Should forecasting accuracy determine the acceptance of a theory?
byIn order to establish the state of the economy economists employ various theories. Yet what are the criteria for how they decide whether…
The Perils and Pitfalls of Political Paternalism
bycross the spectrum of differing political views, whether “progressive,” “nationalist,” “populist,” or “conservative,” there is a common presumption in all of their policy positions…
Monetary Massacre Theory
by“A deeply disturbing account of the destructive potential of belief.” – Ammar Kalia, reviewing BBC Four’s Storyville: Jonestown – Terror in the Jungle. …
Labour and the Gulag: the Labour Party’s record of support for totalitarian socialism
byIn 1910, Labour’s first leader, Keir Hardie, declared that “[Marx’s] memory is a consecrated treasure in the heart of millions of the…
Do we need government to promote innovation and economic growth?
byAccording to Mariana Mazzucato, the RM Phillips Professor in the Economics of Innovation at the University of Sussex, government is an important factor…
Why looking at the data without a theory cannot tell us much
byFor most so-called practical economists, information regarding the state of an economy is derived from the data. Thus if an economic statistic such…
Does the Friedman’s plucking model refute Mises’s boom-bust cycle theory?
byAccording to an article in Bloomberg on November 5, 2019, Milton Friedman’s plucking theory seems to be vindicated. According to Friedman there appears to…
Statistical misdirection
byEconomists who understand credit cycles expect the current cycle to enter its crisis stage at any moment. Furthermore, it combines with increasing trade tariffs…
Can easy monetary policies help to absorb idle resources?
byIt is widely believed that resources that are utilized in normal times to promote economic prosperity become underutilized during recessions. Some experts hold…