Predicting the end
by“..but none of the clocks have any hands..” “We are all at a wonderful ball where the champagne sparkles in every glass and soft…
Economics
The Limits of Economic Foresight and the Oracle of Delphi: Why Models Warn, but Never Predict
byWhy Radical Uncertainty Undermines Predictive Ambitions in Economics By Elias Sanchez In antiquity, kings, generals, and heroes journeyed to the Oracle of Delphi seeking…
Correlations and money supply definition
byBy Dr Frank Shostak According to popular thinking, the definition of money is of a flexible nature. Sometimes it could be M1 and at…
The Power of the Mind in Medicine
byNot monetary policy-related, but nevertheless a very interesting area of policy-making – I am currently working on a volume with Springer Nature on the…
The CPI as Evidence of Methodological Error
byBy Keith Wilkinson Adam Smith’s Wealth of Nations (1776) is considered the beginning of modern economics, a discipline of philosophical and political thought. From Smith to Marx,…
Henry Hazlitt’s Economics in One Lesson at 80
byI first met the free-market journalist Henry Hazlitt (1894–1993) in June of 1974 at an Austrian economics conference in South Royalton, Vermont. I had…
Quantum Adaptation and the Informal Market: A Political-Economic Analysis of Bolivia
byBolivia’s informal economy is not a problem—It is a solution to institutional failure By Elias Sanchez This week, Bolivia inaugurated a new president, Rodrigo…
The NBER framework to asses business cycles describes but does not explain
byBy Dr Frank Shostak In the 1930’s the National Bureau of Economic Research (NBER) introduced the economic indicators approach to clarify the essence of…
Easy Money Breeds Fraud: The Cases of Tricolor and First Brands
byBy Artis Shepherd It is an axiom of asset bubbles that—under the bustling surface—widespread malfeasance takes place. This is especially true near the end…
How Common Has Private Currency Been?
byBy Lawrence H. White Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was…