Does it matter whether assumptions in economics are arbitrary?
byVarious assumptions employed by mainstream economists appear to be of an arbitrary nature. The assumptions seem to be detached from the real world. For…
Economics
The Heat Death of the Economic Universe
byPhysicists say that the universe is expanding. However, they hotly debate (pun intended) if the rate of expansion is sufficient to overcome gravity—called escape…
The Worst Man In Modern History
byIt seems extraordinary that in defiance of all factual history and philosophical knowledge anyone should celebrate the bicentenary of the birth of Karl Marx….
Karl Marx and Marxism at Two Hundred
byA specter continues to haunt the world, the specter of Karl Marx. Two hundred years ago, on May 5, 1818, the father of twentieth…
Wealth-Destroying Zombies
byThe hot topic in monetary economics today (hah, if it’s not an oxymoron to say these terms together!) is whither interest rates. The Fed…
Expectations and the Austrian Business Cycle Theory
byAccording to the Austrian Business Cycle Theory (ABCT) the artificial lowering of interest rates by the central bank leads to a misallocation of resources…
Is the US exporting a recession?
byThe Federal Reserve continue to raise rates as S&P earnings beat estimates The ECB and BoJ maintain QE Globally, corporations rely on US$ financing,…
Law of Comparative Advantage
byThe debates about Brexit and President Trump’s trade machinations have demonstrated the blindness of otherwise intelligent people to the Law of Comparative Advantage. Let…
The Welfare State Has Failed
byBy Jai Khemani Jai recently got 2 A*s and an A in his A levels and is now looking forward to university. Jai is particularly…
Inflation or Employment
byInflationary fears are growing and US rates continue to rise Employment has become more flexible since the crisis of 2008/2009 Commodity prices have risen…