bias
Charles Ferguson — The Corruption of Economics
One man’s opinion of how we got into this mess. For some additional information on Ferguson, see the H/T reference below. H/T Naked Capitalism
Economists Have No Clothes
Economics as taught and practiced these days has been severely removed from its original methodology. It is a social science that has been dominated by physical science methodologies. It suffers from what Friedrich Hayek termed “scientism.” James M. Buchanan, Nobel Laureate, is ninety years old and one of the great economists of our time. His [...]
The Bad Results Continue
December tax results disappoint. This from the Wall Street Examiner: Month to date tax receipts are now in for the entire month of December. They’re down 7.7% from December 2008, which is exactly the same rate of decline as November’s. We know that the TBAC and Treasury officials were not anticipating that in their debt [...]
Employment Worsens Despite Headlines
Image via Wikipedia Good job numbers today — NOT! Once again we have the headlines and reality diverging. Karl Denninger provides an analysis of why the job situation is worsening rather than the “improvements” that are being heralded. Watch The Distortions (UIC Data) The Market Ticker Thursday, November 5. 2009 Posted by Karl Denninger in [...]
Who is Smarter, the Media or the Public?
Image via Wikipedia Is there any doubt why the major media audience is dropping like a rock? This headline suggests that 96% of the sample believes they are better informed than reporters. If so, why waste time with newspapers or TV? It is a scary number. I am not sure whether it says more about [...]
Keynes is The One
Image via Wikipedia The piece below by Peter Boettke summarizes what I think about current economics. The Keynesian model or paradigm is wrong and always has been. Two primary reasons it was adopted were 1) the crisis of the 1930s was misunderstood but demanded “action” of some kind and 2) it gave the politicians a [...]
The Fed Can’t Forecast
Image by cjzurcher via Flickr Paulson, Bernanke and Geithner have horrible forecasting records. Anyone forecasting, leaves himself open for a certain amount of embarrassment. Yet these people persist in pretending that they are capable of managing the economic condition of the country. That is truly scary! Now we have the latest bit of evidence of [...]
How "Rent an Economist" Results in Bad Policy
Below is an article suggesting that the Federal Reserve has corrupted the economics profession. While I don’t disagree, I think the academic profession has been even more damaging. There are two primary forces that have caused the profession to lose their independence. First is the grant process where money flows to research that is acceptable [...]
Brian Wilson
bigmike
david yard
RICHARD RALPH ROEHL
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