Yves here. Even thought the mainstream media, as usual, duly applauded the winners of this year’s “Nobel” prize in economics, there’s been less attention paid to the recipients than usual and far more criticism, some very measured, others more critical. The winners helped develop and promote an approach to development economics they called “randomized control […]
Read more...Data supports the idea that lax monetary policy contributes to bubbles. Yes, Virginia, some regard that claim as controversial.
Read more...New research shows how citation metrics create perverse incentives for corruption in economics.
Read more...The debate over secular stagnation continues, yet orthodox economists are loath to admit that the needed fix is more demand, which means more government spending.
Read more...Looking at the math of the impact of tariffs on global value chains.
Read more...“The class war,” said Keynes, “will find me on the side of the educated bourgeoisie.”
Read more...Larry Summers, a barometer of leading edge conventional wisdom, questions Keynesianism as a distortion of Keynes and for its overconfidence in monetary policy.
Read more...Many indicators say the US is close to full employment. Hours of work tell a different story.
Read more...How capitalism’s dominant narrative, that of self-interested competition, is at odds with other themes, like deferred gratification and sacrifice.
Read more...Economists like to say they’re immune to ideology. Research shows the opposite.
Read more...Richard Vague extends his work on the dangers of private debt via his new book, A Brief History of Doom, on the role of debt in financial crises.
Read more...Why a widely-held view about productivity that is foundational to the claim that people are paid what they deserve does not hold up to scrutiny.
Read more...The goal of any serious climate policy is to keep oil and other fossil fuels in the ground. The central question is how.
Read more...An new working paper by Sebastian Horn, Carmen Reinhart and Christoph Trebesch on China’s foreign lending has some important findings, such as that China accounts for more than 40% of the external debt of 50 developing countries. We’ve embedded the document at the end of this post. The study is an ambitious undertaking, seeking to […]
Read more...In a 1946 classic, New York Fed chairman Beardsley Ruml explains why taxes aren’t necessary for Federal spending and argues against corporate income taxes.
Read more...