by John Mauldin, Thoughts From The Frontline
There are times, my friends Michael Lewitt and Dr. Lacy Hunt agreed today at lunch, when the study of economics is best informed by a sound knowledge of history.
Indeed, Michael’s son wants to follow his father into the finance world, and Michael is starting him off in history. I have spent hours listening to Lacy stroll through economic history, detailing the path of economic thought [...]
Embedded along the road to debunking falsehoods such as Crony Capitalism, and other single variable deterministic excuses, are some glimmers of hope- and some may even argue a few solutions. In order to better understand what these solutions might be, it is necessary to thoroughly examine how we got here, and in so doing, highlighting how the contemporary narrative is doomed to repeating mistakes of the past.
It is necessary to [...]
1,000,000 Economists Can Be Wrong: The Free Trade Fallacies
Steve Keen, Debtwatch | Sep. 30, 2011, 6:02 AM | 261 | 1
Steve Keen an Associate Professor of Economics& Finance at the University of Western Sydney
Not only did the global financial crisis catch the vast majority of economists completely unawares, they instead expected tranquil and even buoyant times just as the biggest economic crisis since the Great Depression began. [...]
Six weeks of stock declines raise the question: For how long will the market keep responding to the same news?
From one perspective, weakness in economic data was to be expected. Everyone knew there were supply chain disruptions from Japan and consumer cutbacks from higher fuel prices. The mainstream economic thought is that the tepid recovery will continue after these aberrations.
The bearish viewpoint is that the [...]
Wow this look like a movie but the truth is that itâ€™s not.
â€œHero of Warâ€
For the much revered Wealth of Nations is a huge, sprawling, inchoate, confused tome, rife with vagueness, ambiguity and deep inner contradictions. There is of course an advantage, in the history of social thought, to a work being huge, sprawling, ambivalent and confused. There is sociological advantage to vagueness and obscurity. [...]
I am reading “The Betrayal of American Prosperity” by Clyde Prestowitz for an October book club. It discusses things not at all in detailed economic theory, but in terms that an average citizen can easily relate to — especially a citizen who has endured the recent meltdown.
I learned about the “American System” or “American School”, which basically was an overarching national economic policy for America designed by some of our [...]