Does this count as socialism? Maybe it’s fascism.
Oh, those monikers always confuse me. So much seems to hang on the right label. When does government intervention in the economy become so extreme that it is appropriate to label it socialist? Here at TOTM we’ve had this discussion before. But these labels are unhelpful–what matters is the economic effect of regulation. Call it ... Does this count as socialism? Maybe it’s fascism.
Is it just me, or is Brad DeLong little more than an ideological hack? Krugman, too.
Hey, what a shock: Brad DeLong cites to a cursory and useless critique of the Efficient Market Hypothesis and declares it, with the author, “refuted.” Here’s Brad’s cite; here’s the original “refutation.” The complete list is absurd (there are five purportedly refuted doctrines, including “the case for privatization” and “individual retirement accounts.” Seriously? Yep.). Perhaps ... Is it just me, or is Brad DeLong little more than an ideological hack? Krugman, too.
Stop Brad DeLong!
Few people in my small sphere of the world are taken as seriously as Brad DeLong, while still being as much of an ass as he is. The latest stems from his juvenile criticism of this masterful analysis of the stimulus situation by John Cochrane. Brad’s juvenile criticism is here. The thing is, it sounds ... Stop Brad DeLong!
Kevin Murphy models the stimulus–and the results aren't pretty
A great video from the University of Chicago here with comments from John Huizinga, Kevin Murphy and Robert Lucas. John Huizinga also wonders if we’re calculating the costs. Robert Lucas is skeptical. But Kevin Murphy’s discussion is (not surprisingly) worth the price of admission (I only wish the video showed the slides). He puts some ... Kevin Murphy models the stimulus–and the results aren't pretty
George W. Bush's stinky parting gift
Bush has proved himself to be a statist, protectionist ignoramus on many occasions. But this, one of his final acts in office, is simply appalling: People in the southern French district of Lozeyron are having a hard time swallowing US President George W. Bush’s parting gift: a tripling to 300 percent in import duty on ... George W. Bush's stinky parting gift
The heart of the matter
David Evans gets to the heart of the matter: The problem that we now face involves fixing many different aspects of our financial system—from incentive systems that encouraged excessive risk taking (do we really believe bankers are innately more greedy than anyone else?), to financial engineers who didn’t think through the consequences of their innovations, ... The heart of the matter
More (less) on the costs of stimulus
This is what I’m talking about in my last post: We can continue to debate the size and nature of the stimulus, of course, but roughly $800bn seems right and the mix of spending and tax cuts currently proposed also makes sense. Yeah, roughly $800,000,000,000, give or take a few zeros. Y’know, back of the envelope. ... More (less) on the costs of stimulus
Three from Brad DeLong
Yesterday I criticized Brad DeLong for, essentially, acting like a child. Today I want to draw attention to three posts from Brad DeLong–in none of which does he act like a child. The first is this post, correcting his mistaken ad hominem attack on Glen Weyl. The apology is well-taken. I only wonder where the ... Three from Brad DeLong
Some sense on stimulus
Apparently to some people, intellectual disagreements are intolerable, and those who disagree intellectually can only be the most pathetic, worthless thing on the planet: Republican hacks (of the “ethics-free” variety). I’m talking about Brad DeLong here. I mention this because I posted a comment to DeLong’s silly post (does anyone know Glen Weyl? Anyone think ... Some sense on stimulus
AEA Meeting
I’m off to the American Economics Association meeting in San Francisco tomorrow. Any of our loyal readers attending who want to try to meet, please let me know. Happy New Year!
Bill's News
There’s good and bad news for Truth on the Market, and I wanted to share both with our loyal readers. The good news: Bill, co-founder of this blog and stalwart of our early blogging days’ focus on securities regulation and corporate law and governance, has accepted a new, senior position at the University of Arizona ... Bill's News
Feeding at the trough
I love it! Today saw the “biggest presidential election day rally [in the stock markets] in 24 years.” And why, you ask? Is it because the seemingly-certain Obama victory has calmed all our fears of economic catastrophe (to say nothing of terrorist-induced catastrophe)? Nope. According to Bloomberg, U.S. stocks advanced in the biggest presidential Election ... Feeding at the trough
