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Category Archives: Economics
Government Failure: The Strongest Argument For Protectionist Policies
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Posted in Economics
Tagged Free Market
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Diamond-Dybvig Model: Unrealistic Assumptions and No Historical Support
Link
Posted in Economics
Tagged Crisis & Financial Market
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Free Banking in Canada: Why We Need Good Historians
If one searches through old historical records, one will find economists praising the success made possible by the relative freedom of the Canadian banking system. Today one would hardly find modern economists holding such views. The most recent criticism of … Continue reading
Posted in Economics
Tagged Free Banking
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Probably The Best Series On The New Deal (by Selgin)
Posted in Economics
Tagged Crisis & Financial Market
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The 1920-1921 Depression and Recovery
Posted in Economics
Tagged Crisis & Financial Market
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The free banking in Belgium during the 19th century
Posted in Economics
Tagged Free Banking
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Other empirical studies on the ABCT
My earlier post on the empirical evidence of the ABCT was already too long. In this article, I will only add the discussion on the studies not covered earlier. I do not want to post another article each time a … Continue reading
A growth in inequality along with financial market activities : Probably not a mere coincidence
Very recently, Thomas Piketty’s new book, Capital in the Twenty–First Century, has been widely commented and has elicited a lot of reactions. Particularly in the United States. The theory (of inequality due to capital accumulation) advanced by the author is that the … Continue reading
Posted in Economics
Tagged ABCT, Crisis & Financial Market
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The fallacies of “Money as Debt”
Paul Grignon, in his video Money as Debt (see his channel), claimed that the lending of money by commercial banks by definition results in a never-ending increase of private debt. People cannot repay the interest rates charged by the banks, either … Continue reading
The Role of the Credit Rating Agencies in the U.S. Subprime Crisis : Too Much Competition ?
A known fact is that the Big Three, namely, Moody’s, Fitch Ratings, Standard & Poor’s, have provided inaccurate ratings that were obviously too generous. These CRAs (not to be confounded with Community Reinvestment Act), contamined by conflicts of interest, had … Continue reading
Posted in Economics
Tagged Crisis & Financial Market
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Income mobility according to the Great Gatsby curve : The fantasy of the american dream, statistical artifacts, and the irrelevance of public intervention.
Among the economists, it is commonly held that US people do not experience high income mobility. This is true. But the question of whether US people have lower income or social mobility compared to european countries has no definitive answer. … Continue reading
Posted in Behavioral Genetics, Economics
Tagged Free Market, IQ
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Austrian Business Cycle Theory : On the Interest Rate and the Cambridge Capital Controversy
Critics of the ABCT believe that CCC constitutes a strong rejection of the austrian theory of capital. Apart from the empirical evidence of ABCT, one problem with the assumptions of the reswitching theory is that it assumes that ABCT is all … Continue reading
Reisman’s Criticism of Keynesianism
Capitalism: A Treatise on Economics by George Reisman, 1996. CHAPTER 15 AGGREGATE PRODUCTION, AGGREGATE SPENDING, AND THE ROLE OF SAVING IN SPENDING Application to the Critique of the Keynesian Multiplier Doctrine As should now be clear, any rise in wages, … Continue reading
Rothbard’s Criticism of Keynesianism
Man, Economy, and State, 2nd edition, Murray N. Rothbard. Chapter 11 – Money and Its Purchasing Power 5. The Demand for Money B. SPECULATIVE DEMAND One of the most obvious influences on the demand for money is expectation of future changes … Continue reading
Negative Externality : A ‘Market Failure’
Rothbard and Reisman have good discussions about externalities but I think psychology is also relevant in understanding why “market failure” is not a valid argument. In experimental studies, it appeared that cooperation was higher when the persons can make interaction … Continue reading
Water for Sale: How Business and the Market Can Resolve the World’s Water Crisis
Water for Sale: How Business and the Market Can Resolve the World’s Water Crisis Fredrik Segerfeldt, 2005. Originally published as Vatten till salu : Hur företag och marknad kan lösa världens vattenkris, copyright ©2003 Timbro, Stockholm.
Posted in Economics
Tagged Free Market
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Meng Hu's Blog 