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Noahgreement on similarities between Austrians and New Classicals

Friday, February 7th, 2014 by posted in Economics, Epistemology, Methodology.
Modern-Car-Versus-Classic-Muscle-Car

I’ve got a confession to make: my favourite economics blog name is Noah Smith’s “Noahpinion”. It’s a really great blog name. With the niceties out of the way, let’s address Smith’s latest screed: “How the New Classicals drank the Austrians’

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The Ultimate Microfoundation: Human Action

Saturday, January 25th, 2014 by posted in Economics, Epistemology, Methodology.
Find the book.

Much fuss is made in macroeconomic circles over so-called “microfoundations”: microeconomic justifications for macroeconomic models, as opposed to macro models that make ad hoc assumptions about utility, preferences, and price setting. People like to bring up the “Calvo pricing model”,

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Keynesians Wrong on Sequester Just Like Stimulus

Saturday, January 4th, 2014 by posted in Economics, Methodology.
RomerBernstein

It is well known that the Christina Romer / Jared Bernstein report, issued in January 2009 when Obama first came into office, got things exactly backwards. At the time, unemployment in the U.S. was 7 percent and change. Romer, who

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Subjective Value and Objective Good

Thursday, October 17th, 2013 by posted in Economics, Epistemology, Law, Methodology.
ThinkingMan

Value is subjective. This is one of the cornerstones of modern economics. What’s known as the “marginal revolution” of the late 19th century was responsible for bringing the axiom from intellectual musing to orthodox dogma. Three economists – Leon Walras,

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The Use of Knowledge at the Bank of Canada

Friday, August 16th, 2013 by posted in Economics, Methodology, Socialism.
HomerAtControls

The Bank of Canada’s latest quarterly review suffers from the fatal conceit. Although technically the whole central banking system is a fatal conceit, one of the articles particularly highlights the complete ignorance and arrogance of Canada’s central bankers. Nii Ayi

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Poloz’s First BoC Interest Rate Statement

Friday, July 19th, 2013 by posted in Capitalism, Economics, Methodology, Regulation.
stephen-poloz-bank-of-canada

Bank of Canada Governor Stephen Poloz said that interest rates will remain low and the economy will grow due to “accommodative financial conditions.” His logic goes: The US economy is recovering ergo Canadian exports will grow therefore solid Canadian business

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Econ 101 with Stephen Poloz

Saturday, July 13th, 2013 by posted in Economics, Education, Methodology, Philosophy.
poloz

On June 19th, Stephen Poloz gave his first major speech as Governor of the Bank of Canada. Reading through it, it’s clear that Poloz – like his predecessor – has no real understanding of economics. So I’ve decided to pick

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Cannot Wipe Even Your Own A** but Will Run the Country

Friday, June 21st, 2013 by posted in Lifestyle, Methodology, Philosophy.
india-10206 teaser

For the last few days, story of one Komal Ganatra has been making headlines in India. Her dad, now retired, earned his living as a school teacher in India. Five years back, she was married off to an Indian immigrant

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What’s So Special About Economics?

Monday, June 10th, 2013 by posted in Economics, Education, Epistemology, Methodology, Philosophy.
got_choice teaser

Unlike what is commonly believed, economics is not about money, or profit, or investments, or capitalism, or wages, or unemployment or stocks and bonds or about any other buzzword you may have heard or read in the media. Yes, economics does study

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An Austrian Indifference Curve vs. The Value Scale

Wednesday, May 22nd, 2013 by posted in Economics, Education, Methodology.
apples-oranges

From the introductory undergraduate to the advanced Ph.D. courses in economics, students are taught that the concept of the indifference curve is very useful in analyzing human choice. I am emphasizing the term useful for a reason. No one ever

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Mark Carney’s False Ideology

Mark Carney

Neil Macdonald of the CBC recently did an investigative piece on central bankers and what they’re doing to the world’s economies. Mark Carney was featured heavily. He told Macdonald, “there is no secret cabal orchestrating things,” despite CBC’s own findings

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Liberty Is A State of Being

Monday, July 9th, 2012 by posted in Epistemology, Methodology, Philosophy.
by Eric Sharp

Sadhguru Vasudev cautions those that want to change the world to first rid their own hearts of fear and pain, before embarking to change the way others live — otherwise one will only transcribe one’s own darkness upon the world

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The Incoherence of “National Interest”

Wednesday, June 13th, 2012 by posted in Economics, Methodology.
parliament teaser

Following politics where I live is like riding a rollercoaster ad nauseam. If you’re from Balkans too or have ever heard the rhetoric of a Balkan politician, you could have not possibly escaped the use of the word “national interest.”

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Austrian AV Club – Stephan Kinsella

Austrian AV Club – Stephan Kinsella

Redmond is the director of the Ludwig von Mises Institute of Canada.

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Human Ignorance and Social Engineering

Thursday, April 5th, 2012 by posted in Methodology, Socialism.
Spontaneous Order

Spontaneous order and the inadequacy of human knowledge. Throughout most of intellectual history, society has been considered to be the result of someone’s design. In his multi-volume Law, Legislation, and Liberty, the social theorist F. A. Hayek referred to this position as “constructivist rationalism”

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San Fran Fed Finds Problem with Econometric Multipliers

Tuesday, February 7th, 2012 by posted in Capitalism, Epistemology, Methodology.

Despite the obvious bias which engulfs the incestual working relationship between the Federal Reserve System, the U.S. financial sector, and the U.S. government, occasionally some grains of truth trickle out from these Ministries of Truth.  In a new report by

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The Mantle of Science

Friday, December 23rd, 2011 by posted in Capitalism, Economics, Epistemology, Methodology, Philosophy.
Metropolis

[Originally published in Scientism and Values, Helmut Schoeck and James W. Wiggins, eds. (Princeton, N.J.: D. Van Nostrand), 1960, pp.159-180; The Logic of Action One: Method, Money, and the Austrian School (Cheltenham UK: Edward Elgar, 1997), pp. 3-23. Also available

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Some Advantages of Austrian Economics in the Defence of Markets

Thursday, June 23rd, 2011 by posted in Capitalism, Economics, Education, History, Methodology, Regulation, Socialism.
menger

What are the potential benefits in being familiar with Austrian economics? This is the question that I hope to at least partially answer here. I study economics at the Department of Food, Agricultural and Resource Economics at the University of

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Myth Busting in Kosovo

Kosovo is Europe’s newest country after declaring independence from Serbia in 2008. It is at the same time Europe’s poorest country—with unemployment approaching a staggering 49% and around 30% of the population living below the “poverty line.” However, as bad

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Does Ayn Rand and her Objectivist philosophy support Austrian economics, libertarianism and Anarcho-capitalism? NO!

In response to an earlier post, Redmond wrote: Say what you will about Rand – many people who I have met who are interested in the Austrian School came to it through Ayn Rand. And they are young enough that

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