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What a Liquidity Trap Looks Like in Pictures
I want to follow up a little on my discussion of the liquidity trap that we are have been in. Brad Delong has an excellent post today called “Four Years After the Wakeup Call”. In it he shows some...
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Obama’s So-Called Keynesian Stimulus Efforts Aren’t Very
The simple version of Keynesian economics suggests that if the economy is suffering from too little economic activity and high unemployment there are some policy options. Specifically Keynes suggests...
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The Difference Between Physics and Mainstream Economics
Newspapers this morning were full of the story of how physicists at CERN in Geneva have demonstrated that a particle (sub-atomic one) could go faster than the speed of light. I’m no physicist,...
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In Economics, the Zombies Walk Everyday, Not Just At Halloween
In economics the zombies are with with us year-around, not just at Halloween. Zombie Ecnomics Thanks to ACEMAXX-ANALYTICS for the graphic. And thanks also to John Quiggin (who also writes at...
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Income Inequality Does Matter And It Makes Us Worse Off
There is viewpoint that asserts that income inequality and wealth inequality are necessary, that they are the differences that motivate people to work and get ahead. This viewpoint often implies that...
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Brief History of Macroeconomics and The Origins of Freshwater vs. Saltwater...
I and others, particularly Paul Krugman, occasionally make reference to “freshwater” vs. “saltwater” economics. Here’s a little background to explain the terms and, I hope, shed a little light on...
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Sometimes Methodology Isn’t Everything
Brad Delong points us to a study published in the British Medical Association jounal BMJ and quotes from it: Smith and Pell: Parachute use to prevent death and major trauma related to gravitational...
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Rhetoric Is A Powerful Tool To Advance Moneyed Interests
Money is essential to a successful economy. But it’s money in circulation that’s useful. Money that’s locked up in storage in vaults and savings doesn’t help. The early economists understood this...
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The Quantity Theory of Money and Fears of Inflation Are Nonsense
We rarely get to conduct scientific experiments in economics, but for the last 3+ years The Federal Reserve has unintentionally conducted a test of an economic theory called the “Quantity Theory of...
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Religion, The Stock Market, and the Search for Meaning
People want to understand phenomena. We want explanations for what happens. Journalists, especially TV and radio journalists, want explanations that can be summarized in 1-2 sentences in a sound bite....
View ArticleA Personal Note on Ostrom, Open Learning, and Me
As usual, I have way too many balls in the air and way too many ideas happening at once. It’s exciting but every silver lining has a touch of grey. (hat tip , Robert Hunter). I continue wearing my...
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OER, CARE, Stewardship, and the Commons
Lisa Petrides, Douglas Levin, and C. Edward Watson recently released the CARE Framework, but apparently some people, David Wiley in particular, don’t care for the framework. Stephen Downes has...
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