Celebrating humanity's flourishing through the spread of capitalism and the rule of law
21 Dec 2023 Leave a comment
in business cycles, economic history, global financial crisis (GFC), great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics, politics - New Zealand Tags: monetary policy
The Herald ran an op-ed yesterday under the heading “Why the Government’s new Reserve Bank mandate may lead to worse outcomes”. It was written by Toby Moore who served as an economic adviser in Grant Robertson’s office while he was Minister of Finance (a fact the Herald chose not to disclose to its readers). I’m more […]
Unconvincing
21 Dec 2023 Leave a comment
in economic history, financial economics, great depression, history of economic thought, macroeconomics, monetary economics Tags: monetary policy
Robert Hetzel, a distinguished historian of monetary theory and of monetary institutions, deployed his expertise in both fields in his recent The Federal Reserve: A New History. Hetzel’s theoretical point departure is that the creation of the Federal Reserve System in 1913 effectively replaced the pre-World War I gold standard, in which the value […]
Central Banking and the Real-Bills Doctrine
21 Dec 2023 Leave a comment
in business cycles, economic history, great depression, history of economic thought, macroeconomics, monetary economics
I just got a copy of Ralph Hawtrey’s Trade Depression and the Way Out (1933 edition, an expanded version of the first, 1931, edition published three days before England left the gold standard). Just flipping through the pages, I found the following tidbit on p. 9. The banking system of the world, as it was […]
Hawtrey on the Interwar Gold Standard
20 Dec 2023 Leave a comment
in applied price theory, applied welfare economics, development economics, econometerics, economic history, energy economics, environmental economics, global warming, growth disasters, growth miracles Tags: climate alarmism
The benefits of not meeting Paris Accord emissions-reduction targets outweigh the costs associated even with worst-case-scenario global warming throughout the 21st century.
From Now To 2100 Emission Reduction Policy Costs Greatly Exceed Any Net Benefit from Averted Warming
18 Dec 2023 Leave a comment
in business cycles, economic growth, economic history, economics of bureaucracy, global financial crisis (GFC), great recession, history of economic thought, inflation targeting, macroeconomics, monetary economics, politics - New Zealand, Public Choice Tags: monetary policy
When the Reserve Bank MPC came out late last month with its last words on monetary policy before its extended summer break, my post then was headed “Really?“. It was a commentary on the disjunction between the Reserve Bank’s inflation forecasts on the one hand, that showed quarterly inflation collapsing (not really too strong a word […]
Monetary policy turning points
18 Dec 2023 Leave a comment
in applied price theory, discrimination, economic history, gender, history of economic thought, human capital, labour economics, labour supply, minimum wage, occupational choice Tags: gender wage gap, sex discrimination
18 Dec 2023 Leave a comment
in economic history, energy economics, environmental economics Tags: oil spills
17 Dec 2023 Leave a comment
in applied price theory, econometerics, economic history, entrepreneurship, financial economics, income redistribution, labour economics, politics - USA, poverty and inequality, Public Choice, public economics Tags: top 1%
A number of you have asked me what I think of their response. The first thing I noticed is that Auten and Splinter make several major criticisms of PSZ, and yet PSZ respond to only one of them. On the others they are mysteriously silent. The second thing I noticed is that PSZ have been […]
The Piketty-Saez-Zucman response to Auten and Splinter
16 Dec 2023 Leave a comment
in constitutional political economy, economic history, law and economics, politics - New Zealand, property rights, Public Choice Tags: constitutional law
Evidence that Northern ,Māori ,knew they were ceding sovereignty to the Crown when they signed the Treaty of Waitangi – fact checking the Waitangi Tribunal 2014 findings and the 2023 findings released on the 8th of December 2023. The Waitangi Tribunal has stated in its 2014 inquiry into Te Paparahi o Te Raki, that the…
Dr Lawrie Knight: Fact Checking Waitangi Tribunal Finding
16 Dec 2023 Leave a comment
in business cycles, economic growth, economic history, inflation targeting, macroeconomics, monetary economics
The quarterly GDP data were out on Thursday. Quite how one reads them probably depends on bit on where your focus lies. To the extent that the focus is on squeezing out inflation then any data that points to excess demand dissipating a bit faster is mostly a good and welcome thing. The sooner inflation is back to […]
GDP per capita growth
14 Dec 2023 Leave a comment
in business cycles, economic growth, economic history, financial economics, great depression, history of economic thought, labour economics, macroeconomics, Milton Friedman, monetarism, monetary economics, unemployment Tags: monetary policy
In my previous post, I explained how the real-bills doctrine originally espoused by Adam Smith was later misunderstood and misapplied as a policy guide for central banking, not, as Smith understood it, as a guide for individual fractional-reserve banks. In his recent book on the history of the Federal Reserve, Robert Hetzel recounts how the […]
Hetzel Withholds Credit from Hawtrey for his Monetary Explanation of the Great Depression
13 Dec 2023 Leave a comment
in applied price theory, discrimination, econometerics, economic history, gender, human capital, labour economics, labour supply, minimum wage, occupational choice Tags: gender wage gap, sex discrimination
13 Dec 2023 Leave a comment
in development economics, economic history, growth miracles, industrial organisation Tags: creative destruction
13 Dec 2023 Leave a comment
in business cycles, economic history, history of economic thought, inflation targeting, labour economics, macroeconomics, monetary economics, politics - New Zealand, unemployment Tags: monetary policy
I guess it will be an Act by the end of the day, but for now the short bill giving effect to a return to a single statutory objective for monetary policy is here. Yesterday’s parliamentary debate (first and second reading) is here, here, and here. The heart of the bill is this clause Note […]
Reserve Bank of New Zealand (Economic Objective) Amendment Bill
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
A History of the Alt-Right
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Res ipsa loquitur - The thing itself speaks
In Hume’s spirit, I will attempt to serve as an ambassador from my world of economics, and help in “finding topics of conversation fit for the entertainment of rational creatures.”
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“We do not believe any group of men adequate enough or wise enough to operate without scrutiny or without criticism. We know that the only way to avoid error is to detect it, that the only way to detect it is to be free to inquire. We know that in secrecy error undetected will flourish and subvert”. - J Robert Oppenheimer.
The truth about the great wind power fraud - we're not here to debate the wind industry, we're here to destroy it.
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
Utopia, you are standing in it! 
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