Determining the Value of Money: Next Steps for the Fiscal Theory of the Price Level
07 Nov 2021 Leave a comment
in applied price theory, budget deficits, business cycles, economic growth, economic history, Euro crisis, financial economics, fiscal policy, global financial crisis (GFC), great recession, history of economic thought, macroeconomics, Milton Friedman, monetarism, monetary economics, Robert E. Lucas Tags: inflation, monetary policy
Israel 1983: A bout of unpleasant monetarist arithmetic
06 Nov 2021 Leave a comment
in budget deficits, economic history, financial economics, fiscal policy, history of economic thought, macroeconomics, monetarism, monetary economics Tags: hyperinflation, inflation
David Friedman on Triple V Voluntary Fractional Reserve Banking, Anarchy, Fiat Currency
03 Nov 2021 Leave a comment
in applied price theory, applied welfare economics, business cycles, comparative institutional analysis, constitutional political economy, David Friedman, economics of crime, financial economics, history of economic thought, macroeconomics, monetary economics, property rights
The High Cost of Good Intentions with John F. Cogan: Perspectives on Policy
31 Oct 2021 Leave a comment
in economic history, entrepreneurship, financial economics, history of economic thought, human capital, income redistribution, industrial organisation, labour economics, labour supply, occupational choice, occupational regulation, poverty and inequality, Public Choice, survivor principle, unemployment, welfare reform Tags: taxation and labour supply
What Was the Industrial Revolution?
27 Oct 2021 Leave a comment
in development economics, economic growth, economic history, economics of education, financial economics, growth disasters, growth miracles, history of economic thought, human capital, industrial organisation, labour economics, labour supply, macroeconomics, occupational choice, property rights, Robert E. Lucas Tags: Great Enrichment, industrial revolution
David Friedman
27 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, David Friedman, economics of crime, financial economics, law and economics, property rights
How intangible capital may explain rising labour productivity during recessions
26 Oct 2021 Leave a comment
in applied price theory, business cycles, economic growth, economic history, Edward Prescott, entrepreneurship, financial economics, global financial crisis (GFC), great recession, macroeconomics, monetary economics
“The sharp drop in intangible investment contributes to a decline in actual economic output greater than that measured by official government GDP accounts. This implies that in the actual U.S. economy, true labor productivity declined significantly during the recent recession—a finding consistent with established aggregate theory based on the neoclassical model of economic growth. Thus, McGrattan and Prescott’s experiment solves the labor productivity puzzle by reconciling the apparent mismatch between theory and economic data that show labor productivity bucking the GDP trend. “The addition of intangible capital and non- neutral technology to the model was crucial in accounting for high productivity and low GDP during the period,” they write.”
From https://www.minneapolisfed.org/article/2012/unmeasured-investment
Daron Acemoglu on How Inequality Weakens Nations
26 Oct 2021 Leave a comment
in applied price theory, constitutional political economy, development economics, economic growth, economic history, economics of bureaucracy, economics of education, economics of regulation, entrepreneurship, financial economics, growth disasters, growth miracles, history of economic thought, human capital, income redistribution, industrial organisation, labour economics, labour supply, law and economics, macroeconomics, poverty and inequality, property rights, Public Choice, rentseeking, survivor principle
After Dodd Frank: John H. Cochrane
20 Oct 2021 Leave a comment
in applied welfare economics, Austrian economics, business cycles, comparative institutional analysis, economic history, economics of information, economics of regulation, financial economics, global financial crisis (GFC), great depression, great recession, history of economic thought, industrial organisation, law and economics, macroeconomics, monetary economics, property rights
Utopia, you are standing in it! 
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