Lucas: New Keynesian economics doesn’t seem to make contact with the questions that got us interested in macroeconomics in the first place.
17 Jan 2022 Leave a comment
WaPo review indulges in myth, claims Bernstein’s ‘work brought down a president’
17 Jan 2022 Leave a comment
You’d think editors at the Washington Postmight have turned to statements by its Watergate-era principals before allowing a mythical claim about the scandal to appear in a book review that was published today.
The claim appears in a predictably favorable critique of Carl Bernstein’s ChasingHistory, a memoir about his early days in journalism.
The book, the Post’s review notes, “doesn’t mention Watergate. The occasional references to [President] Richard Nixon have nothing to do with the scandal that Bernstein” reported on with Bob Woodward for the Post in the early 1970s.
“Bernstein has no interest in retelling an already well-known tale,” the review assures us. “Instead of the staccato just-the-facts brag you might expect from an investigative reporter whosework brought down a president, ‘Chasing History’ is a lovingly detailed memoir composed in a humble register.”
Media Myth Alert is only faintly interested in a memoir by
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McGrattan on how intangible investment changes real business cycle modelling missing booms and busts
03 Jan 2022 Leave a comment
Prescott on booms and busts
03 Jan 2022 Leave a comment
Chile Election Week, Part III: Death Knell for the Private Pension System?
19 Dec 2021 Leave a comment
One reason I’m interested in Chile’s election is that the leftist candidate, Gabriel Boric, wants to eviscerate the nation’s successful private pension system.
Bettina Horst of Libertad Y Desarrollo gave me her analysis.
As an economist and Executive Director of the nation’s pro-market think tank, Ms. Horst understands that Chile’s system has helped workers by giving them real ownership of real assets.
And that’s much better than “pay-as-you-go” systems, like we have in the United States.
Chile’s private retirement accounts have enabled workers to build nest eggs, and the system has also provided a valuable source of capital for the nation’s economy.
So why would Chile’s voters consider a candidate like Boric, who wants to wreck that system?
We’ll find out Sunday night after the votes are counted, but a Boric victory would indicate that Chile’s workers decided to trust the free-lunch promises of a politician.
In
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Utopia, you are standing in it! 
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