Summary: In 2012 the FM website had 375 posts and 8,700 comments. I've learned much from writing these posts, and just as much from reading and responding to the lessons. Here are some of those that you might find of use, another in a year-end series of posts looking at 2012. Contents Politics About Sources … Continue reading Lessons learned during 2012 from comments on the FM website
Summary: As we approach the fiscal cliff, economists of different schools offer radically different advice. Austrians and Chicago-ians warn about the consequences of anything other than a fast austerity. Keynesian economists suggest continued deficits until the economic growth (and especially unemployment) return to acceptable levels. And advocates of modern monetary theory (MMT) tell us not … Continue reading Ed Dolan Asks: What Does it Mean for Fiscal Policy to be “Sustainable”? MMT and Other Perspectives
Summary: Next in a series about economics and the global government debt crisis, Ed Dolan talks to us about modern monetary theory. How does it differ from mainstream economics? And he has a few words to say about the Austrian school. This was lifted from the comments of yesterday's post. Other posts in this series: … Continue reading Ed Dolan talks to us about modern monetary theory. Can it save us?
Summary: Economics is one of the central sciences of our time, especially about one of the frontier subjects: the macroeconomic effect of debt. Yesterday's post centered on a graph from Ed Dolan. Today we have a rebuttal by Prof William K. Black. There are few aspects of economic theory more important today. This is the … Continue reading Prof Black blasts back at yesterday’s post about the US debt
Summary: A mark of successful people and nations is that they function well under stress. What's the alternative? Magic! Here we look at some examples of the search for magical solutions seen in the US and Europe today. History suggests that the quality of a nation's decision-making under stress has a large effect its success. … Continue reading Which nations will make wise decisions under stress? Who will screw-up and fail?