Archives:
Economics

Pre-Distributive Economics and Sufficiency for the Long Haul

Part I: Inequality, The Iatrogenic Spiral, and Systemic Diminishing Returns The problem is that the explosive growth of the global economy has not brought a corresponding increase in global well […]

The Missing Sector

Enlarging Our Sense of “the Economy”

Looking Backward: Economics and the Cult of Yesterday

GDP and productivity don’t measure what’s really going on in the economy—or in people’s lives. Jonathan Rowe on measuring what matters.

Why Economists Are So Often Wrong

What is called “economics” is really psychology on steroids. It starts with a model of human nature and extrapolates an entire scenario for how the world works from that. The […]

The Tragedy of Economics: Market Theory Vs. Human Nature

When Jimmy Wales, a refugee from options trading, set out to create an encyclopedia online, he thought first of the Britanica model, except with volunteers. He assigned articles to professional […]

The Cosmic Cop-Out of “the Market” (with a Nod to Henry George)

Stephen Schwarzman is the chief executive of the Blackstone Group, which is one of those Wall Street operations that is described as a “private equity firm.”  He was on the […]

The Irrationality of “Economics”

Garrison Keillor says that if you go fishing with a member of the church in Lake Wobegon, you had better take two of them.  Take one out in your boat […]

Gifts2: Economist Calls Christmas a “Deadweight Loss”

Did you know that Christmas in the U.S. is wasteful?  Not in the way that is numbingly obvious to most of us, but in a narrower and more technical way […]

Milton Friedman: Romantic

We tend to romanticize the opposite of what we don’t like, and in political economy the tendency reaches full flower.  To those who hate “the market,” the government is a […]

Lawrence Summers: It’s the Economics, Stupid

Lawrence Summers, the Harvard president, has resigned, and the story quickly has become how the political correctness crowd hounded the poor man out. It was the “most radical, hard-left elements […]