Archive | Economics in Media

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Is Joseph Stiglitz Serious?

In this month’s Vanity Fair renowned economist Joseph Stiglitz discusses important lessons economists should take from the Great Depression. The article is lengthy, but interesting if you have the time. Stiglitz, a Keynesian, gives the expected presentation: manipulating financial markets (monetary policy) is ineffective in combating recessions and we need greater government spending (fiscal policy)…
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End the Fed

MIT Economist, Former IMF Chief Engages Ron Paul on Banking and Makes an Interventionist Mistake

Ron Paul’s economic philosophy and book End the Fed got some crucial publicity and thoughtful debate on Saturday. Simon Johnson, MIT economist and former IMF chief-economist,  wrote in the New York Times economics blog that more people should take Dr. Paul seriously. Unfortunately he advises Dr. Paul promote some very anti-free market, and counter-productive measures.…
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Economy a little flat? Whip in some inflation!

Sometimes economists make analogies to make policies coherent. I find this by line particularly appetizing, imagining Bernanke as a soufflé chef trying to keep his light dessert fluffy. According to Menzie Chinn and Jeffry Frieden, the solution is just to whip in a little inflation to keep that soufflé/economy healthy. The basic idea they convey…
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The Economist

The Economist Speaks!

http://www.economist.com/node/21542174 Is fiscal stimulus not working? Then do more of it, say the neo-chartalists. Are monopolies and price controls a problem? Then get rid of the central bank’s monopoly in setting the price of credit and the supply of government money, say the Austrians The Economist, beloved and respected throughout the profession, ridiculed by outsiders…
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Minimum Wage

Think Progress? Think Again.

The fallacy of the minimum wage has reared it’s ugly head yet again! Progressive political blog Think Progress announced on Wednesday that San Francisco will be the first US city to have a minimum wage above $10. Citing the Economic Policy Institute, they wrote: There are eight states that have legislated annual, inflation-linked increases in…
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