No Clean Feed - Stop Internet Censorship in Australia

Tag Archives: Scott Sumner

Ronald Coase (1910-2013)

I was intending to make this my Wednesday post for last week, but my iPad ate my draft in Pages (it will not open or email the document: any suggestions for getting to the document would be welcome). But delaying for a week allowed me to provide a more complete post.   Ronald Coase, the […]

Putdowns with style — economists’ version

I was very chuffed when my favourite econblogger made one of my comments the centrepiece of a post. That is a prominent economist being nice. Then there are economists engaged in public putdowns. In 2002 Kenneth Rogoff penned an open letter to Joseph Stiglitz. In Scott Sumner’s words: I used to think that Ken Rogoff’s 2002 […]

Bubble trouble: about asset booms and busts

Assets are items that produce income or retain value across time periods. Gold is a pure store-of-value asset, as it produces no income. Bonds are pure income assets, as they have no value apart from the income they produce–they are best thought of as a congealed money stream, their value being set by that money […]

Check your expectations (3) Milton Friedman not going far enough

Milton Friedman’s 1967 Presidential Address (pdf) is something monetary economists regularly say anyone interested in monetary economics should read. Having recently read it, I have come to the conclusion that it is something anyone interested in monetary economics should read. As is normal with Friedman, it is beautifully clear, one his great attributes. His analysis holds […]

Bilbo baggage

The further back you can look, the further forward you are likely to see. Winston Churchill. With the release of the first film of The Hobbit trilogy, An Unexpected Journey, the blogosphere is rife with Middle Earth allusions. My favourite is Frances Woolley’s wonderful post (with some great comments) The Macroeconomics of Middle Earth, though […]

They did it again

One of my basic analytical principles is that things reveal their nature in history (including the history that has not happened yet — that is, what has happened is not the sum of possibilities). If one wishes to understand current events, then cultivate a sense of history for the past is the cause of the […]

Networked zealotry

A feature of the internet has been the growth of networked zealotry; where intensely held attitudes are expressed in overheated rhetoric and ad hominem abuse, not as solitary aberrations (though that also happens), but in self-reinforcing internet coteries. This has fed off, and possibly intensified, the bitter “culture wars” of the US; the intensification of […]

Debt and boom

The slogan for this post is: don’t think debt, think safe assets. (This post is partly provoked by this post by Paul Krugman responded to by Scott Sumner and by Marcus Nunes.) In my Debt, Doom and Despair post I noted that a hugely debt-burdened post-Napoleonic Wars UK (where the national public debt was probably about […]

About Austrian economics

I find Steve Horwitz, along with George Selgin (prominent advocate of free banking and supporter of a productivity norm [pdf] for monetary policy), the most accessible of contemporary Austrian school economists as they are both clear writers who seek to engage with those who are not of their school and are refreshingly free of the nastiness […]