Monthly Archives: September 2011

Krugman, Babysitting, and Keynesianism (or is it Monetarism?)

Posted on September 28, 2011 by

Developing my lecture on Keynesianism, I’ve developed some reservations about my objection to fiscal stimulus. I’ll write more on that when I get my thoughts better organized. But in re-reading one of Krugman’s famous analogies, about the babysitting co-op, I … Continue reading →

Posted in Economical Musings | Tagged , , , | 39 Comments

Mathematics of the Filibuster

Posted on September 27, 2011 by

Prepping my Congress lecture, I thought about the math on the filibuster for the first time ever. Since 60 votes (out of 100 senators) are needed to impose cloture, 41 senators can block legislation. That part we all knew, but … Continue reading →

Posted in The Democratic Process | 7 Comments

Illustrated Road to Serfdom

Posted on September 27, 2011 by

I just happened to stumble across this illustrated Road to Serfdom, reproduced from a booklet published by General Motors. As graphic novels go, it’s a bit of a letdown. As historical curiosities go, it’s kind of intriguing.

Posted in Uncategorized | Tagged , | 7 Comments

Lecturing on Keynes Today

Posted on September 27, 2011 by

Today in my political economy class I’m doing my Keynes lecture. This is one of my least favorites, and reading as much as I have over the last year about Keynes has just made it all the more confusing. My … Continue reading →

Posted in Economical Musings | 13 Comments

Hayek on the Sciences

Posted on September 26, 2011 by

My dissertation adviser used to say, “there are the hard sciences, and the really hard sciences.” Here’s Hayek on the subject. I believe that economics and the sciences of complex phenomena in general, which include biology, psychology, and so on, … Continue reading →

Posted in Uncategorized | Tagged , | 1 Comment

Tight Money Caused the Recession

Posted on September 25, 2011 by

According to monetarist Scott Sumner. The sub-prime crisis that began in late 2007 was probably just a fluke, and has few important implications for either financial economics or macroeconomics. The much more severe crisis that swept the entire world in … Continue reading →

Posted in Economical Musings | 16 Comments

Economic Restructuring Caused of the Recession

Posted on September 24, 2011 by

Or so Arnold Kling says. I’ve referred to his “patterns of sustainable specialization and trade” argument before, but not in much detail. Here’s Kling explaining it in a At least that’s what post from last January. …I want to get … Continue reading →

Posted in Economical Musings | 2 Comments

Unclear on the Concept

Posted on September 24, 2011 by

From my College’s academic administrators, in reference to course schedule planning for the next term: There is a premium placed on courses offered between 10:00 AM and 2:00 PM. This makes finding suitable room accommodations difficult. Please try to widen … Continue reading →

Posted in Economical Musings | 6 Comments

Credit Shortfalls Caused the Recession

Posted on September 23, 2011 by

At least that’s one theory. And the policy recommendation is more quantitative easing.

Posted in Economical Musings | Tagged , , | 1 Comment

Stagnating Median Income

Posted on September 23, 2011 by

The chattering classes have been abuzz for the past year or so about stagnation in median income. What is the cause of this? Here is a quick review of some of the arguments I think bear considering. 1. Tyler Cowen … Continue reading →

Posted in Economical Musings | 5 Comments