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The once-dead Phillips curve has come back to life. But its underlying argument is still dead wrong.
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Many models in macroeconomics ignore money. A new paper by Ricardo Lagos and Shengxing Zhang suggests that is a mistake.
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Economists bade farewell to Leland Yeager, one of the greatest monetary thinkers of the 20th century, earlier this week.
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Just as humanity saw the first glimmer of the hope of universal human prosperity, prevailing ruling-class opinion turned against the idea and pushed a host of nostrums to stop it from happening. Here was where Henry George made the difference. He entered into this milieu with a powerful message: prosperity for the entire world is possible provided we keep pushing out the boundaries of freedom, provide no privilege to any single class, we fix the problems that are keeping people in poverty, we address the underlying cause of the boom-bust cycle, and continue to innovate and trade.
READ MOREResearch Reports, Special Bulleltin July 18, 1952
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Following the financial crisis and Great Recession, many bloggers (and some economists) have expressed disappointment with the state of macroeconomics. Randall Wright offers a more optimistic perspective.
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The fact that Anderson’s theory of money seems to fail the Bitcoin test forces us to question our long tradition of issuing new coins that contain precious metals, or banknotes redeemable for some other, already valuable instrument.
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If macroeconomists do not want to take responsibility for crises, then they should refrain from endorsing unstable monetary institutions.
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In a recent Econometrica article, Matthias Doepke and Martin Schneider model money as a standardized unit of account.
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The inability of Hayek and other scholars to join forces against Keynes’s supposed innovations arguably contributed to Keynes’s victory among academics in the immediate post-war period.
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Liberalism believes that society manages itself better than any top-down authority can. That includes the commercial life of a nation. But it also pertains to civil liberties, international relations, migrations, family and cultural life, and religion. And what does classical liberalism oppose? Managed economies, imperialism, ethnic cleansing, war, arbitrary rule, dictatorship, authoritarianism, and every action of government that goes beyond what is absolutely necessary, if any government is necessary at all. That the meaning of the term changed in the US in the first half of the 20th century is one of the most tragic language distortions on record.
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