Thursday, October 27, 2016

On my reading pile: Peter J. Boettke & Liya Palagashvili: The Comparative Political Economy of a Crisis

From the abstract:

During times of economic crises, the public policy response is to abandon basic economic thinking and engage in ‘emergency economic’ policies. We explore how the current financial crisis was in part caused by previous emergency economic measures. We then investigate the theoretical limitations of emergency economic responses. We argue that these responses fail to take into consideration the practical conditions of politics, and thereby making them unsuitable to remedy the problems of a crisis. Lastly, we provide a preliminary analysis of the consequences resulting from emergency economic policies initiated in response to the 2008 financial crisis.

When Harper's Magazine was interesting

Tom Wolfe "Stalking the Billion-footed Beast: A Literary Manifesto for the New Social Novel"

Why I Am Not an Austrian Economist; Bryan Caplan

I consider this piece by Bryan Caplan a classic.

I do not deny that Austrian economists have made valuable contributions to economics. Rather, as the sequel will argue, I maintain that:
(a) The effort to rebuild economics along foundations substantially different from those of modern neoclassical economics fails.
(b) Austrian economists have often misunderstood modern neoclassical economics, causing them to overstate their differences with it.
(c) Several of the most important Austrian claims are false, or at least overstated.
(d) Modern neoclassical economics has made a number of important discoveries which Austrian economists for the most part have not appreciated.
Read the whole thing

More readings in Economics

James M. Buchanan and Viktor J. Vanberg, "The market as a creative process."

Robert Samuelson, "June Journalism 101," September 18, 1996, The  Washington Post.

Recent Electricity Market Reforms in Massachusetts;  A Report of Benefits and Costs

James Bullard, The Rise and Fall of Labor Force Participation in the U.S.  St. Louis Federal Reserve Bank February 14, 2016

Weisang & Awazu, Vagaries of the Euro: an Introduction to ARIMA Modeling 

Paul Krugman,  Ricardo's Difficult Idea

David Henderson Artful Dodger "A Review of Paul Krugman's Depression Economics" Reason Magazine October 1999.

Dani Rodrik, The Past, Present, and Future of Economic Growth 

Bluestone & Bourdeaux, Dynamic Revenue Analysis: Experience of the States  More on this topic

Felix & Watkins. KCFed. "The Impact of an Aging U.S. Population on State Tax Revenues"

Journ-Steff Pischke, The Credibility Revolution in EmpiricalEconomics: How Better Research Design is Taking the Con out of Econometrics 

Paul Pfleiderer,  Chameleons: The Misuse of Theoretical Models in Finance and Economics

Charles Frank, The Net Benefits of Low and No-Carbon Technologies, Brookings

Saturday, July 09, 2016

"Is Britain becoming too diverse to sustain the mutual obligations behind a good society and the welfare state?"

Thoughts about post-Brexit Britain. The anxiety was noted back in 2004, by David Goodhart
The diversity, individualism and mobility that characterise developed economies – especially in the era of globalisation – mean that more of our lives is spent among strangers. Ever since the invention of agriculture 10,000 years ago, humans have been used to dealing with people from beyond their own extended kin groups. The difference now in a developed country like Britain is that we not only live among stranger citizens but we must share with them. We share public services and parts of our income in the welfare state, we share public spaces in towns and cities where we are squashed together on buses, trains and tubes, and we share in a democratic conversation – filtered by the media – about the collective choices we wish to make. All such acts of sharing are more smoothly and generously negotiated if we can take for granted a limited set of common values and assumptions. But as Britain becomes more diverse that common culture is being eroded.

Saturday, June 04, 2016

Baker signs public access law

Saturday, February 06, 2016

Robert Gordon's magisterial work on economic growth has made it to the top of my reading stack. 

He is becoming one of my favorite economists.  

Here's Ed Glaeser's review from the Wall Street Journal.

Readings in Economics

Frank's selected readings in Economics

Edward C Prescott, "Why Do Americans Work So Much More than Europeans?"

Fabian Christandl, Detlef Fetchenhauer, How laypeople and experts mis-perceive the effect of economic growth

Understanding Say's Law of Markets Steve Horwitz

Paul Rubin Folk Economics

Peter Klein's review of Mirowski's Against Mechanism: Protecting Economics from Science Summer 1990 Austrian Economics Newsletter

David Friedman Price Theory an Intermediate Text Chapter 2

Six ways to separate lies from statistics Stevenson and Wolfers May 1, 2013

David Bowie at his most mysterious.

Hat tip to PitchFork.

Monday, July 20, 2015

Frank Zappa-Apostrophe'

An awesome Zappa instrumental featuring Jack Bruce.

Sunday, July 13, 2014

Two Popes One World Cup: Non-fan Benedict vs. Francis

Pope Benedict isn't into soccer. His homeland is favored to win. He,  however, is indifferent. Francis needs to ask for a miracle for Argentina, given the way Germany has been  playing lately. 

Vatican calls for global ceasefire during World Cup final - Telegraph

Saturday, January 18, 2014

Yes - Close To The Edge

One of the greatest progressive rock albums of all time.

Wednesday, December 25, 2013

In 2013 we lost Alvin Lee, R.I.P. guitar hero

In the mid-seventies my first rock concert was a headliner by Ten Years After at the Boston Garden. Alvin Lee toiled in the spotlight and on the margins. He will be missed.

Sunday, November 17, 2013

An absolutely delightful musical experience: PFM live with Ian Anderson of Jethro Tull

I've been a fan since the age of 14 by way of Emerson, Lake and Palmer.  This Italian band is very easy on the ears. Phenomenal stuff. Ian Anderson joins in.