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