Category Archives: Economics

Anti-market bias, unemployment and immigration

by Aschwin de Wolf Posted on May 16, 2010

Economist Bryan Caplan discusses the important topic of market-clearing wages. Why are wages not falling during the recession in order to establish equilibrium and full employment? Caplan gives an answer that seems common sense but receives little attention from professional … Continue reading →

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Theodore Dalrymple on the culture of inflation

by Aschwin de Wolf Posted on September 6, 2009

In the Summer 2009 issue of City Journal Theodore Dalrymple  discusses the cultural effects of inflation: asset inflation—ultimately, the debasement of the currency—as the principal source of wealth corrodes the character of people. It not only undermines the traditional bourgeois … Continue reading →

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Carl Menger and the exact science of economics

by Aschwin de Wolf Posted on August 14, 2009

In Significance and Basic Postulates of Economic Theory (1938) Terence W. Hutchison presents a logical-empiricist perspective on economic methodology and takes specific issue with Austrian economists who believe that economic theories cannot and should not be falsified through empirical testing. … Continue reading →

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Keynes and the efficient market hypothesis

by Aschwin de Wolf Posted on July 20, 2009

Over at The Money Illusion, Scott Sumner has posted a number of blog entries about John Maynard Keynes as an investor and how it informs the debate about efficient markets: Far from refuting the efficient markets hypothesis (EMH), the story … Continue reading →

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Animal spirits in public policy

by Aschwin de Wolf Posted on June 14, 2009

In the Summer 2009 issue of the Independent Review, Arnold Kling reviews George A. Akerlof and Robert J. Shiller’s new book Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism. Reading his review, one … Continue reading →

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