Tag Archives: economics

Economic roundtable: Predictions for 2017

Source: Heartland Institute
by Christopher Casey

"This roundtable discussion of independent investment minds is moderated by Heartland Institute Policy Advisor Christopher Casey. Casey interviews Rick Rule, President and CEO of Sprott US Holdings, Inc; Brett Rentmeester, President of WindRock Wealth Management; Axel Merk, President and CIO og Merk Investments; and Bud Conrad, author of the book 'Profiting from the World's Economic Crisis.'" (02/12/17)


The skinny on Trumponomics

Source: Common Sense
by Paul Jacob

"President Donald Trump does not trust economists. So he is demoting the Council of Economic Advisors, booting out of the Cabinet the Council's chairperson. If this were only because economists as economists cannot do what he has been able to do — make a big success in business and trade –— we could give him something like a pass. … But all this may be irrelevant. Trump's problem seems to be that he cannot find enough reputable economists to jump on board his protectionist bandwagon." (02/13/17)


Economic ideas: Karl Marx, the man behind the communist revolution

Source: Future of Freedom Foundation
by Richard M Ebeling

"When Karl Marx died in March 1883, only about a dozen people attended his funeral at a cemetery in London, England, including family members. Yet, for more than a century after his death — and even until today — there have been few thinkers whose ideas have been as influential on various aspects of modern world history. Indeed, as some have said, no other faith or belief-system has had such a worldwide impact as Marxism, since the birth of Christianity and the rise of Islam. Marx's critique of capitalism and capitalist society has shaped much of the social thinking in Western countries that led to the welfare state and extensive government intervention into economic affairs." (02/13/17)


The Austrian prescription

Source: Cobden Centre
by Sean Corrigan

"Philosophically, we Austrians are believers in the idea that each and every man is best placed to know both the ordering and intensity of his own wants. We hold, too, that from his own efforts to satisfy them — through what is usually a mutually self-enriching interaction with his fellows as they in turn try to satisfy theirs — emerges all the rich order of the economy. That being the case, that economy is something which is not to be thought of either as emerging by conscious design from on high, nor as best being described by a set of disembodied aggregates, each of them operating in some kind of ghostly, yet quasi-mechanical independence from the actions of the myriad of individuals which comprise them." (02/09/17)


How governments destroy consumer sovereignty

Source: Ludwig von Mises Institute
by Per Bylund

"It is easy to fall into the trap of the 'cost-plus' method. That is, to consider prices for consumer goods to be a function of the costs of production. Unfortunately, the cost-plus method of pricing is commonly taught to MBA students worldwide, thereby cementing a bureaucratic view of business and the economy. The fact is that prices are not a result of costs; it is the other way around. Actually, prices and costs are not even 'set' by the same types of economic actors." (02/08/17)


Inflation: How it occurs and what are its consequences

Source: Cobden Centre
by Tim Lucas

"Guided by Austrian school economics, I have attempted to outline firstly the different mechanisms through which inflation may occur. Secondly, I have noted some of the second-order consequences that might be expected as a result of these primary mechanisms. Finally, I have made some observations about how this framework relates to investment today." (02/08/17)


A surprising supply of communist dupes

Source: EconLog
by Bryan Caplan

"When I was first learning economics, I was surprised by how pro-communist many economics textbooks were. I don't mean, of course, that economics textbook ever said, 'Communism is good.' What I mean, rather, is that textbooks were very positive relative to communism's historical record. Indeed, many seemed deeply ignorant of actual communism, basing their assessment on second-hand information about communists' stated intentions, plus a few anecdotes about inefficiencies. Many textbook authors were, in a phrase, communist dupes: Non-communists who believe and spread a radically overoptimistic image of communism. At least that's what my admittedly flawed memory says. This homeschool year, I'm prepping my sons for the Advanced Placement tests in Microeconomics and Macroeconomics …" (02/06/17)


Macroeconomics makes progress, one dead prediction at a time

Source: EconLog
by Scott Sumner

"Macroeconomics is a deeply flawed field, because it is extremely hard to do controlled experiments. Ideally, you'd like governments to do wild and crazy things, like a sudden 30% cut in the money supply — -just to see what happens. But after the Great Depression, governments have little stomach for these sorts of experiments. Nonetheless, they do happen on rare occasions. June 2016 was one of those occasions. The British public voted for Brexit, creating enormous uncertainty about the future course of the UK economy. This was widely treated as the biggest shock to hit the UK since the Suez crisis, if not WWII." (02/02/17)


Angry? Learn economics!

Source: Notes On Liberty
by Rick Weber

"The election didn't go your way (and if it did, just think about past elections … at least some of those didn't go your way) and now you're itching to do something about it. You're angry and motivated, and at risk of making things worse. Economics isn't just about money. In fact, it's barely about money. It's mostly about cooperation between strangers. But economists also study competition. Most importantly, we study decision making which is essential to understand if you want people to make different decisions!" (01/26/17)


Searching for dignity at Davos

Source: Our Future
by Sam Pizzigati

"The world’s richest and most powerful will go to great lengths to have a good time. They’ll even pretend they relish waxing philosophical — about humanity’s future and fate. Last week, at the annual World Economic Forum high up in the Swiss mountain resort of Davos, the pretenders included (for the first time ever) China’s top-ranking leader. Xi Jinping, the Chinese president, turned out to fit in quite nicely. He pronounced Davos 2017 'a cost-effective brainstorming event.' For the swells who show up at Davos every year, that description rated as pure music to their ears. The awesomely affluent World Economic Forum attendees love to position their annual soirée as a sober and responsible endeavor, a selfless gathering of caring folks 'committed,' as the official WEF slogan puts it, 'to improving the state of the world.' How committed? The bankers, CEOs, and hedge fund kingpins who frequent Davos can’t bear the thought of wasting even a moment in transit up into the Alps. No long bus rides on some slow mountain switchback for these noble souls. The 3,000 power-suited participants at Davos this year took nearly 2,000 private jet rides to get there." (01/23/17)