Most economists, it seems, believe strongly in their own superior intelligence and take themselves far too seriously. In his open letter of 22 July 2001 to Joseph Stiglitz, Kenneth Rogoff identified this problem. “One of my favourite stories from that era is a lunch with you and our former colleague, Carl [...]
Ludwig von Mises
I am republishing Murray Rothbard’s tribute and biography of Ludwig von Mises, ”Ludwig von Mises: Scholar, Creator, Hero” that was published by the Mises Institute. It is a long article, but it is an excellent summary of the great man’s life and his ideas. For those of you who hunger for more, [...]
I get a kick out of this kind of article on “professional forecasters” because it illustrates the definition of an economist: one who looks at yesterday to tell you what you are going to do tomorrow. Where were these people a year ago? Are they just discovering these problems? Do they have [...]
I started laughing when I read an Investors Business Daily editorial today. Please note the ending quote from this excerpt:
Along with expected gains in consumer and business spending, the weak dollar should fuel exports, said Gus Faucher, a macroeconomist at Moody’s Economy.com, which sees second-half growth of 4%.
However, the U.S. has topped 3.7% [...]