September 24, 2009
Roman Frydman and Michael Goldberg at the FT’s Economist’s Forum:
Behavioural economists have uncovered much evidence that market participants do not act like conventional economists would predict “rational individuals” to act. But, instead of jettisoning the bogus standard of rationality underlying those predictions, behavioral economists have clung to it. They interpret their empirical findings to mean [...]
Read the full article →
September 14, 2009
This month’s edition of Cato Unbound on “The Monetary Lessons of the Not-So-Great Depression” kicks off with a probing, provocative essay by headliner Scott Sumner, “The Real Problem Was Nominal.” He says things like this:
We cannot hope to understand what happened late last year without first recognizing that the proximate cause of the crash was [...]
Read the full article →