Krugman Also Gets It Wrong
Posted in Not So Fast! on 9 September 2009
Stats: 6 views and 5 Comments In 1998 Paul Krugman wrote an attack on the Austrian theory of the business cycle (ATBC), saying that it was about as credible as the “phlogiston theory of fire.” Not surprisingly, he managed not only to mislabel the ATBC (calling it a “Hangover Theory”) but also proved incapable even of ...
Posted in Not So Fast! on 9 September 2009
Stats: 6 views and 5 Comments In 1998 Paul Krugman wrote an attack on the Austrian theory of the business cycle (ATBC), saying that it was about as credible as the “phlogiston theory of fire.” Not surprisingly, he managed not only to mislabel the ATBC (calling it a “Hangover Theory”) but also proved incapable even of ...
The Fallacy of Money is Wealth
Posted in Articles, Not So Fast! on 28 January 2009
Stats: 149 views and 15 Comments In the “7 Fallacies of Economics” series, I have covered the fallacies of “collective terms” and “composition,” and now turn to the third fallacy: Money is Wealth. FEE president Lawrence Reed writes: The mercantilists of the 1600s raised this error to the pinnacle of national policy. Always bent upon heaping up ...
Posted in Articles, Not So Fast! on 28 January 2009
Stats: 149 views and 15 Comments In the “7 Fallacies of Economics” series, I have covered the fallacies of “collective terms” and “composition,” and now turn to the third fallacy: Money is Wealth. FEE president Lawrence Reed writes: The mercantilists of the 1600s raised this error to the pinnacle of national policy. Always bent upon heaping up ...
