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The politics of science fiction

Science fiction is an inherently political genre, in that any future or alternate history it imagines is a wish about How Things Should Be (even if it’s reflected darkly in a warning about how they might turn out). And How Things Should Be is the central question and struggle of politics. It is also, I’d […]

via Marginal Revolution

China moves against Bitcoin

China’s biggest Bitcoin exchange was forced to stop accepting renminbi deposits on Wednesday, sending the price of the virtual currency tumbling in one of its biggest markets globally. You will find more here, and FT coverage here.  Since Tuesday, the price of Bitcoin in China has fallen more than thirty percent.  Here is my earlier […]

via Marginal Revolution

‘Why Do Measures of Inflation Disagree?’

This is useful and worth having in the archives for later reference: Why Do Measures of Inflation Disagree?, by Yifan Cao and Adam Hale Shapiro, FRBSF Economic Letter: In January 2012, the Federal Reserve’s policymaking body, the Federal Open Market…

via Economist’s View

‘Hoovernomics Explains the Economy’

Michael Froomkin: Hoovernomics Explains the Economy, by Michael Froomkin: This one chart tells you much of what you need to know about the fiscal side of the US economy: we’re dealing with a recession/depression Herbert Hoover style — by cutting…

via Economist’s View

‘Four Missing Ingredients in Macroeconomic Models’

Antonio Fatas: Four missing ingredients in macroeconomic models: It is refreshing to see top academics questioning some of the assumptions that economists have been using in their models. Krugman, Brad DeLong and many others are opening a methodological debate about…

via Economist’s View

Paul Krugman: Why Inequality Matters

Inequality is "the defining challenge of our time": Why Inequality Matters, by Paul Krugman, Commentary, NY Times: Rising inequality isn’t a new concern. … But politicians, intimidated by cries of “class warfare,” have shied away from making a major issue…

via Economist’s View

Milton Friedman On Income Differences

(Don Boudreaux) In this short clip from the 1980 PBS series Free To Choose, Milton Friedman explains one reason why observed differences in incomes do not necessarily reflect unfairness or poor public policies – and why such differences reflect efforts that benefit us all. Speaking of income differences, Bob Murphy reminds us of an important point that is […]

via Cafe Hayek – Article Feed