by Mario Rizzo Paul Krugman continues to invoke Keynes’s famous statement. I wish Krugman and others would give some serious thought about what it is supposed to mean and the errors it involves. In the first place, Keynes was complaining about the “classical” economics, that is, the ideas of the economists before him who believed that … Continue reading “In the Long Run We Are All Dead” What Does It Mean?
by Mario Rizzo UCLA economist Matthew Kahn says that there is a “natural experiment” of the power of the income effect in Tiger Woods’s troubles (HT Greg Mankiw). The fall in income from endorsements should result in Tiger Woods playing more golf tournaments. The relative price (or wage) from the latter source remains unchanged while … Continue reading A Tiger Of A Mistake
by Jerry O’Driscoll Some recent controversies move me to take up the topic within the limitations of a blog post. Many years ago (1956), Fritz Machlup ably addressed the issue in an essay titled “The Inferiority Complex of the Social Sciences.” He rejected limiting the term science to particular subject matters or methods. He concluded … Continue reading What is Science?