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Market Oracle FREE Newsletter

Category: Economic Theory

The analysis published under this category are as follows.

Economics

Sunday, October 24, 2010

The Paradox of Capitalism, The Relevance of John Maynard Keynes / Economics / Economic Theory

By: Global_Research

Best Financial Markets Analysis ArticlePrabhat Patnaik writes: John Maynard Keynes, though bourgeois in his outlook, was a remarkably insightful economist, whose book Economic Consequences of the Peace was copiously quoted by Lenin at the Second Congress of the Communist International to argue that conditions had ripened for the world revolution.  But even Keynes' insights could not fully comprehend the paradox that is capitalism.

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Economics

Monday, October 18, 2010

Putting Austrian Business-Cycle Theory to the Test / Economics / Economic Theory

By: Robert_Murphy

Best Financial Markets Analysis Article

Paul Krugman is despairing of late, because a growing number of mainstream economists are adopting (versions of) Austrian business-cycle theory. The most recent convert is Minneapolis Fed president Narayana Kocherlakota.

Krugman uses the occasion to criticize what he derides as "the hangover theory" of economic slumps, in which high unemployment is necessary after an artificial boom. As happened with his earlier criticism of "the hangover theory," here too Krugman buttresses his Keynesian logic with a misguided appeal to the data.

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Economics

Thursday, October 14, 2010

Nobel Committee in Search of Economists / Economics / Economic Theory

By: Robert_Murphy

Best Financial Markets Analysis ArticleThis year's Nobel Memorial Prize in Economics goes to Peter Diamond, Dale Mortensen, and Christopher Pissarides, for their work on "search theory," especially as applied to labor markets. In the present article I'll explain the basics of their contribution but then point out the crisis in mainstream economics: even though these economists — especially Diamond — are very smart and productive, they and their colleagues have hardly helped the plight of the unemployed, as we stumble ever deeper into depression.

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Economics

Tuesday, October 12, 2010

Krugman is a Smart Fellow but Obsessed with Government Spending / Economics / Economic Theory

By: MISES

Best Financial Markets Analysis ArticleMurray Sabrin writes: Paul Krugman wears many hats — Princeton University professor, New York Times columnist, Nobel Laureate in Economics (2008), prolific author of scholarly books and journal articles, and now president of the Eastern Economic Association. The EEA is a regional scholarly group that publishes a journal and holds an annual academic conference in New York City every other year. The EEA is housed in the Anisfield School of Business, at Ramapo College, where I have taught Corporate Finance, and Financial Markets and Institutions for the past 25 years.

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Economics

Tuesday, October 12, 2010

Paul Krugman "I Told You So" Keynesian Stimulus Economic Nonsense / Economics / Economic Theory

By: Mike_Shedlock

Best Financial Markets Analysis ArticleAs predicted on numerous occasions, Paul Krugman is once again pleading for still more Keynesian stimulus. Please consider Hey, Small Spender

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Economics

Saturday, October 09, 2010

Economic Nonsense From the Washington Post / Economics / Economic Theory

By: Mike_Shedlock

Best Financial Markets Analysis ArticleThe only genuinely good news in Friday's jobs report was the much needed shedding of 159,000 government workers of which only 77,000 were temporary census workers.

Shed another million government workers and you have a small start as to what needs to happen. Some don't see it that way, including Erza Klein at the Washington Post.

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Economics

Friday, October 08, 2010

Economic Depressions, Their Cause and Cure / Economics / Economic Theory

By: Murray_N_Rothbard

Diamond Rated - Best Financial Markets Analysis ArticleWe live in a world of euphemism. Undertakers have become "morticians," press agents are now "public relations counsellors" and janitors have all been transformed into "superintendents." In every walk of life, plain facts have been wrapped in cloudy camouflage.

No less has this been true of economics. In the old days, we used to suffer nearly periodic economic crises, the sudden onset of which was called a "panic," and the lingering trough period after the panic was called "depression."

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Economics

Tuesday, October 05, 2010

The Deep Cause Of The Great Financial Crisis: The Peace Diktat Of Versailles / Economics / Economic Theory

By: Professor_Emeritus

Best Financial Markets Analysis ArticleAccording to a recent news item, not widely circulated, after more than 90 years of slavery, on October 3, 2010, Germany made the final payment for its World War I debt. This event is highly symbolic. It gives me great pleasure to be one of the first to congratulate you, literally hours after the German people were finally freed from debt slavery.

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Economics

Monday, October 04, 2010

Blind to the Flaws of Keynesian Economic Theory / Economics / Economic Theory

By: Robert_Murphy

Best Financial Markets Analysis ArticleRecently the pundits and bloggers have been arguing about the empirical case for (and against) the Obama Administration's $800 billion stimulus package. I have already focused on Paul Krugman's humorous role in this debate, and today we'll get some chuckles courtesy of Princeton economist Alan Blinder.

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Politics

Monday, October 04, 2010

Why I Despise Krugman / Politics / Economic Theory

By: LewRockwell

Best Financial Markets Analysis ArticleRecently, I wrote a take-down of Paul Krugman. I pointed out how, in some of his recent posts, Krugman was distorting facts in order to score points for his policy prescriptions. I showed how he was pulling sleight-of-hand with the numbers, so as to play on readers’ misconceptions, and thereby make his rather foolish policy prescriptions sound reasonable.

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Economics

Monday, October 04, 2010

US Economy Demand Deficiency is Not the Problem and Keynesianism is Not the Solution / Economics / Economic Theory

By: Gerard_Jackson

Best Financial Markets Analysis ArticleIn trying to explain the state of the American economy the commentariat is still blaming the lack of consumer demand. But as the classical economists always pointed out when presented with this fallacy, consumption is never a problem but production is.

(Although I have made use of classical economists numerous times, drawing attention their correct views on production and consumption, I should make it clear that classical economists were far from being in agreement on every important point of theory, especially where value, prices and costs entered the discussion.)

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Economics

Friday, October 01, 2010

Inflationism and Government Intervention Roots of the Great Depression / Economics / Economic Theory

By: MISES

Best Financial Markets Analysis ArticleLionel Robbins writes: I want to start by saying something about the phrase "poverty in plenty" of which we hear so much. I cannot help thinking that it may be misleading to some readers. The object of this series is to explain why the economic machine sometimes produces so much less than it could produce, in spite of the fact that so many people consume so much less than they could consume.

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Economics

Sunday, September 26, 2010

The Economic Impact of More Trade Agreements / Economics / Economic Theory

By: Pravda

Mauro Dias Lourenço writes:In the second half of the twentieth century, Brazil was one of the countries that grew fastest on the planet, especially until 1979, which includes the period of the so-called "economic miracle," from 1967 to 1973. The fact that the phenomenon coincided mostly with the period of military dictatorship (1964-1985) does not mean that resulted from an authoritarian regime in which the State has stimulated the development.

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Economics

Saturday, September 25, 2010

Is a Flat Tariff the Answer to America’s Trade Mess? / Economics / Economic Theory

By: Ian_Fletcher

Best Financial Markets Analysis ArticleThe House Ways and Means Committee has finally approved a bill that would attempt to crack down on Chinese currency manipulation, a key cause of America’s trade deficit, by threatening China with retaliatory tariffs. Leaving aside the bogeyman of a trade war—which China is unlikely to start as the nation running the trade surplus and thus the nation having something to lose—this raises the obvious question of whether tariffs are a plausible long-term solution to America’s trade problems. What would happen, that is, if America reverted to its historical norm (from Independence to after WWII) of being a tariff-protected economy?

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Economics

Friday, September 24, 2010

Partial Equilibrium Analysis – Part 2 / Economics / Economic Theory

By: Andy_Sutton

Best Financial Markets Analysis ArticleIn the first part of this series, we took at a look at Partial Equilibrium (PE) analysis in terms of analyzing a particular good or service rather than macroeconomic aggregates. What PE allows us to do as well is to both qualitatively and quantitatively assess the true effects of taxes and subsidies. We can also answer whether or not taxes and subsidies represent Pareto efficiencies. For our example we chose to look at the area of gasoline taxes. Many state governments are considering increasing gasoline taxes in the face of collapsing tax receipts.  Intuitively, it would seem that such measures would be penny-wise and dollar foolish, but let’s use PE and see if that bears out conventional wisdom.  

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Economics

Monday, September 20, 2010

The Empirical Case against Government Stimulus / Economics / Economic Theory

By: Robert_Murphy

Best Financial Markets Analysis ArticleEconomists in the Misesian tradition stress the primacy of theory in the social sciences. When trying to figure out the Great Depression, for example, we can't approach the topic with a blank slate and let the facts "speak for themselves." Mises argued that in order for us to even know which facts to consider as relevant, we need to have an antecedent body of deductive insights.

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Economics

Saturday, September 18, 2010

Economics vs. Fakeonomics, Free Trade Skepticism / Economics / Economic Theory

By: Ian_Fletcher

Best Financial Markets Analysis ArticleWe skeptics of free trade are used to being told, “You don’t understand economics.” In fact, one major reason I wrote the book Free Trade Doesn’t Work was simply to expose, once and for all, that there do exist extremely serious and intellectually reputable arguments, within the confines of accepted mainstream economics, which question free trade. And indeed they exist.

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Economics

Friday, September 17, 2010

H.G. Wells's Socialist Critique of Capitalism / Economics / Economic Theory

By: MISES

Diamond Rated - Best Financial Markets Analysis ArticlePaul A. Cantor writes: "One might wonder whether these intellectuals are not sometimes inspired by resentment that they, knowing better what ought to be done, are paid so much less than those whose instructions and activities in fact guide practical affairs. Such literary interpreters of scientific and technological advance, of which H.G. Wells, because of the unusually high quality of his work, would be an excellent example, have done far more to spread the socialist ideal of a centrally directed economy in which each is assigned his due share than have the real scientists from whom they have cadged many of their notions." —Friedrich Hayek, The Fatal Conceit

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Economics

Friday, September 17, 2010

John’s Economic Worldview / Economics / Economic Theory

By: Doug_Wakefield

Best Financial Markets Analysis ArticleToday, we are faced with a period in world history of unprecedented change. Carl Jung, who worked with Sigmund Freud and is known today for his work in humanistic-existential psychology, believed that man perceived change as “death”. Dr. Janice Dorn, who has coached hundreds of professional traders since the mid ‘90s, stated to me in an interview for my December 2006 newsletter entitled Mindgames, that we avoid change because “it is incredibly difficult to shift paradigms, which of course is the way in which we perceived the world.”

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Economics

Wednesday, September 15, 2010

Economic Thought in Ancient Greece / Economics / Economic Theory

By: MISES

Diamond Rated - Best Financial Markets Analysis ArticleJesús Huerta de Soto writes: The intellectual odyssey that laid the foundations for Western civilization began in classical Greece. Unfortunately, Greek thinkers failed in their attempt to grasp the essential principles of the spontaneous market order and of the dynamic process of social cooperation which surrounded them. While we must acknowledge the important Greek contributions in the areas of epistemology, logic, ethics, and even the conception of natural law, the Greeks failed miserably to see the need for the development of a discipline, economic science, devoted to the study of the spontaneous processes of social cooperation that comprise the market.

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