January 3rd, 2017
by John Mauldin, Thoughts from the Frontline
“Experience is simply the name we give our mistakes.”– Oscar Wilde
“Mistakes are the usual bridge between inexperience and wisdom.”– Phyllis Theroux
“Economists are often asked to predict what the economy is going to do. But economic predictions require predicting what politicians are going to do – and nothing is more unpredictable.”– Thomas Sowell
by Philip Pilkington
Lars Syll recently provided an interesting quote from John Hicks’ 1979 book Causality in Economics. I thought that what Hicks said made an awful lot of sense, so I got my hands on a copy of the book. I have only so far scanned the book but I think that it is something of a masterpiece and I hope that someone suggests reissuing it; it could easily be a standard textbook for Post-Keynesian methodology.
December 27th, 2016
-- this post authored by Enrico Perotti
Per-capita income in developed countries has stagnated, which most economists regard as a departure from the long-run trend. This column argues that zero long-term growth will be the new normal. In this zero-growth world, spending increases must always be balanced against spending reductions elsewhere or in the future, which creates a further problem: no politician could implement policy changes with such bleak outcomes.