by Philip Pilkington
A few days ago I wrote a post outlining Joan Robinson’s criticisms of the logical structure of marginal utility theory. It got quite a good response. Robinson’s point was that the manner in which the theory was constructed rendered it useless. Examined carefully it said or could say nothing of substance.
by Elliott Morss, Morss Global Finance
We have heard a lot of “loose” statements from Trump on what he will do to countries “cheating on trade” when he becomes President. In this piece, I examine the underpinnings of his assertions and speculate on what his trade policies will actually be when he becomes President.
-- this post authored by Michael Bordo and Arunima Sinha
A Comparison of the 1932 Open Market Purchases with Quantitative Easing
In the wake of the Great Recession, the Federal Reserve took unprecedented measures to stem economic decline. This column uses the Fed’s open-market operations in 1932, another period of short-term rates near the zero lower bound, as a comparison for the QE1 operation of 2008-09. Although the 1932 policy boosted output and inflation, if the Fed had announced the operation in advance and carried it out for a full year, the Great Depression could have been attenuated considerably earlier.
December 11th, 2016
by John Mauldin, Thoughts from the Frontline
This will be a shorter article, in keeping with the need for holiday fun and relaxation. However, my last article with my thoughts on what Trump should do generated more responses than any other letter had in the last 17 years. As you might suspect, with a topic so controversial, not everyone agreed with me.