Category: Op Ed

Reading Mensik’s "The Origins of the Income Theory of Money"

March 5th, 2015
in Op Ed

The title of this post was taken from a paper by Josef Mensik, a colleague of mine from Brno in the Czech Republic. The abstract starts like this:The income theory of money was conceived in the 19th century, and in the first half of the 20th century it formed the backbone of all the more »

At Last Economists See the Robot Revolution. Here’s Why They Worry.

March 4th, 2015
in Op Ed

Summary: When I first warned about the "robot revolution" (the 3rd industrial revolution) 3 years ago, I was one of a minority. Experts assured us it would produce quick benefits without much disruption (unlike the previous 2). Time has brought new evidence, and now concern has more »

From Market Failure to Market Success

March 3rd, 2015
in Op Ed

Step 1: What's the market failure? Each of us tends to get unhappy at some feature of the world or the other. As an example, I don't like rap music. But value judgements of this nature do not justify the use of State power - either to ban rap music or to encourage classical music. Such more »

French Austerity Targets Could Threaten Eurozone Growth

March 2nd, 2015
in Op Ed

In an effort to bring the budget deficits of EU member countries down to a sustainable level, theEuropean Commission has recently been placing significant pressure on France to reduce its deficit to a level of 4 percent by the end of 2015. more »

How to Borrow Cheaply from a Government-Owned Bank

March 2nd, 2015
in Op Ed

The free market for banking services in the United States isn't a free market at all.The truth is the biggest commercial banks in America operate with virtual impunity as a government-subsidized, government-protected oligopoly. more »

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