Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number accepted.
The Fed and Conspiracies (Robert Murphy, Free Advice) Hat tip to Mark Thornton. Murphy endorses the Murray Rothbard assessment that the Fed is "the product of insidious insiders".
Today there are eleven articles discussed 'behind the wall'.
Why Quantitative Easing Didn’t Work (Gary Halbert, Advisor Perspectives) Halbert's bottom line is that QE saved the financial system but didn't impact Main Street sufficiently to restore economic activity. Econintersect doesn't see any insight here that hasn't been repeatedly expressed but it doesn't hurt to keep repeating it because there is not much evidence that the obvious is recognized (at least publicly) by many in the economic main stream or in positions of political power.
What Does “Keynesian” Mean? (Uneasy Money) Hat tip to Barry Ritholtz, Bloomberg. This is worth a careful read in spite of containing a few quick, cheap (but accurate) shots, such as the following:
[W]ithin the mainstream, there is no basic difference in how to create a macroeconomic model. The difference is just in how to tweak the model in order to derive the desired policy implication.
Next Frontiers for Lean (Ewan Duncan and Ron Ritter, McKinsey Quarterly) Lean-production techniques have been revolutionizing operations for 50 years with advances particularly occurring in manufacturing and distribution logistics. Advances in technology, psychology, and analytics may make the next 50 even more exciting as many service activities will join the parade.
Click on graph for larger image at Political Calculations.
Bitcoin: It’s the platform, not the currency, stupid! (Sander Duivestein and Patrick Savalle, TNW Blog) We are having trouble wrapping our minds around this after one quick reading. It's long and its filled with sweeping generalities plus specifics that we aren't grasping yet. Maybe one (or more) of our bright readers will be able to net some of this out for us?
Mathematically speaking, the difference between poor and rich is much smaller than the chasm separating the well-off from the stupendously wealthy.
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