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The History of Economics?

“Adam Smith said a bunch of stuff that was mostly right.  Marx said a bunch of stuff that was wrong.  Keynes fixed some things up, messed some others.  Then Lucas broke everything again.  Now we’ve basically got it all worked out, except for money, growth, recessions, banks, bubbles, inflation, unemployment, exchange rates, and what human […]

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Manic Comments

From FT, Alphaville, July 3, 20206 Quoting the front page of the monthly market update written by Joachim Klement and Francisca Reis, of [UK investment bank] Panmure Liberum … “In 1929, the cyclically-adjusted P/E-ratio (CAPE) of the S&P 500 reached 32.6x according to Prof. Robert Shiller’s data. This was 1.8 standard deviations above trend at […]

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