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We Rely on Economics Too Much

I think I am with Tony Judt on this one. I am reading the new collection of his essays written between 1995 and his death in 2010, and have had my memory jolted: he gave us many very considered critiques of modern economics, although they were usually dressed within the context of a book review. […]

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Transaction Cost Confusion

OK. Let’s have some fun. Transaction costs were invented by Ronald Coase to help explain why we see business firms littering the economic landscape when orthodox economic theory argues that the marketplace is the superior and unequalled coordinator of economic activity. The Coasian idea, later extended and expanded upon by the likes of Oliver Williamson, […]

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Absurd Texas

Oh dear … I rarely post here about politics anymore. At least politics disconnected from economics. But politics disconnected from reality still catches my attention. So: what are we all to make of the absurdity now playing out in Texas? So utterly divorced from reality has the Texas Republican party become, and so completely beholden […]

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