The familiar so-called “capital controversies” a few decades ago were never fully resolved. This is mainly because the losers of that battle eventually won the war and so were able to overlook their loss. They carried on with a muddled view of what capital actually is and ignored the impact of that muddle as if it […]

I haven’t had time to voice my opinion of Robert Litan’s post over at Brookings in which he argues economists deserve a little respect. Presumably he is trying to rehabilitate the economics discipline’s reputation, and, also presumably, this is in response to the general derision being heaped on it in the aftermath of its non-prediction of the […]