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    Economics / economic theory /

    Rizzo Goes For the Guild

    September 18, 2024

    Is it a cult? Is it a guild? Both perhaps? I remember reading sometime not long ago that Steve Levitt was leaving Chicago.  Two things stood out in the article bringing that news:  first, Levitt said he was concerned that economics was becoming irrelevant; second, someone had told him he was not doing ‘proper economics’. […]

    Commentary, Economics / capitalism, economic theory, plutocracy, price theory /

    The Dark Genius of Price Theory — A Rant

    September 18, 2024

    Prologue I need to cough this one out.  So many apologies in advance.   Yes, it’s a rant.  Yes, it’s repetitive.  And yes, it’s absurdly long.  But if we are to progress we need to puncture the armor of the cult — or is it simply a guild?   The Financial Times seems to think […]

    Economics / Cochrane, economic theory, price theory, Price-gouging, Robbins /

    Price Gouging Part Two

    August 25, 2024

    When you are only concerned with one thing and have only one tool things can go awry quite easily.  So it is with our price theory friends.  They bask in the rigor of their thinking and look askance at the inability of regular folks to grasp the point of the logic of their so-called price […]

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