The Radford Free Press – Page 363 – All life is problem solving.

Economics / Federal Reserve Board, Hoenig, inflation, interest rates, monetary policy, Taylor Rule, unemployment /

Our Do Nothing Fed

September 21, 2010

Ugh. These guys are getting really annoying. The Federal Reserve Board released the minutes of the latest Open Market Committee today. The message was one of caution, slightly less optimism, and inaction. They promise to do something, sometime, just not yet. The Fed has a charter to protect full employment and price stability. The latter […]

Economics / economic theory, Keynes, Milton Friedman, real world economics /

Econ 101: The Problem of Time

September 20, 2010

Time represents a special problem for economic theory. It gets in the way. It makes things messy. It introduces … gasp … the possibility of uncertainty. This latter being the really big problem. As those of you who follow my ongoing opposition to textbook economics realize I have a major beef with the notion of […]

Economics / banking, capitalism, free market theory, GDP, Hayek, jobs, Keynes, Milton Friedman, Oscar Lange, Reagan, Robert Lucas, Schumpeter, Socialist Debates, von Mises /

Its Official! The Recession’s Over … Yawn.

September 20, 2010

Hang out the flags. Set off the fireworks. The recession is officially over. Whoopee. The National Bureau of Economic Research says so. In fact, by their count, the recession ended in June 2009. There, don’t you all feel better? Not really. The “Great Recession” was officially 18 months long, making it a full 2 months […]