The Radford Free Press – Page 74 – All life is problem solving.

Economics / complexity, economic theory /

Complex Simplicity

April 25, 2017

Simplification, in the context of an economy, is the eradication of all things of interest. This does not mean that studying an economy is thus doomed to be a pointless recitation of history as it unfolds. It is, rather, the recognition that as an economy moves through time it is never, to paraphrase Heraclitus, possible […]

Politics / Federal Budget, fiscal policy, Republicans, tax policy, tax reform /

Tax Reform, Relief, Whatever

April 24, 2017

Moving on, White House style, we are now confronting the prospect of tax reform. I suppose that those of us who cringe whenever we hear a Republican use the phrase “tax reform” ought take some comfort from the obvious disarray in right wing policy circles. Tax reform is already looking like a re-run of health care […]

Economics / economic theory, Gary Becker, Richard Bookstaber /

Nailed to Its Perch

April 21, 2017

I always use some famous Chicago School economist as my representative fool when I am describing mainstream economics to my uninitiated friends. How does one, after all, defend such a ludicrous body of thought? By reference to Monty Python? Here is Gary Becker explaining why mainstream theory is so ridiculous: “The combined assumptions of maximizing behavior, market equilibrium, […]

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