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Empiricism in Economics
It has long been held that there are two kinds of economics: Rationalist economics: starting out with theses about philosophy, money and reality (etc) and using logic and reason to reach conclusions...
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Abstraction & Reality
Brad DeLong alleges that critics of fractional reserve banking and fiat money suffer from (at best) a mental disorder (or, at worst, anti-semitism). From Brad DeLong: I think that the deep point of...
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Minsky, the Lucas Critique, & the Great Moderation
Last week, I noted that the post-2008 world had provided an astonishingly good test for Milton Friedman’s notion that stabilising M2 growth was an effective antidote for economic depressions. Bernanke...
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