The True Gold Standard (Second Edition)
As observed by this writer at Forbes.com:
"Republican presidential candidates... wouldn’t mind ... putting the country back on the gold standard.
I realize economics isn’t a science the way biology and physics are sciences, but it’s close enough to one that there are ideas, principles and insights from experience that economists generally agree upon. Listening to the Republicans talk about the economy and economic policy, however, is like entering into an alternative reality." ...
Too facile and too glib, Steve.Hayek, speaking about the “Pretense of Knowledge” upon his acceptance of the Nobel Prize in Economics (kooky, Steve?), talked about the very “ideas, principles and insights from experience that economists generally agree upon” on which Pearlstein’s confidence depends:
There is something more than a little disorienting at seeing one of the soldiers of the Washington Post, red as its coats have grown, conclude his column with a triumphant embrace of the president whose downfall his predecessors at the Post brought about: “It took a while, but even Richard Nixon came around to declaring himself a Keynesian. Maybe there is still hope for Perry and the gang.”
Hope? This seems to say that it is Pearlstein’s hope that GOP candidates like Rick Perry (and the “gang”) will … measure up to … the personal integrity? … the wonderful stagflation? … of Richard Nixon. Yet … Pearlstein writes that “Listening to the Republicans talk about economic policy … is like entering into an alternative reality.”
The Federal Reserve System's James Narron and David Skeie, career officials with the Federal Reserve System, are two eminent historically erudite figures. Writing in the New York Federal Reserve Bank's online publication, Liberty Street Economics, they recently provided a continuation of their valuable historical "revue," Crisis Chronicles: The Collapse of the...
Jul 14, 2014
On July 6th, Nobel economics laureate and Princeton Professor launched, in the New York Times, one of his occasional polemics, entitled Conservative Delusions About Inflation, against proponents of the gold standard. Krugman Caricature under creative commons license from DonkeyHotey As usual, Prof. Krugman is, conveniently for the position he takes, beyond lopsided...
Jul 23, 2014
An article headline in Saturday’s Wall Street Journalread “Rate Talk Heats Up Within The Fed.” As Journalreporters Jon Hilsenrath and Michael Derby...
Oct 05, 2012
Key Monetary Writings
Ezra Klein (2012) comments: In 1981, the country really was facing an inflation problem. It made sense that people would be...
Why the Gold Standard?