Over the past month, there have been a spate of negative articles about economics, with some comparing it to a ‘fake science’ such as astrology, and or how the inability of economists to predict the 2008 crisis is evidence of the failure of economics: The new astrology How economics became a religion Even though I’m… Continue reading Defending Economics
Tag: economics
The 99% vs. 1%…who is exploiting whom
From Vox Day: The only way to raise wages Regarding individual socioeconomic achievement, how does one disentangle the role of the individual versus the responsibility/role of society. Are societal factors (culture, economics, government, etc.) chiefly to blame for inequality, or factors intrinsic to the individual (such as IQ, work ethic, personality, etc.). Part of the… Continue reading The 99% vs. 1%…who is exploiting whom
HBD-as-Destiny Thesis (part 5 of predicting series)
Pinterest Raises $150M at $12 billion valuation That so obvious, inevitable web 2.0 ‘bubble’ just refuses to burst. Valuations refuse to fall despite so many pundits predicting they would. The past seven or so years, every single thing that the media called a bubble, they got wrong. That includes the post-2008 bull market, Facebook stock,… Continue reading HBD-as-Destiny Thesis (part 5 of predicting series)
The Permanent Ascendance of the Status Quo
By The Money Illusion: One by one, the anti-EMH arguments collapse This is a really great article and agrees with everything I have been trying to convey for the past six or so years. It’s too bad it’s marred by the last paragraph that detracts from the article. In the context of the article, the… Continue reading The Permanent Ascendance of the Status Quo
Peter Schiff Wrong as Always: How the Trump Tax Cuts may actually be Deflationary
Peter Schiff (not to be confused with Jordan Peterson (although they look and sound similar)), warns the Trump tax cuts will cause high inflation and collapse of the US dollar. Peter Schiff has been wrong about everything, going as far back as I can remember. How he still has any credibility is a mystery. Here… Continue reading Peter Schiff Wrong as Always: How the Trump Tax Cuts may actually be Deflationary
Post-2008 wealth creation boom: recap and why it will continue
Over and over again, this blog keeps being right: -right abut tech stocks (especially, Facebook, Google, and Amazon stock (Gnon index), all of which keep going up) -right about Bitcoin (been long since early 2013) -right about the post-2009 economic expansion and bull market (now in its 8th year, and will be the longest ever)… Continue reading Post-2008 wealth creation boom: recap and why it will continue
The Merging of Economics with Physics
Why Are Physicists Drawn to Economics? If you are one of these people, let me try to disabuse you of these notions. Your mathematical abilities are actually not that much better than most economists (if they are better at all). You will have to spend a lot of time acclimating to the subject and the… Continue reading The Merging of Economics with Physics
The Misplaced Logic of Attacking the Rich
A couple weeks ago a post about Jeff Bezo being the second-richest person in the world went viral. Many were aghast that a singe person could have so much money…how unfair when that money could be put to better use, so the logic goes. Why does Bill Gates need his billions? Well, technically, he doesn’t.… Continue reading The Misplaced Logic of Attacking the Rich
Biology, especially as it pertains to IQ, is still the ‘third rail’ of the social sciences.
Changed the theme…The old theme was too cluttered and looked too antiquated. All the navigation, archives, and pages have been pushed to the footer. Split testing revealed that the big banner magazine-style theme did better. This article is going viral: Americans Are Skeptical That Hard Work Will Pay Off Moving up the economic ladder relies… Continue reading Biology, especially as it pertains to IQ, is still the ‘third rail’ of the social sciences.
Why Gold Fails as a Hedge Against Inflation (and when it works)
In the aftermath of Trump’s win, something that wasn’t supposed to happen, happened. Inflation expectations surged, but gold got clobbered: The GLD fund, a proxy for gold, fell 8% (from $125 to $115) in the days immediately following Trump’s victory, and then it fell another $7 in December: Inflation expectations, however, surged as shown by… Continue reading Why Gold Fails as a Hedge Against Inflation (and when it works)