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Nobel Prize winning economist and founding father of the Public Choice school James M. Buchanan has died at age 93. His friends and students have already offered many kind words in his memory. Here I quote two of my friends professors Steve Horwtiz and Peter Kurrild-Klitgaard.
Opponents of NGDP level targeting often argue that nominal GDP is problematic as national account data often is revised and hence one would risk targeting the wrong data and that that could lead to serious policy mistakes. I in general find this argumentation flawed and find that it often based on a misunderstanding about what NGDP level targeting is about.
Following US political debate these days is like following a bad parody of a third world banana republic and even though I the deepest respect for Americans and US in general I must say it is hard not to agree with those Europeans that shake their heads these days and say "they are stupid those Americans". Well, it is not the Americans - it is their politicians and you could say a similar thing about Europe.
Bob Murphy has a very good discussion on Econlib about "What Economic Research Says About Fiscal Austerity and Higher Tax Rates".
This semester professor Daniel Lin is teaching a class in Macro at the American University and I have a tradition to interfere with how Daniel should teach his students - so I will not let down the opportunity to do it once again.
Over at freebanking.org Kurt Schuler has been asking his readers for references to blogs on Free Banking. I know Kurt is a reader of my blog so he obviously knows that I from time to time write about Free Banking and Free Banking related issues. However, I thought this would be a good oppurtunity to make a list of some my Free Banking related blog posts. You will find the list below.
When I over the last couple of days have looked at my twitter account nine of ten tweets have been about the "fiscal cliff" and the financial media all over the world have been all about that horrible "cliff". Commentators from left to right in the US have issued warnings about the horrors of the fiscal cliff. Yes, it has felt very much like we indeed have been heading for an economic meltdown. Economic slowdown in China or the euro crisis is not important - the only thing important is the fiscal cliff (blah, blah...)
Lately there has been somewhat of a debate between some Market Monetarists and some Austrians about the so-called Cantillon effect. I have not participated in the debated - last time I wrote about the Cantillon effect was actually in my Master thesis on Austrian Business Cycle theory in the mid-1990s and to be frank I have not made up my mind entirely on this discussion. Therefore, I am happy Justin Merrill have written a guest post for my blog on the topic.