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Guest post: Misunderstanding Say’s Law of Markets (Garrett Watson)

Guest post: Misunderstanding Say’s Law of Markets (Garrett Watson)

I have always wanted to promote the work of young scholars on this blog and have been grateful that a couple of gifted young economists have published guest posts on this blog. I want to continue that "tradition" and I am therefore happy that Garrett Watson - a student of Steve Horwitz at St. Lawrence University - has accepted my invitation to write a guest post for my blog.

Narayana - this might be love

Narayana - this might be love

Narayana Kocherlakota is fast becoming my favourite US central banker (leaving out a number of fed economists like Bob Hetzel who obviously is my main man at the fed...). Here is Kocherlakota:

Sandy is BAD NEWS. The two graph version.

Sandy is BAD NEWS. The two graph version.

Let me just quote Steve Horwitz's latest Facebook update:

Regime Uncertainty, the Balkans and the weak US recovery

Regime Uncertainty, the Balkans and the weak US recovery

Today I have been in Oslo, Norway for client meetings. The topic on the agenda is Central and Eastern Europe and particularly the investment climate in South Eastern Europe. That gives me reason to discuss a favourite topic of mine – “regime uncertainty – as defined by Robert Higgs - and why the present lacklustre recovery in the US economy is unlikely in anyway to be related to such regime uncertainty.

Rerun: Daylight saving time and NGDP targeting

Rerun: Daylight saving time and NGDP targeting

Today I got up one hour later than normal. The reason is the same as for most other Europeans this morning – the last Sunday of October - we move our clocks back one hour due to the end of Daylight saving time (summertime).

Paul Krugman warns against fiscal stimulus

Paul Krugman warns against fiscal stimulus

This is Paul Krugman on the effectiveness on fiscal policy and why fiscal "stimulus" will in fact not be stimulative:

What I said in Vilnius

What I said in Vilnius

I am in Lithuania at the moment and today I spoke at the Baltic Investment Forum. Here is a report on what I said - it is mostly a fair description of what I actually said. If you don't bother to read the conclusion is the following: Easier monetary policy, fiscal consolidation and structural reforms.

"The case for Nominal GDP targeting" by Scott Sumner

"The case for Nominal GDP targeting" by Scott Sumner

This Working Paper from Mercatus Center is highly recommendable, but I am particularly proud of footnote 28:

You have to thank Scandinavian Airlines for this post - kind of a tribute to Nouriel Roubini

You have to thank Scandinavian Airlines for this post - kind of a tribute to Nouriel Roubini

Dear friends if you like to read my blog posts you will have to thank Scandinavian Airlines for this one. I am stuck in Heathrow Airport for now. Cancellations and delays of my flight from London to Copenhagen mean that this has been a rather unproductive day. However, that is part of the life as a traveling standup comedian/economist - we spend a lot of time in airports. Today, however, has been a bit too much - particularly taking into account that my next trip will be on Wednesday.

Dangerous bubble fears

Dangerous bubble fears

Here is Swedish central bank governor Stefan Ingves in an op-ed piece in the Swedish newspaper Svenska Dagbladet last week:

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