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Crisis, happiness and suicide

Crisis, happiness and suicide

While driving home from a family vacation in the West of Denmark (Jutland) today we were listening to the news on the radio. The news had two stories, which in some odd way were related to each other as both stories were about happiness. The first story was about Denmark (again!) being ranked number 1 in something called the World Happiness Report. The second story was more sad - it was about a 77-year-old Greek man who killed himself in Athens' busy Syntagma Square on Wednesday morning. The man apparently killed himself in disappear over his own and his country's economic situation.

Scott, it's not stupidity when central banks fail

Scott, it's not stupidity when central banks fail

Scott Sumner and other Market Monetarists including myself have been greatly frustrated with the behaviour of central bankers - especially the the Federal Reserve and the ECB. According to Market Monetarists the Great Depression was caused by overly tight monetary policies on both sides of the Atlantic and therefore central banks could long ago have taken us out of the crisis by having eased monetary policy. I have often been asked the question "Lars, if it is so easy why don't central banks just not do what you suggest?" Scott has an answer to this question:

How can you tell an internet “Austrian”?

How can you tell an internet “Austrian”?

Here is Lorenzo from Oz in a comment on Scott's blog:

Buy "The Great Recession: Market Failure or Policy Failure"
Lets concentrate on the policy framework
Lee Kelly attracts some attention

Lee Kelly attracts some attention

Lee Kelly's recent guest post on my blog have created a bit of attention.

Economics is not an education. Economics is a state of the mind!

Economics is not an education. Economics is a state of the mind!

Some of the most clever economists I have encountered are actually not formally educated economists. In fact a number of Nobel Prize winners in Economics are not formally educated economists. One of my big heroes David Friedman is not formally educated as an economist, but to me he is certainly an economist - one of the greatest around. Another example is Gordon Tullock  who was trained as a lawyer, but he is certainly an economist - in fact to me Gordon Tullock is one of the most clever economists of his generation and it is a complete mystery to me that he has not yet been awarded the Nobel Prize in Economics. The way I perceive people's skills as economists has nothing to do with their formal education. To me Economics is not an education. Economics is a state of mind.

Guest post: Nick Rowe, Barter, and Free Banking (By Lee Kelly)

Guest post: Nick Rowe, Barter, and Free Banking (By Lee Kelly)

I have for some time wanted the young and talented Lee Kelly to write a guest post for The Market Monetarist. I am happy that he now has done so. Anybody who follows the market monetarist blogs will be familiar with Lee’s name and his always insightful comments.

The worst central banker in the world

The worst central banker in the world

Zimbabwean central bank governor Gideon Gono has long held the title as the worst central banker in the world. However, I would suggest there might be a new candidate - Argentine central bank governor Mercedes Marcó del Pont.

Boettke and Smith on why we are wasting our time

Boettke and Smith on why we are wasting our time

I am beginning to get a serious problem in keeping up with all the interesting papers, which are being published at the moment. The latest paper that I clearly have to read is a rather impressive paper (124 pages!) by Peter Boettke and Daniel Smith.

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