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Mises was clueless about the effects of devaluation

Mises was clueless about the effects of devaluation

Over at the Ludwig von Mises Institute's website they have reproduced a comment from good old Ludwig von Mises on "The Objectives of Currency Devaluation" from Human Action. I love Human Action and there is no doubt Ludwig von Mises was a great economist, but to be frank when it comes to the issue of devaluation he was basically clueless. Sorry guys - his views on this issue are not too impressive.

Christina Romer is also in love with Milton Friedman

Christina Romer is also in love with Milton Friedman

Our friend  has an interesting quote from Christina Romer on The Daily Beast:

Mario, Tim and me...
A personal tribute to Milton Friedman

A personal tribute to Milton Friedman

The Danish free market think tank CEPOS will later in the spring republish the Danish edition of Milton Friedman’s Free to Choose. I am extremely honoured that the good people at CEPOS have asked me to write the preface for “Det Frie Valg” as “Free to Choose” is known in Danish.

Some wise words from Croatia

Some wise words from Croatia

Here is a memorable quote from Darko Oračić - one of my readers in Croatia:

NGDP level targeting and the Fed's mandate

NGDP level targeting and the Fed's mandate

Renee Haltom has an interesting article in the recent edition of Richmond's Fed's magazine Region Focus on "Would a LITTLE inflation produce a BIGGER recover?".

Most people do "national accounting economics" - including most Austrians

Most people do "national accounting economics" - including most Austrians

Yesterday, I did a presentation about  monetary explanations for the Great Depression (See my paper here) at a conference hosted by the Danish Libertas Society. The theme of the conference was Austrian economics so we got of to an interesting start when I started my presentation with a bashing of Austrian business cycle theory - particularly the Rothbardian version (you know that has given me a headache recently).

Yet another argument for prediction markets: "Reputation and Forecast Revisions:  Evidence from the FOMC"

Yet another argument for prediction markets: "Reputation and Forecast Revisions: Evidence from the FOMC"

I am already spamming my readers today so this will not be a long post. But take a look at this working paper - "Reputation and Forecast Revisions: Evidence from the FOMC" by 

Benn & Ben - would prediction markets be of interest to you?

Benn & Ben - would prediction markets be of interest to you?

Benn Steil from the Council on Foreign Relations has an interesting comment on the Federal Reserve's forecasting performance. I don't really want to discuss Benn Steil's views, but rather the fed research he quotes.

Why did the A’s stop winning? Scott has the answer

Why did the A’s stop winning? Scott has the answer

I have been watching Moneyball. It is a great movie, but unlike Scott Sumner and my wife I have actually no clue about movies. However, economics play a huge role in this movie. So that surely made me interested. It is of course very different from Michael Lewis’ excellent book Moneyball, but it is close enough to be an interesting movie even to nerdy economists like myself.

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