Blog Posts on economic thought
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What is PPP? by FOO Law and Economics on Oct 12, 2010It’s not purchasing power parity, a theory used to explain exchange rates. But PPP was once called the BOT scheme. So says the Philippine News Agency: MANILA, Sept. 13 (PNA) — President Benigno Aquino III has issued an executive order...
Hacienda Luisita and the wisdom of King Solomon by FOO Law and Economics on Aug 15, 2010Land reform has become an exercise of “fair division,” a state of affairs exemplified when two children are given a cake to share, and the parent has to decide what the fair portions are. The academic solution is well settled. Let one child div...
Investment advice by FOO Law and Economics on Aug 11, 2010from economists is cheap. Most of the time they are wrong, very wrong. PIMCO wants inflation (I think so that bond yields will rise, which means PIMCO is short bonds). The question of the day is: With bond yields at all time lows, what do you d...
Why does it take 12 years by FOO Law and Economics on Jul 18, 2010for the IMF to own up to its mistakes? So it seems. So, what exactly were its mistakes at the time of the Asian crisis? In the IMF’s own words, “The IMF learned important lessons from the Asian crisis. In particular, the Fund recognizes...
Paul Krugman redux by FOO Law and Economics on Jul 2, 2010The level of debate post-2008 crisis has come down, low down, to challenges to a bar room brawl. If only Krugman did some reading of even a quarter of Austrian economics, he couldn’t dare be a macho guy again. It seems that the Europeans are ri...
Star wars log: April 1, 2010 (earth date) – Milton Friedman’s Question by FOO Law and Economics on Mar 28, 2010Kirk to Spock: Can we compare and distinguish – A1: “I think I know.” A2: “I know that I don’t know.” A3: “I don’t know that I don’t know.” A4: “I don’t need to know; I can assume.” A5: “I know because I’m Al G...
Three years ago and counting .. by FOO Law and Economics on Mar 11, 2010Global warming, global schwarming – Reisman said it well three years ago. Even if humans cause global warming, it does not necessarily mean that it’s bad. It’s not funny but Al Gore makes a possibly indecent living out of this. ...
Bubble gum and bubble money by FOO Law and Economics on Mar 4, 2010There is a fundamental clash between the tenets of democracy on the one hand, and the idea peddled by many economists that we can tame, avoid, or prevent financial crises. The latter is a major preoccupation of the economics cognoscenti, including i...
Money is an illusion by FOO Law and Economics on Feb 18, 2010Believe it. Or not. Filed under: economic thought, institutional economics Tagged: money, satire...
Hayek vs. Keynes by FOO Law and Economics on Jan 27, 2010This is a rap rendition for the history of economic thought, which I teach this semester. Hat tip to Lasse Lien and Eirik Sjåholm Knudsen. Posted in economic thought, macroeconomics Tagged: austrian school, hayek, keynes, rap...
