"Words ought to be a little wild for they are the assault of thoughts on the unthinking" - JMK
- Casey Mulligan apparently now thinks Keynesians don't think supply matters or evidence of labor supply fluctuations somehow invalidates Keynesians points. Sigh... I'm going to sigh even deeper when Greg Mankiw reposts this later, which he usually does.
- Gene Callahan calls our attention to a Mercatus working paper coauthored with Steve Horwitz on the role of ideal types in ABCT. The conclusion is very much the sort of attitude I approached the issue with in my 1920-1921 paper: "the amount of illumination that the Austrian Business Cycle Theory can cast upon any particular historical happening varies directly with how nearly the specific circumstances of the time in question approach the idealized state of affairs assumed in constructing the various ideal types it incorporates. With this explanation, it then becomes clear that the Austrian Business Cycle Theory is not the only possible explanation of macroeconomic downturn but provides a possible account of specific historical episodes."
- Last night at the LSE, Robert Skidelsky and Duncan Weldon debated George Selgin and Jamie Whyte in a "Keynes vs. Hayek" debate. The podcast should be up soon - I'll post that as well as thoughts in the next couple days.
- Stickman writes about Norway here and here. In the first link I provide he compares the murder rate in Norway to the rate in South Africa (both countries with which he's intimately familiar). I'm not entirely sure this is the best way to frame the violence. Human stress and strain is always going to produce a background level of violence, and in conditions where that stress is greater we're going to see higher levels of violence. There's something different and more disconcerting about violence as a political tool, whether it's in Norway, the Middle East, or a civil war in Africa that claims millions - whether its organized or done by a loner.
- And speaking of Norway, if you haven't worked through the comments of my earlier post, some of them are worth reading - particularly a lot of good insights from Gene. Some people - on this blog and elsewhere - have taken my post as saying that Breivik is typical of libertarians and libertarians are bad. If you think I said that, you need to reread the post.
Comparative advantage: a partial truth
13 hours ago