"Words ought to be a little wild, for they are the assault of thoughts on the unthinking" - JMK
- Keynesianism is not consumptionism. If you've familiarized yourself at all with Keynesianism outside of bad high school history lessons on the Great Depression or libertarian talking points you should have at least some sense of this. If you read this blog regularly you better know that. Still, the error persists. Recently we've seen it from Boudreaux, Hayek, and now Robert Higgs. I have some comments on the first two links. If you want to know Keynes's own view of actual underconsumptionists, you can read Chapter 23 of the General Theory (he discusses underconsumptionists toward the end).
- Brian Cox on public funding of science. It's interesting how he credits CERN with the internet rather than DARPA.
- The new Econ Journal Watch is out. It's on property rights as bundles of rights.
- David Beckworth suggests an NGDP futures market as a key to robust monetary policy.
The impossibility of true utilitarianism
3 hours ago