Gordon Brown has no intention of embarking on a new war, though he has defence commitments in Afghanistan, but he has failed to foresee that a large deficit makes it more difficult to support future deficits.
April 2nd, 2009 | William Rees-Mogg | 3 comments | ContinuedAll Posts Tagged With: "economic theory"
There Are Two Ways of Studying Economic Theory
The events of 2007 and 2008 have shown the limitations of the mathematical method. The credit crunch was not foreseen by anyone that I read, but it came as a shock to the number-crunchers – it took them completely by surprise. It did not come as a shock to the economic historians, who happily settled down to discuss the resemblances between this credit crisis and earlier ones…
July 18th, 2008 | William Rees-Mogg | 9 comments | Continued
Austrian vs. Keynesian Economics & Bastiat’s Broken Windows
The long-standing battle between Austrian and Keynesian economists is one that will most likely rage on forever. But why? Well, as Lew Rockwell points out, seeing the fundamental differences between these two schools of thought can be fairly easy. Just look at Frédéric Bastiat’s allegory that has come to be known as the story of the broken window.
February 15th, 2008 | Lew Rockwell | 21 comments | Continued