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Another Krugman Kontradition: New Taxes, Yes and No

Written by Robert Murphy on November 20, 2014

I coined the term “Krugman Kontradiction” to refer to the Nobel laureate’s tendency to lead his readers in one direction on an issue, then do a total about-face when circumstances make that convenient, while whipping up a new set of assumptions and emphases in his economic analysis so as to reconcile the switch. I’ve got […]

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Green Magic: Keynesian Forecasts

Posted on November 6, 2014

european-commission

By David Stockman The information flow in a $17 trillion economy is far too vast to be digested and assessed by the 12 mortal members of the FOMC, and their policy control instrument—-the bludgeon of interest rate manipulations—-could not  possibly shape its short-run course in any event. That’s especially true since the macro-economy is not […]

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On Replacing the Keynesian Establishment

Written by Gary North on November 1, 2014

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One of the fields of historical study is the history of ideas. In almost all cases I have ever read, an author concentrates only on the ideas; he does not describe the historical circumstances in which a particular idea faded, or triumphed, or never had any effect at all. Robert Nisbet once had a great […]

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How 1936 Consolidated the Progressives’ Triumph in 1913

Written by Gary North on October 25, 2014

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Politically conservative Americans and libertarians generally agree on the worst year of the 20th century: 1913. In 1913, three major events took place. First, Americans were informed that a constitutional amendment establishing an income tax passed. That was a lie. It did not pass. But the Attorney General of the United States announced that it […]

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Walter Williams Skewers Paul Krugman: Minimum Wage Laws

Posted on October 21, 2014

walter-williams

So as to give some perspective, I’m going to ask readers for their guesses about human behavior before explaining my embarrassment by some of my fellow economists. Suppose the prices of ladies jewelry rose by 100 percent. What would you predict would happen to sales? What about a 25 or 50 percent price increase? I’m […]

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“Full Faith and Credit” and Related Delusions of Grandeur

Written by Gary North on October 8, 2014

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Approximately half of all Americans receive government subsidies of one kind or another. This is seen by some conservatives as the demise of the American Republic, the death-knell of resistance to the welfare state. It is nothing of the sort. It is strong evidence of the opposite: the high-water mark of the American welfare state. […]

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Keynes, Lenin, and Hyperinflation

Written by Gary North on September 25, 2014

keynes

In 1919, John Maynard Keynes became an international figure of considerable influence because of his book, The Economic Consequences of the Peace. It was a critique of the Versailles Treaty’s imposition of reparations payments on Germany in the aftermath of World War I. In that book, Keynes made the following observations. Lenin is said to […]

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A Liberal’s Despair: Obama the Deficit Cutter

Written by Gary North on July 5, 2014

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At first, I thought this article was a parody. Then I realized the author is serious. The title: Obama’s greatest failure: The rapidly falling deficit. The author writes: Ever since 2009, when the recession and the stimulus package pushed the annual budget deficit to a peak of nearly $1.5 trillion, it has been falling steadily. […]

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