This little gem from Nobel Prize winner Bob Lucas was published December 23 and slipped under the radar. This is really a great piece.
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"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
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About Me
- Randall Parker
- I am a Professor of Economics at East Carolina University in Greenville, NC. My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History. I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience. Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.
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6 comments:
What does the good Doc think about the claim that monetary excess(from low Fed Funds rates and drastic increases in the MS from 2001 - 2005 which was mostly during the Greenspan era) helped create the financial crises we are currently experiencing by further inflating the housing bubble. Or were such actions needed, just, and required during these times?
Armie: How could it be viewed otherwise? But most importantly, it was the new financial innovation that was supposed to reduce systemic risk that indeed did the exact opposite. Moreover, you can't have a bubble without a bunch, and I mean a bunch, of jackasses thinking housing prices would do nothing but increase forever.
Hey, you forgot to put blame on a particular friend of ours who presides over Massachusetts's 4th congressional district along with the institutions he supports.
Franklin: Of course! How could I forget? If you will notice the archives of my blogs, you will see I have one special just for Barney. Indeed he and the creatures of Congress that took away any moral hazard from the market deserve most of the blame. Take away the negative consequences of people's actions and you fill the world with fools.
Franklin: I got a special blog archive coming just for you too.
UH-OH!, Be easy on me Doc!
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