Rethinking Depression Economics - Jonathan M. Finegold Catalan. One criticism of Austrian business-cycle theory is that it gives little insight as to what should be done to push an economy out of recession.
Even accepting the premise that monetary overexpansion leads to a misallocation of capital goods, detractors claim that this says little in regards to the nature of the depression period. Leland Yeager, for example, argues that "Austrian economists can explain the continuing depression only lamely. Freakonomics. Rampant Unemployment = The Death Of The Middle Class - HiddenMysteries. Free Statistics - Free Statistical Software. John Gerzema: The post-crisis consumer. Google Image Result for. Ludwig von Mises Institute. Money and Politics By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency.
The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. Dunning–Kruger effect. The Dunning–Kruger effect is a cognitive bias in which unskilled individuals suffer from illusory superiority, mistakenly rating their ability much higher than is accurate.
This bias is attributed to a metacognitive inability of the unskilled to recognize their ineptitude. Actual competence may weaken self-confidence, as competent individuals may falsely assume that others have an equivalent understanding. David Dunning and Justin Kruger of Cornell University conclude, "the miscalibration of the incompetent stems from an error about the self, whereas the miscalibration of the highly competent stems from an error about others". Proposal Some Thoughts on Supply-side Economics - Richard M. Ebeling. [Libertarian Forum, 1980] When Keynes's General Theory was published in 1936 there was no reason to believe that it would soon serve as the framework for 40 years of economic theory and policy.
Almost to a man, every important economist of that era condemned the book and its message as confused, inconsistent and dangerous.