Monday, March 16, 2009
Saturday, March 14, 2009
GFC: causes and possible cures
John Allison speaks at the Ayn Rand Centre, providing a very detailed overview of how government regulation led to the crisis and how philosophy of individual rights and self-discipline can lead to a return to prosperity.
Saturday, January 31, 2009
Our Enemy: Inflation
This is a great set of videos from "The Mises Circle" conference in Houston.
The tail end of "Death Fuel" by Robert Higgs was particularly memorable. I guess tax is the fuel of death i.e. war. This talk is about state-driven war funding in recent history.
"The Gold Dollar" by Lew Rockwell is a must listen particularly for those already introduced to Austrian views. I am not terribly familiar with the anarcho-capitalism perspective which Lew brings. It's refreshing and thought provoking.
The Mises Circle in Houston, Texas; sponsored by Jeremy S. Davis and hosted by the Ludwig von Mises Institute. Recorded Saturday, 24 January 2009.I particularly enjoyed "Monetary Lessons from America's Past" by Thomas Woods - booms and panics of modern history.
The tail end of "Death Fuel" by Robert Higgs was particularly memorable. I guess tax is the fuel of death i.e. war. This talk is about state-driven war funding in recent history.
"The Gold Dollar" by Lew Rockwell is a must listen particularly for those already introduced to Austrian views. I am not terribly familiar with the anarcho-capitalism perspective which Lew brings. It's refreshing and thought provoking.
Wednesday, January 28, 2009
Renamed blog
This blog is renamed from "Brisbane Property Price Plummet" to "Good Economics" to reflect the broader journey I am on to understand economics and economic schools of thought.
Wednesday, October 29, 2008
Wowsernomics: economics - religion or science?
I can't say that I agree with everything that Steve Keen says but I sure enjoyed his talk entitled "Wowsernomics - the madness behind modern economics theory, policy and practice". Here he attacks neoclassical economics and it's idea of equilibrium. He likens modern economics to religion. I agree with Steve Keen on that score - economics is like religion or ideology. i.e. you have to "believe" in one view or another e.g. you are either a lefty or a righty.
I am not certain that a theory of economics can be completely addressed mathematically i.e. how the human response can be modelled accurately. Much of economic policy is driven by politics. Before listening to this lecture I had assumed that economists' used uncertainty in their models but apparently not. It would be great to see a computer simulation of the economy to see if it supports the Austrian view (something like the flocking algorithms that games programmers sometimes use).
I still don’t know what the idea of economic equilibrium is. The Austrian’s don’t seem to talk about it. The Mises Institute recently produced a Stabilisation is Chaos T-Shirt. They seem to be believe that the market “chaos” is superior to government stabilisation.
It's a shame that some of the audio is cut off at the end. Some audience questions are missing :(
I am not certain that a theory of economics can be completely addressed mathematically i.e. how the human response can be modelled accurately. Much of economic policy is driven by politics. Before listening to this lecture I had assumed that economists' used uncertainty in their models but apparently not. It would be great to see a computer simulation of the economy to see if it supports the Austrian view (something like the flocking algorithms that games programmers sometimes use).
I still don’t know what the idea of economic equilibrium is. The Austrian’s don’t seem to talk about it. The Mises Institute recently produced a Stabilisation is Chaos T-Shirt. They seem to be believe that the market “chaos” is superior to government stabilisation.
It's a shame that some of the audio is cut off at the end. Some audience questions are missing :(
Thursday, October 23, 2008
The Search For Stability
A series of lectures given by former RBA governer Ian Macfarlane given back in November and December of 2006. If economics and monetary policy is your thing it will make for interesting listening.
The Golden Age
From Golden Age to Stagflation
Reform and Deregulation
The Recession of 1990 and it's Legacy
The Long Expansion
Challenges for the Future
The Golden Age
From Golden Age to Stagflation
Reform and Deregulation
The Recession of 1990 and it's Legacy
The Long Expansion
Challenges for the Future
Wednesday, September 24, 2008
Coming Financial Tsunami
The credit crisis (which should be called a debt crisis) is hitting the news in a big way here in Australia again. People are tending to think that the crunch has "hit" already last week or perhaps that this is the "second hit". However, I get the feeling that we are all on the beach watching the tide go way out. Perhaps we come across a few insolvent US investment banks in the wet sand. Don't just sit there! Get off the beach and head inland at pace!
What does this mean for Brisbane property prices? I can only imagine that the recent news will at least give buyers pause. A sustained pause would be enough to melt away a few percentage points. I've seen recent commentary which puts the bottom of the market ahead in 2010. I figure that's a little optimistic and that the property market slump will be somewhat more sustained than that - say bottom in 2012.
What does this mean for Brisbane property prices? I can only imagine that the recent news will at least give buyers pause. A sustained pause would be enough to melt away a few percentage points. I've seen recent commentary which puts the bottom of the market ahead in 2010. I figure that's a little optimistic and that the property market slump will be somewhat more sustained than that - say bottom in 2012.
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