Category Archives: Classical Economics

Ever wonder why real wages are falling?

METRO TUNNEL COSTS COULD BLOWOUT TO $3B A messy fight is looming over who will pay the huge extra costs of the Metro Tunnel, with the Andrew Government reportedly warned the total blowout of.. The Metro Tunnel is Victoria’s very … Continue reading

Posted in Classical Economics, Economics and economy, Economics on the left | 30 Comments

From Prague to Vienna

Lolita the Opera was running in Prague but time did not permit because the caravan has to move on from the most beautiful city in Central Europe to Vienna, the city of rich deserts and coffee houses. We are here … Continue reading

Posted in Classical Economics, Gratuitous Advertising, Rafe | 4 Comments

Hayek v Mises

Sinclair’s post and the John Papola video on Mises v Marx was a really interesting presentation but I doubt will have the same penetration as did his early video on Keynes v Hayek. This continues to provide some kind of … Continue reading

Posted in Classical Economics | 4 Comments

The long-forgotten supply side needs to be recalled

When I was the Chief Economist of the Australian Chamber of Commerce and Industry, this is what you never saw: Business Calls for Stimulus Spark. In normal English, this says, “Business Calls for More Money from Taxpayers”. There may be … Continue reading

Posted in Classical Economics, Economics and economy, Federal Politics, Uncategorized | 21 Comments

The illegitimate spawn of a relic from the Great Depression

From Judy yesterday: A Keynesian solution even Keynes would have tossed. A program Keynes came up with during the Great Depression when unemployment was 25% is still being applied by moron economists 80+ years later who are ruining our economies … Continue reading

Posted in Classical Economics, Economics and economy | 14 Comments

Distributing incomes to match what each of us deserves

I received a very kind note from someone I had spoken with at the Historians of Economics conference the other day which I had discussed here. She sent me two articles, one from the economist Greg Mankiw, and the other … Continue reading

Posted in Classical Economics, Economics on the left, Philosophy | 3 Comments

Have these people never heard about this thing called the market?

As I sometimes mention, the only area I really disagree with Donald Trump about is interest rates. Keeping rates high enough to sort out good investments from bad actually makes an economy more productive and growth oriented. The Fed is … Continue reading

Posted in Classical Economics, Economics and economy | 14 Comments

Learning from history

Spent the last couple of days at the History of Economic Thought Society of Australia meeting which was, as always, filled with interest and revelation. There are a handful of us on the free market side of things, but it … Continue reading

Posted in Classical Economics, Economics and economy | 27 Comments

Classical inflation

Being a classical economist myself, I understand what the classicals meant when they said that public sector deficits lead to inflation. They meant that if a government ran a deficit, they would eventually be forced to inflate the money supply. … Continue reading

Posted in Classical Economics, Economics and economy, Economics on the left | 19 Comments

Garrison on Austrian trade cycle theory II

Here is a post from 2011 where Roger Garrison explains Austrian Capital Theory and the problem of artificially low interest rates. For some context, the  ASX 30 Day Interbank Cash Rate Futures market is forecasting that official interest rates will decline … Continue reading

Posted in Classical Economics, Economics and economy | 4 Comments