Ulam once challenged Paul Samuelson to name one theory in all of the social sciences which is both true and nontrivial. Several years later, Samuelson responded with David Ricardo's theory of comparative advantage: That it is logically true need not be...

In basic terms, when velocity declines sharply even as supply is being introduced at an unprecedented rate, the implication is that the added liquidity is not engendering economic activity. This is what "pushing on a string" looks like. As economist...

National Union (Karen ethnic pro-democracy resistance) and the Government of Burma have ordered their troops not to shoot. A government negotiator says the “peace negotiations” with the Kachin could take three years. Dr. Ronald Findlay, in MIT’s...

(From Paul Samuelson, “Full Employment after the War,” in S.E. Harris, ed. , Postwar Economic Problems, 1943.) John Cochrane writes (HT: Arnold Kling ) about Lawrence Klein’s 1946 article wondering why the Keynesians went so wrong. W.S. Woytinsky...

Paul Krugman, the American nobel laureate in economics opined in the New Times recently that the austerity was not the answer to euro zone's debt woe: "Any undergraduate who had read Paul Samuelson's textbook, Economics, could have told you that...

Europe, where austerity policies are having the same effect as in Britain, with many signs pointing to recession this year. The infuriating thing about this tragedy is that it was completely unnecessary. Half a century ago, any economist--- or for that...