Liaquat Ahamed on "The End of Influence"
Hoisted from the Archives: Tyler Cowen Thinks Naomi Klein Believes Her Own Bulls--- (April 8, 2010)

Three Worth Reading for April 8, 2010

  • Sullivan: "Reagan vs Today's GOP II: “A nuclear-free world has been a 60-year dream of the Left, just like socialized health-care,” - Rudy Giuliani, NRO, 2010. “A nuclear war cannot be won and must never be fought. And no matter how great the obstacles may seem, we must never stop our efforts to reduce the weapons of war. We must never stop at all until we see the day when nuclear arms have been banished from the face of this Earth.” - Ronald Reagan, 1984.

  • Krugman: "Martin Wolf asks for a discussion of Austrian economics. My view is that the fatal flaw in Austrian economics is that it can’t explain unemployment — or, worse, that it thinks that it can explain unemployment, but is deluding itself. The Austrian view is that unemployment in a slump results from the difficulty of “adaptation of the structure of production” — workers are unemployed as resources are painfully transferred out of an overblown investment-goods sector back into production of consumption goods. But this immediately raises the question, why isn’t there similar unemployment during the boom, as workers are transferred into investment goods production? I’ve asked this question repeatedly over the years, and all I get is one of two things: gobbledygook, or “but during the phase of rising investment, the economy is booming!”, which is of course circular..."