In what has been one of the more remarkable turnarounds in perhaps all economic history, to start the 1980’s the Federal Reserve was roundly rejected. The US central bank was thought a collection of anachronistic malcontents who were unequal to every task. They had made a mess of the 1970’s, and furthermore they were the last to figure that out. [...]
Quantum physics has always had a math problem, one that even in its early days the leading physicists were troubled about. Einstein famously remarked, “God does not play dice with the universe.” Erwin Schrödinger’s thought experiment now known simply as “Schrödinger’s cat” was meant to mock the Copenhagen interpretation rather than help explain it. But we live in an age [...]
Following the explicit path of orthodox monetary and economic theory delves into something very much like Lewis Carroll’s monstrous rabbit hole he devised for Alice all the way back in 1865. Like the story’s Wonderland, the other side of the hole leads to some version of nonsense that seems to project, in the book’s case, the reader’s own senses. In [...]
At some point in the middle of the last century, economics of money shifted to economics of psychology. When Milton Friedman wrote his 1963 book, A Monetary History, it was an effort that uncovered the role of money in the collapse of the Great Depression as he and his co-author, Anna Schwartz, saw it. Whether or not it was a [...]
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