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The misbegotten birth of macro

As folks may have noted, I like graphs; they can be very useful illustrations, particularly of historical trends.  Consider this graph, taken from the 2012 US Federal Budget (via). What is striking is...

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The surreal glitter of gold

Blogging at Free Banking, Kurt Schuler wants us to have a debate about gold (as in the gold standard). Let’s not. I will concede that there is, as he states, much superficial dismissal of the utility...

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Selenium, silk, spices and silver: drivers of human history

Adam Smith called the crossing of the Atlantic by Columbus and rounding of the Cape of Good Hope by Vasco da Gama the greatest events in human history. They led to, for the first time, a truly global...

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Bubble trouble: not an easy money problem

The notion that “easy money” created asset booms is levelled (famously by Austrian school economists such as von Mises and Hayek) against the 1920s boom and by a range of commentators about the Great...

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