Posner on the Precipice

October 13, 2009 8:04 AM by Mario Rizzo

In recent years, Posner abandoned his rational-choice approach in law for what he has been calling "pragmatism." Keynes also thought of himself as a pragmatic, nondoctrinaire person. FULL ARTICLE

The Misdirection of Resources and the Current Recession

February 19, 2009 8:55 AM by Mario Rizzo

Unfortunately, much of the policy advice offered recently by commentators, including many economists, is shockingly superficial. It is reminiscent of the simple prime-the-pump ideas of the early Keynes and does not acknowledge Keynes's own cautions and qualifications after the General Theory was published, especially in his advisory work for the UK Treasury in the 1940s.

Activities that prevent or inhibit the re-allocation of resources out of their bubble-induced misdirected uses will only prolong the current recession. This kind of stimulus is not better than nothing. It is worse than nothing. FULL ARTICLE