Two old blokes losing their memories

So, apparently this is something so good that I’ve recommended it a number of times. And neither I nor Mark in HK can recall what the heck it was.

Quick question

You have mentioned before one of your key recommendations for economics students being a collection of essays from a non economist in one of the big US newspapers and linked to a webpage. Could you remind me of it please? Son of a friend going off to uni to study business economics and thought it might help.

And:

Can’t remember the exact details, but you quote it reasonably often and once provided a link as it’s not in print. It’s kind of a collection of articles by someone who wrote regularly on markets and economics….thought it was in a US journal of some sort. Damn, I even printed it out once…

Neither of us can remember what the buggery this was. The hive mind is likely to do better than two sets of ageing synapses. Anyone think what this is?

Henry Hazlitt it is an was, thanks for the prompt to Dongguan John.

At which point, a fun little point about this social media and internet stuff. Bloke in Hong Kong is asking a bloke in Portugal to recall something. Answer comes from bloke working near Macao.. All participants are actually English. This takes 10 minutes.

Different world in some senses, isn’t it?

9 thoughts on “Two old blokes losing their memories”

  1. Thanks Donguan John! That’s the problem when you outsource your memory to internet ‘favourite’ tabs and then your computer goes down. The compensation as Tim puts it is the hive mind…The PDF is clogging up my printer as we speak!

  2. Could be PJ
    But you can’t access US newspaper archives from Europe in many cases following the arrival of GDPR to re-read his columns

  3. My pleasure Mark. Hazlitt’s book Economics in One Lesson is still in print and avaliable on Amazon.

  4. Bloke in Germany not presently in Boston

    So the answering bloke should be called “Bloke Not in No Longer Portugal”?

  5. Tim – looks like you are busy on Contins but just may want to check out a De Beers foray into TRUK once again:

    Firstly – predicting a crisis for the 100th time or more:

    ‘We may be near ‘Peak stuff’ and that will create a crisis’

    ‘I know debt is, for many, the cause for deep, gnawing anxiety. I also know many try to hide from that in more consumption, and alcohol, or worse. The personal consequences of what is happening are dire. But I will focus on the macro, if you will forgive me.

    At a macro level this debt will implode. It has to. Some of it is unplayable. I have little doubt that those who are owed have yet to realistically appraise how much their debts will amount to because over the last decade accountancy has forgotten how to appropriately debt provision because the rules have not required them to do so. That’s a contributory cause of this crisis that will have market repercussions.’

    I love his typos – what ‘unplayable debt’ is is a good Question? Additionally a man proven to be ignorant of innnumerable accounting basics by so many great contributors on here (no doubt like me angry at the Ely Fascist’s role in the closure of the great, much missed FCA blog) opines on the rules of accounting in magisterial fashion.

    ‘What can be done then? The answer is obvious. We need to prepare for redistribution. The savers will need to be the saviours. The simple fact is that we have massively skewed wealth distribution in the UK, and we have a tax system that massively favours those who earn income from wealth as opposed to those who earn income from working. Of course the two comments are not unrelated: under taxed income from wealth does, of course, get saved, in the main, so increasing wealth inequality exponentially.

    In that case peak stuff has to be marked by two things. The first is increased taxes on income from wealth. I explain how, here.

    And the second is wealth taxation. That could be by taxing property more effectively, both during life and on death. It could be by making inheritance tax work, which might well mean reducing many of the exemptions that mean that the very wealthy simply avoid the tax. And it could mean a new wealth tax to replace inheritance tax altogether.’

    As an earlier man of similar mindset predicted: ‘There will be total annihilation’ (That referred to Allied forces at Dunkirk but the mindset is obviously the same) All wealth will be confiscated by the state to meet needs that may not even have yet been quantified

    And of course an attack on the guardian as innumerate which might be good if we did not know Murphy was the attacker:

    ‘Venezuelan inflation was not caused by over-printing money’

    ‘And the last claim – that inflation is caused by a government creating new money to finance spending above the income from taxation – is absurd. Any government can spend beyond their ability to raise money by taxation: the UK has since 1694, and has prospered greatly as a result. So this generalisation is another drawn from the undergraduate textbook that is, simply, incorrect because it ignores so many causes for inflation, many of which are external to any economy. What it also ignores is the fact that a government may want to spend in this way to boost economic activity. In other words, the comment ignores the whole of the understanding of fiscal policy based upon Keynesianism’

    Another anaylsis for posterity to record the man’s utter mastery of the entire corpus of economic thought, and this based on one lecture in his undergraduate course which he walked out of….

  6. So what is the reason for Venezuelan inflation which does not apply to neighbouring and similar countries which don’t overprint?

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