Tyler Cowen on Twitter this morning claims that Hayek's theory are better at explaining fiscal policy rather than monetary policy. This claim intrigues me.
For one I think as Hayek ultimately concluded efforts to tie the monetary authorities hands with a monetary rule don't work, and they don't work because of the fiscal appetite of the state. But in that sense Hayek's monetary and fiscal policy analysis work together. So in what sense is Tyler arguing that one is superior to the other?
|Peter Boettke|Congratulations to Esther Duflo for being named the 2010 John Bates Clark Medal Winner. We have only met once at a conference at the LSE organized by Tim Besley to honor P. T. Bauer, but she would have no reason to remember me. At that seminar she was talking about her work on fertilizer and improved agricultural production in Africa.
This is part of the wisdom the great coach Bobby Knight provided to Trine University graduates last month. Knight certainly isn't a perfect human being, but he never claimed to be. All he wanted to do was be a great basketball coach. And he was (is), perhaps the greatest college coach.
The Guardian -- "Exasperated by rising subscription costs charged by academic publishers, Harvard University has encouraged its faculty members to make their research freely available through open access journals and to resign from publications that keep articles behind paywalls.