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?
Aaron Swartz, the Highland Park-raised advocate for Internet openness, took his own life Friday under the shadow of a federal prosecution for allegedly downloading nearly 5 million academic journal articles without authorization. But with his death, his cause has gained new momentum.
|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.