On the Impossibility of Planning

This post is an extract from a piece written by Cosma Shalizi in May 2012. I have dispensed with his introduction and some of the later discussions because it’s already quite long and I wanted to focus only on the central section which explains the problems of socialist planning. It’s quite geeky, but I think…

The Trouble With Macroeconomics

Paul Romer is an esteemed economist, currently a professor at NYU and will soon be taking up the job of chief economist at The World Bank. He wrote a controversial paper savaging modern macroeconomics as a pseudoscience, captured by groupthink which I think is fantastic, and certainly extremely poignant in some of today’s debates where the…

Political Correctness – Not Gone Mad After All?

This post is by Dr Kristian Niemietz from the Institute of Economic Affairs. It was hard for me to pick just one of his many excellent pieces to showcase on JTsMusings; I urge you to check out some of his other stuff if you like this one. The Economics of Political Correctness Over the past…

An Impressionable Sixteen-year-old

I mention in the Introduction that I became fascinated by Economics when I studied it at school. I do not think I exaggerate when I use the word ‘fascinated’. After deciding to make this website, I sat down and started sketching out what my first few posts would be. I had in mind a vivid memory…