By Robert Murphy | Friday November 13, 2015 at 12:00 PM PDT | Comments Off on Shiller’s Irrational Faith in Government Regulation
In a recent New York Times piece, economist Robert Shiller built an argument that was a non sequitur resting on two false premises. Specifically, Shiller argued: (Premise 1:) Economics courses teach students that market outcomes are “Pareto optimal.” (Premise 2:) In reality, market forces lead to systematic deception and manipulation of the public. (Conclusion:)...
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Tags: Austrian School of Economics, FDA, government regulation, market competition, Pareto optimal, Regulation, Robert J. Shiller, Shiller
By Randall Holcombe | Monday March 28, 2011 at 8:31 AM PDT | 2 Comments
Ask a group of economists what the leading academic journal in economics is, and an overwhelming majority will say the American Economic Review. The Review is 100 years old this year and the lead article in the February 2011 issue, co-authored by six well-respected academic economists, is titled “100 Years of the American Economic...
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Tags: Austrian School of Economics, Charles W. Cobb, Economics, Meir Kohn, Paul H. Douglas, Robert J. Shiller, “The Use of Knowledge in Society”