Milton Friedman, Hack & Fraud

by Joe Blackwell

Milton Friedman was not above using sleight of hand and sophistry to ensure his work reached the preferred conclusion. As Serban V.C Enache has shown before in this article, Friedman exaggerated the stability of the velocity of money to support his theory of inflation derived from the quantity theory of money. In light of this, I will highlight another example of Friedman’s use of sophistry to hide the empirical issues the monetarist theory runs into. Continue reading “Milton Friedman, Hack & Fraud”

The Clock’s Ticking for Turkey

by Serban V.C. Enache

The financial picture looks like this:

Turkish Government debt: 28 percent of GDP in 2017, and has been falling for several years. Private sector debt is 170 percent of GDP – and roughly 35 percent of that is denominated in foreign currency. Turkish nominal GDP growth has been solid for several years, even reaching the double digit mark. Continue reading “The Clock’s Ticking for Turkey”

Herculean Public Works Never Undertaken

The Soviet OGAS, Continental Hydrology, and NAWAPA

by Diego Ramiro Lattes & Serban V.C. Enache

 

The Soviet OGAS, or ASAS in English (All-State Automated System), was never fulfilled. The project began to see its earliest iteration in 1963, when Glushkov began to study state farms, mines, and industrial plants alongside every administrative facet of the Soviet system – from the lowest to the highest authority – to determine how the emerging computing technologies could be best used for the benefit of the nation. Continue reading “Herculean Public Works Never Undertaken”

Money and Progressive Resource Allocation

Procedure, while important, shouldn’t make us oblivious to priorities

by Derek McDaniel

I want to talk about “Progressive resource allocation”. In this case, what I am referring to, has nothing to do with political progressivism, except by coincidence. I am using the word “progressive” simply to describe a sequence of steps or priorities, a “progression”, if you will. Continue reading “Money and Progressive Resource Allocation”