Economics Rules, Author: Dani Rodrik.
The No Breakfast Fallacy, why the Club of Rome was wrong about us running out of resources, Author: Tim Worstall.
The models were also based on an overly simplistic view of the financial system — not just how it works, but also the interplay between finance and the rest of the economy.
“We ignored the financial plumbing,” Blanchard said. “We thought we could model it with a few simple equations,” he explained, based on what turned out to be false assumptions about the ready availability of buyers and sellers and the easy substitution of one financial instrument for another.
Another problem was “linearity.” In nearly all macro models, the relationship between cause and effect is assumed to be regular and smooth — that for every X percent change in one thing, there is a Y percent change in another. more> http://tinyurl.com/ne8unu9
- Don’t Sweat The Gig Economy: We Get Good Wages Because We’re Rich, We’re Not Rich Because Of Wages, Tim Worstall, Forbes
- Ludwig von Mises: Scholar of Free Markets and Prophet of Liberty, Robert P. Murphy, americanthinker.com,
- Gig Economy Is Piecework. But This Isn’t Dickens. Megan McArdle, Bloomberg