FORECASTING THE ECONOMY: Keynesian Economics vs. Austrian Economics – [VIDEO]

The 2 videos are designed to convince you that the Austrians’- economic predictions are more accurate.

The first video has an intro in French, sorry for that, but the rest of the video is in English (with French subtitles).

Keynesians’- forecasts (featuring Ben Bernanke and Paul Krugman) vs. Austrians’- forecasts (featuring Ron Paul and Peter Schiff):

Tyler Cowen, proven wrong on PBS? – [VIDEO]

Brian Caplan tweeted that the GMU prof was wrong and the MIT prof was right. Is that your personal view? I am not impressed by the futuristic MIT gadgets, as they won’-t necessary correspond to people’-s needs. Hence, I don’-t buy their argument that the real problem is not being capable of “-keeping up”- with the pace of technology. We don’-t care about technology we don’-t need.

Watch the full episode. See more PBS NewsHour.

[Download this post to watch the video, if your feed reader does not show it to you.]

Tyler Cowens The Great Stagnation – [REVIEW]

Jason Ruspini:

I don’t think Cowen failed to appreciate these points, but explaining the rate-of-change in productivity, mean income, asset returns, etc. in terms of a technological slowdown is still mainly a “story” that we are telling ourselves. We could also tell a story in terms of demographic structure and population growth. Both narratives are plausible, but difficult to show rigorously. Regardless of how we try to explain what has happened, it is uncontroversial that it is becoming harder to retire, and that fact has a large bearing on quality of life. It is difficult to quantify the gains from radio to television to color TV to Youtube on IPhone (where one might take pleasure in watching cigarette commercials from the ’60s and ’70s), but having to work or not seems a lot more straightforward, and stagnation on that front is more tangible. Of course, you will probably live longer in retirement, but can you afford that longevity? That is the more concrete issue here.

Nouriel Roubini on carry trade… and the anemic recovery

Doctor Gloom:

Jim Rodgers on gold: