Steve Landsburg takes Paul Krugman to task for committing what should be regarded as the cardinal sin of any economist: fueling commonplace misperceptions about the way economies work. The world is amply stocked, even without Nobel laureate economists joining them, with people who mistakenly believe that the chief problem that economies must solve is finding work for people. But what people want above all (at least from the economy) is not work per se, but consumption goods – a large and growing selection of ample consumption goods. Jobs are only a means to that end. And ample and growing supplies of consumption goods are impossible without creative destruction and efforts to produce, whenever possible, more efficiently. Labor-saving technologies and modes of production enhance wealth; without such things we’d still all be living, dirt poor, on farms.
Here’s a video on Judy Shelton talking about her newest book, Fixing the Dollar Now. (HT Leonard Liggio)
Finally, Johns Hopkins economist Steve Hanke points us to research on some consequences of private-equity firms (such as Bain Capital).