Pursuit of Truthiness

my gut tells me I know economics

Archive for October 2009

Two months to the Ceremony: Its not too late to earn that Peace Prize

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As far as I can tell, no one has actually accepted the Nobel Peace Prize while they were prosecuting a war, much less two.  Lê Ðức Thọ was offered one while involved in the invasion of / civil war with South Vietnam, but refused to accept the award.

I see three logical possibilities for this year’s prize.   Obama could accept the award while dodging accusations of hypocrisy.  Or he could pull a Lê Ðức Thọ/ Jean-Paul Sartre and refuse it.

But the most intriguing possibility is that Obama could earn his award, and end the wars in Iraq and Afghanistan in time for the ceremony on Dec 10.  While he’s at it, he could sign a pact with the other nuclear powers to destroy all of the world’s weapons.  And veto any renewal of the PATRIOT ACT.

Don’t say it’s politically impossible, Obama has the power to everything except the arms treaty unilaterally, with approval from no one.  But if anyone out there believes he will really end the wars soon, all I ask is that you put your money where your mouth is.  If the wars will be over in two months, you could make a fortune shorting the stock of every publicly traded U.S. defense contractor.  Let me know how that goes!

Written by James Bailey

October 9, 2009 at 2:52 pm

Zombie Economics

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I was just reminded of the Macro Flame War again, and I realized that one thing both sides agree on is that the other is setting economics back by decades through their ignorance and the resurrection of old fallacies.

But this very fact seems to favor one of the sides in the debate.  It reminds me of one of my favorite economics jokes:

A Keynesian encounters a Real Business Cycle theorist and says, “you idiots have set the field back twenty years !”, to which the RBC theorist replies “so you DO believe in negative productivity shocks!”

Don’t hurt yourself laughing now.  Anyhow, what does it remind you of that each side here is saying, “I thought we had dispatched these old fallacies, but here they are again moving about in broad daylight and going for people’s brains”?  Zombies of course!  We are dealing with at least one set of idea-zombies, or zombie-ideas.

But given the current economic environment, we can see that the zombie invasion is spreading.  After the bailouts, there are zombie banks too!  You must be on the lookout to protect your money and your delicious brains.

Written by James Bailey

October 6, 2009 at 5:55 pm

Posted in bad jokes, Economics