is a witty and erudite essay by MeFi lurker
John Lanchester in The London Review of Books on how completely and utterly screwed the British economy is. In the process of laying out his case Lanchester touches on varied issues, such Scottish banknotes
, why Alan Hollinghurst's phrase "tremendous, Basil Fawltyish lengths" is applicable to the reaction by the US and UK governments to the banking meltdown, the value destruction of corporate mergers, the invention of modern accounting, and why no one really knows how large a share of the failed banks is owned by governments.
The Maria Theresa Thaler
(or MTT), a coin first minted in 1741 and continuously to this day, remained legal tender in parts of the Arabian peninsula as late as 1970, where it was much prized both as a coin and for jewelry
[magazine article] Incredibly important for trade between Europe and the Middle East, the MTT had a great impact on history. For more information turn to Maria Theresa's Thaler: A case of international money
an indepth article about the MTT by Adrian Tschoegl.
"Here is what makes the rise of supply-side ideology even more baffling. One might expect that a radical ideology that successfully passed itself off as a sophisticated new doctrine would at least have the benefit of smooth, reassuring, intellectual front men, men whose very bearing could attest to the new doctrine's eminent good sense and mainstream bona fides. Yet, if you look at its two most eminent authors, good sense is not the impression you get. Let me put this delicately. No, on second thought, let me put it straightforwardly: They are deranged." Feast of the Wingnuts
- How economic crackpots devoured American politics, by Jonathan Chait. Counterlink: Arthur B. Laffer explains his curve
is by definition not widely popular, and so it goes in the field of economics. Lately, though, the orthodoxy has been on the defensive
against a faction that's named itself post-autistic economics
. Arising in France, it has spread around the world, capitalizing on the widespread feeling
that all's not well in the field of economics
. [more inside]