2009 June 08 Monday
Mish Shedlock Does A Google Tech Talk
Mish Shedlock, whose
Global Economic Analysis blog I read regularly, has cut such a big figure on the economics blogging scene that he was invited to give a Google Tech Talk:
Mish is a former computer programmer who is mostly self-taught on economics with a lot of informal tutoring by others. He's managed to attract a bigger readership than almost all trained economists. He's been heavily influenced by the Austrian economists.
I find it interesting that people such as Mish outside of the academic and financial mainstream of economics did a better job of calling the coming of our financial disaster than the mainstream.
Group think by smart people is a big problem. Blogs are useful in part because they provide forums for dissenting view from assorted prevailing group thinks that are ridiculous in their obvious errors. It helps to look at non-official and basically dissenting sources of information on a variety of topics. The trick is to find high quality dissenting views.
Very abstract. I love it.
A number of self-professed "Austrian economists," including Shedlock, have jumped into the doomsday market lately, rending their sackcloths and wailing about deflation (in Shedlock's case), or more often hyperinflation and/or economic collapse.
Yet these same people tend to dismiss catastrophists who operate out of other world views, for example the global warming obsessives, Peak Oil survivalists, neo-Malthusians and conspiracy kooks like Lyndon LaRouche and Alex Jones.
The "Austrians" competing to get their predictions heard above the background noise seem to have the attitude: "The Apocalypse belongs to us, damn it! not to those other people." I'd like to know the name of an "Austrian economist" who thinks that we'll just muddle through this crisis with a functioning economy intact.
How many optimists are out there??
Well, I am for the most part still a deflationist. Does Randall want to bring in any arguments against deflation and for 1970s stagflation? I expect this might happen in oil prices though, but I think we have seen peak demand. The only thing I regret from deflation is that it would reduce the return on investment for alternative energy since it reduces the demand for energy and the cost of energy.
That guy is a mouthbreather. I had to turn it off due to the breathing.