Brent Wheeler's Page

This is a clear enough statement and makes complete sense to me....

by EUGENE F. FAMA

There has been lots of response to my little essay on bailouts and stimulus plans. I will only comment on the negative ones that I think have merit and are overlooked in my original paper.

First, however, I want to restate my argument in simple terms.

1. Bailouts and stimulus plans must be financed.

2. If the financing takes the form of additional government debt, the added debt displaces other uses of the… Continue

Interesting lessons here - and how to be careful what you wish for.


Bankruptcy could be good for America
By Gideon Rachman
Published: January 12 2010 02:00 | Last updated: January 12 2010 02:00 (From the FT)

In Winnie-the-Pooh , there is a significant moment when the bear is asked whether he wants honey or condensed milk with his bread. He replies "both". You can get away with this sort of thing if you are a much loved character in children's literature. But it is more problematic when great… Continue

Is it possible to generate genuine wealth in virtual worlds and games???? Very likely.... here is an extract on the economics of virtual worlds.....

I have taken the liberty of shifting this from a message to this blog where:

- there are various other book recommendations and
- Medhi can hopefully get a wider range of responses to his good question

"Can you suggest me some books for the following subject.

Treasury and Fund Management
Portfolio & Investment Management"

My suggestions - and portfolio and investment management rather than Treasury is my field - start with the classic "Investment Policy: How to Win the Losers Game" by Ch… Continue

A summary - by Milton and Rose Friedman, adapted from "Free to Choose" is set out below. It is worth paying attention to their demolition of the counter arguments - some of which are currently enjoying an attempt at revival....

The Case for Free Trade
By Milton Friedman and Rose D. Friedman
In international trade, Hoover fellow Charles Wolf Jr. argues above, deficits don't much matter. Here Milton Friedman and Rose Friedman discuss what does: freedom. A ringing statement of logic and principle.… Continue