Please - Increase good economic thinking

Ideas

Mish - you have noted bloggers that increased your understanding of Austrian school of economics. Many people in the "arena" of life are making difficult choices (e.g., elected officials, appointed officials, small business owners, corporate executives, sports leagues, doctors). So many of your blog articles just blast their decisions or talk about political polls. Since polls say Biden will win and he is not in office now, how about educating everyone with ongoing articles about the economic impacts of policies being proposed/supported by Biden and his party, good and bad? Instead of a blog about relief packages of $1T by Republicans and $3T by Democrats leading to who is likely to win in November, how about educating with articles about what would be the best way to help the economy and build businesses using Austrian school economic principles? If Illinois is such a mess, what are good national policies and who is promoting them? You recommend right to work laws and no public unions. Will Biden bring those policies? If not, what will his policies look like? Is heavy government programs and intervention better? How are countries with socialist programs better? Please make a difference. You have a platform and would do well to educate readers on ideas where you could influence thinking about sound economics (vs making repeated attacks on those who must make choices and repeating polls that are in the news already). Of all times, now is when sound economic principles are needed - whoever wins an election.

Comments (4)
No. 1-2
Curious-Cat
Curious-Cat

IMHO what is going on currently with the virus and the stimulus packages is so monumental as to make Illinois (admittedly serious) problems and the economic impact of Biden's possible policies insignificant by comparison. We have no idea what the US economy will look like in 3 months, why speculate on the effects of policies that may be completely inappropriate by then. If anyone should explain Biden's possible policies, it's Biden, not Mish.

With all due respect, what you are asking Mish to do is to debate which color we should paint the mast while the boat is sinking.

Russell J
Russell J

I think that is a great idea and request. Policy is everything. It does determine to a great degree which direction things go, our current situation is a good example, terrible, unclear policy=terrible, unclear situation / future.

It is much more important to talk about Biden's or more importantly the vice presidents policies ( Biden probably won't complete his term ) and their effects than todays gdp #'s or an idiotic tweet from Trump.

2 Replies

Curious-Cat
Curious-Cat

@Russell 3 - Ok, I'll be fair. Why don't YOU and @Ideas initiate discussions of Biden's policies in these postings? If you do, I promise to read them and offer my commentary. If Mish's readership agrees with you that discussion of Biden's policies are more important than a discussion of the current happenings of the economy then you should get many responses to your postings.

I am skeptical of the importance of your proposal because, as you point out, under the current terrible situation with unclear policies and unclear futures, it will be impossible to forecast an economic base from which to assess the effectiveness of proffered policies. Example, will we add $1 trillion more debt in the next month, or $3 trillion? Will C-19 cases start to diminish or will they continue to grow toward the end of the year? Will schools open or not? What will the Q1-21 unemployment be? Will international tensions continue to grow or will some sanity prevail? Surely policies in 2Q-21 will need to vary depending on whether we start to see improvements or we see a continuation of the terrible, unclear policy situation you reference.

Russell J
Russell J

I’m not sure what Biden’s plans are other than he seems interested in some variation of this green new deal and he hasn’t chosen a vp yet so we don’t know what that person thinks is a good idea.
After the election when they open up the economy as much as practical and kids go back to school I think it might be a good idea to consider some of these ideas because shale is done and we are going to be at the mercy of outside interests in the oil market. This massive debt is definitely not getting paid back so we may as well go all in.
I’m obviously no expert or economics guru. I’m gonna eat lunch and get back to work so have at it!
I’d love to hear what Biden’s policies are and what you educated people think about them. It’s really important to know what this guy and his vp are proposing to understand what’s likely coming.