Tuesday, October 15, 2013

The Problem with the GMU Crowd

It's terrible, but many from the George Mason University crowd will say anything to appear mainstream.

GMU "Austrian" Peter Boettke wrote on news of the latest three Nobel recipients in economics:

This is a very worthy Nobel by all three individuals.

There is very little good to say about any of the three, but the nonsense spewed out by Robert Shiller is often the most stark. As I pointed out earlier, Shiller blames capitalism for unemployment problems and he is a tax and spend Keynesian. His stock price to dividends model is nothing but a shabby rip off of the price to earnings model. Benjamin Graham made the price-earnings ratio famous in his book Security Analysis. The book was first published in 1934, 12 years before Shiller was even born.

How could an Austrian call any award to Shiller "worthy"?

Further, as Brett Arends points out, the Nobel committee awarded economists who have contradictory views! Arends has it correct:

It’s a farce. By definition, they cannot both be right.
But at GMU, this is what goes for "worthy."


  1. George selgin is in the same crowd calling Rothbard followers a cult

    1. In other words, he's a mainstream coward. Got it.

    2. I don't see the LVMI forcing people to pay dues, or indoctrinating students.

  2. Ahhhhhh

    Walter Williams is still one of my favorites.

  3. Boudreaux ain't bad either. Even for a bunch of minarchists, the GMU crowd ain't bad.

  4. Technically Boettke is 100% correct.

    Since the Nobel Prize in Economics is a joke, and these 3 guys are jokes, they are indeed very worthy of this prize.