the TKB Commonplace Book

“Main­stream eco­nomics is re­plete with ideas that ‘every­one knows’ to be true, but that are ac­tu­ally ar­rant non­sense.” That’s not a pun­dit’s tweet or an aca­d­e­m­ic’s blog post. It’s the open­ing line of a re­search pa­per re­leased by the Vat­i­can of main­stream eco­nomics, the Fed­eral Re­serve