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March 07, 2010 – Comments (18)

Yves is on this video and she is talking about things in her book. 

She is blaming main stream economic theory. 

My question, how can you fight main stream stupid economics that goes as far as leveling Nobel prize at the nonsense?

I haven't read her book, but I think I will order it.

I sure don't care for that Felix Salmon guy.

I need to make a reading list and pick up a bunch of books when I head south later this year.  I'd love to hear people's recommendations.

18 Comments – Post Your Own

#1) On March 07, 2010 at 11:58 PM, whereaminow (21.85) wrote:

What are you looking for dwot?  I've put my hands in a little of everything economics related over the last few years.  But where would you like to start?

David in Qatar

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#2) On March 08, 2010 at 12:12 AM, binve (< 20) wrote:

dwot, thanks for the link! I watched the video and Yves point about modern economic theory assuming stability is a good one. It is a *flawed assumption*. I think engineers would make better economists than economists. Of Modeling, Risk, Financial Innovation, and Liquidity Crises - http://caps.fool.com/Blogs/ViewPost.aspx?bpid=344745

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#3) On March 08, 2010 at 12:18 AM, Tastylunch (29.41) wrote:

What sort of books do you want Dwot?

Economics? Investing? Other?

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#4) On March 08, 2010 at 12:21 AM, Tastylunch (29.41) wrote:

Whoah never seen Yves Smtih live before. Very cool she's easily one of my favorite blogger/commentators.

That's psuedonym right? Always thought Yves was a male's name...

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#5) On March 08, 2010 at 12:38 AM, starbucks4ever (97.81) wrote:

I always took it for granted that the official theory was nothing but ideological drivel. Historical materialism, Dialetical materialism, Materialism and Empiriocriticism, Brief History of the CPSU, Chicago School of Economics... 

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#6) On March 08, 2010 at 7:48 AM, dwot (60.71) wrote:

David, Tastylunch how about your top 3 recommends.

binve, interesting how they come up with their models.  I don't have any formal modeling how I come up with my perceptions of where I think the economy is going.  I have no model for the market either.  So far my belief in the economy has been correct, it is absolutely awful out there and getting worse as far as I can tell, yet somehow the market continues to rally.  I am just patiently waiting it out, but my hubby gives me some insight as to why the market rallies.  He can't stand the low rates of return, has moved money to what I think are risky financial institutions for marginal increases in return and I think people have their money in the market because the lack of return with traditional deposits is driving people to look elsewhere. 

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#7) On March 08, 2010 at 7:49 AM, dwot (60.71) wrote:

Tastylunch, I thought Yves was a male name as well, but someone corrected me on a blog once.

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#8) On March 08, 2010 at 8:52 AM, russiangambit (29.42) wrote:

#5 - lol, exactly. It helps me to keep my head straight after having years of studying of Marx and Lenin as the ultimate truth and then watch their theories fail completely and irreversably . And the other guys, how are they different?They are not at all different, their theories are used and promoted by politicians and businessment where it is convinient and the inconvinient ones put aside and forgotten.

But whether it pays to be non-conformist and seek the truth like Ron Paul, for exampel, I am not so sure. It is hard to go through life disillioned and sober while everyone is being merry drinking the bubbly. Ignorance is a bliss.

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#9) On March 08, 2010 at 9:51 AM, JakilaTheHun (99.93) wrote:

Yves is a male name:

http://en.wikipedia.org/wiki/Yves_%28given_name%29

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#10) On March 08, 2010 at 10:26 AM, starbucks4ever (97.81) wrote:

#8, The Soviet brand of theoretical chicanery had the advantage that it was uniform for everybody. In contrast, the Western brand comes in two versions: the domestic (Keynesian) and the international (Monetarist). Both of them are incorrect, but for different reasons.

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#11) On March 08, 2010 at 11:02 AM, ahobbs (27.62) wrote:

dwot - I'll give you the three that I've read lately:

1. The Ivy Portfolio - Investing like the top endowments.

2. The Myth of the Rational Market - Title sounds like it debunks the theory of the rational market, but it's more of a history of stock market valuation theories.

3. This Time is Different - An analysis of financial crisis.  The first half of the book on sovereign debt and domestic debt default is a real slog, but I'm just getting into the banking crisis part, which I think will be more applicable.

Enjoy!

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#12) On March 08, 2010 at 11:30 AM, whereaminow (21.85) wrote:

dwot,

I read 3 books by Garet Garrett this year, a writer that I had previously never heard of.  They were The Wild Wheel, The Driver, and Harangue.  They are all set in early 20th century America and focus on economics, capitalism, and the struggle between Progressives and free markets.  The Wild Wheel is about the Ford Corporation.  The Driver is about an early industrial magnate, and Harangue is based on the Socialist takeover in South Dakota in the early 1920's.  They were all fantastic, though at times oddly written (Garrett's style is unusual).  Of the three, Harangue was my favorite.

For present day stuff, Thomas Woods' Meltdown was excellent.  DiLorenzo's How Capitalism Saved America was good. 

For personal favorites that I've read over the past few years that pop into my head, there's Folsom's The Myth of the Robber Barons (now in its 5th edition) and David Friedman's The Machinery of Freedom is radical and excellent.

For more advanced stuff, De Soto's Money, Bank Credit, and Economic Cycles is one of the best economics books I've ever read.

Hope this helps.

David in Qatar

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#13) On March 08, 2010 at 1:08 PM, Tastylunch (29.41) wrote:

Dwot

oh man 3 books and no specific type in mind? and I have no idea what you have and have not read? Hoh jeez you are killin me, I read all sorts of things.

Well how about I just mention three I've read and reread lately that I really liked that I think may be up your alley.

  1. Reminiscences of a Stock Operator (Hardcover)
    by Edwin Lefèvre, Jon D. Markman
  2. awesome brand new edition of the timless classic that I've read countless time before. Markman from MSN Money adds tons of historical context in the margins. This new version is like a whole new book. A better book for history buffs like me

  3. Jay Cooke's Gamble: The Northern Pacific Railroad, The Sioux, And the Panic of 1873 (Hardcover)
    by M. John Lubetkin One of the few books I've ever read about the start of the Long Depression of 1873, reccommended to me by Dee. Hard to find but a fun read.
  4. Why Smart People Make Big Money Mistakes And How To Correct Them: Lessons From The New Science Of Behavioral Economics (Paperback)
  5. By Gary Belsky

    You may have already read this one, but I find it to be a really really important book interms of understanding people's fianncial behavior including your own


     

    >-I'm just patiently waiting it out, but my hubby gives me some insight as to why the market rallies.  He can't stand the low rates of return, has moved money to what I think are risky financial institutions for marginal increases in return and I think people have their money in the market because the lack of return with traditional deposits is driving people to look elsewhere. 

    yes that's exactly why this happens-low interest rates. People are continually in search of yield adn if they can't get that, return.

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    #14) On March 09, 2010 at 12:11 AM, dwot (60.71) wrote:

     I found This Time is Different on Pdf

    http://www.economics.harvard.edu/files/faculty/51_This_Time_Is_Different.pdf

    and I found Money, Bank Credit and Economic cycles on PDF.

    http://mises.org/books/desoto.pdf

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    #15) On March 09, 2010 at 12:14 AM, Tastylunch (29.41) wrote:

    do you prefer PDF format? I didn't consider that

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