Every Once In A While I Feel

Default Is Not In Our Stars, But In Ourselves.

If You Want A Simple Model For Predicting The Unemployment Rate In The United States Over The Next Few Years, Here It Is: It Will Be What Greenspan Wants It To Be, Plus Or Minus A Random Error Reflecting The Fact That He Is Not Quite God.

However, The Fact That An Economist Offers A Theoretical Analysis Does Not And Should Not Automatically Command Respect. What Is Needed Is Some Assurance That The Analysis Is Actually Relevant.

The Growth Of The Internet Will Slow Drastically, As The Flaw In 'metcalfe's Law'–which States That The Number Of Potential Connections In A Network Is Proportional To The Square Of The Number Of Participants–becomes Apparent: Most People Have Nothing To Say To Each Other! By 2005 Or So, It Will Become Clear That The Internet's Impact On The Economy Has Been No Greater Than The Fax Machine's.

People Who Are Complaining About The Fed Are People Who've Been Predicting Runaway Inflation For Five And Six Years, And It Hasn't Happened.