The Devil’s Dictionary of Economics
Search For: (All Definitions Starting with the Letter: E)
Definition Total: (9)
Page: (1) of (1)
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Definitions |
| Economic Forecasts |
1) “The Soviet economy is proof that, contrary to what many skeptics have earlier believed, a socialist command economy can function and even thrive,” said Paul Samuelson in 1989. 2) Question: "What’s your advice to the average American who is hurting now, facing the prospect of $4 a gallon gasoline?" George Bush: "Wait, what did you just say? You’re predicting $4 a gallon gasoline?... I hadn’t heard that." 28 Feb 08 3) “Bear Stears’ balance sheet, liquidity, and capital remain strong,” Alan Schwartz, chief executive, assured us on 12 March 2008, days before their collapse. 4) “The mother lode of [Washington Mutual] is performing awfully well with record growth numbers coming out in the second quarter,” enthused Kerry Killinger, chief executive, on 12 August 2007. They lost over three billion dollars that quarter and, within a year, were worth a tenth of what they traded for then. 5) As a matter of principle, I do not make economic forecasts – see my paper, Did Mises and Hayek Predict the Great Depression? However, I did make one: When a topless dancer sits on one’s lap and brags about the three (soon to be four!) houses that she owns, as one did in 2005, one can’t help but wonder if it might be time to get out of real estate. See Mortgages, Sub-Prime.
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| Economics |
Not John McCain’s strong suit. Of course, the Democrats are no better, but at least they’ve got an excuse: Between inventing the internet and dodging sniper fire in Bosnia, it’s just so hard to keep one’s nose in those dry economics texts. See Free Lunch.
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| ElBaradei, Mohamed |
“In my opinion, a military strike [on Iran] will be the worst… it will turn the Middle East to a ball of fire.” See Draft.
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| Elitism |
If Barack Obama was proud of his education, would he be stuffing himself with waffles and bowling badly in an attempt to connect with the political base of the new Democratic Party? That lack of pride wouldn’t have anything to do with affirmative action, would it?
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| Energy Independence |
1) Something Iran lacks. If they can’t come up with the money to build a refinery, why is John McCain convinced that they have the money to develop a nuclear arsenal and make the bombs small enough to fit in the nosecone of a rocket? 2) Something that we will achieve – not! – if we Drain America First. Perhaps it would be simpler and cheaper if everybody just bought and sold freely with one another without worrying about being “independent.”
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| Epistemology |
The study of knowledge. See my Review of Richard Fuerle’s Logic of Pure Choice.
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| Euro |
What Americans will soon be using for money if the Federal Reserve doesn’t turn off its printing press. See Dollar.
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| Expectation |
2.039% when playing single-deck blackjack with a 6:5 payout on naturals. See the Aguilar Blackjack System.
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| Exuberance, Irrational |
The cause of all of our current economic woes, according to Alan Greenspan. They couldn’t have anything to do with Federal Reserve policy during his reign. No Sirree!!
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