Joakim Book
Two Grand Traditions in Financial History
Before New York acquired its status as the financial center of the world, the honor of that title was reserved for London and, before then, Amsterdam for roughly a century each.
There’s No Such Thing as Socially Harmful Speculation
Financial markets, including markets for complex instruments that may just look like speculative casino bets, allow important real transactions to occur. And in a brilliantly decentralized way, they bring into harmony people whose information, values, goals, and risk aversion differ.
Yes, You Can Sell What You Do Not Own
To remain consistent, opponents of so-called fractional-reserve banking have to denounce overbooking practices among airlines as well as the entire business of insurance.
Safe Banks Are Probably Not What You Want
Why wouldn’t we want safe and stable banks? Like almost everything else in economics, benefits in one area comes with real costs in others.
What Does It Mean to Have Predicted an Economic Event?
Seismologists can’t predict earthquakes. Economists can predict financial meltdowns? Please.
