Working Papers

Contrarian Optimism versus the Doomsday Cult: A Fund Manager’s View

This blog’s position of contrarian optimism on the US and Australian economies has made it something of a lone voice amid the rather fevered gloom and doom that characterises many other economic blogs.  Much of this gloom and doom ultimately stems from a curious lack of faith in the most basic market institutions that underpin the success of the Anglo-American economic model. 

I was therefore pleased to read fund manager V. Anantha Nageswaran’s article on The Doomsday Cult, which takes the economics blogging community to task for trafficking in ‘stale conventional wisdom.’  It should be said that Dr V comes at this from what I suspect is a very different position from my own.  My impression is that he has also been somewhat partial to the views he now criticizes. As a fund manager, he has no doubt had to accept that market pricing has been particularly unkind to those who bought into these views by underweighting USD asset markets.  While I don’t necessarily share his argument or analytical framework, he nonetheless reaches some very similar conclusions to my own.

UPDATE:  More silly doomsday cultism, from Clyde Prestowitz.

posted on 27 August 2005 by skirchner in Economics

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I dont know much about Doomsday Cults. All I know is that economies grow by innovation in the production of institutions and inventions. Pissing money up against the wall on the distributive professions (legal, financial and political) will not keep us on the path of progress.

Posted by Jack Strocchi  on  08/29  at  08:18 PM

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