Saturday, December 4, 2010


A "good" investment is one you make money on. A "bad" investment is one you don't. But, malinvestment? This is where judgment comes in, subjectivity, preference, and moral superiority: "Good" and "bad" in the usual sense of those words.


Greg said...

Check out the series of posts here

on morality plays in economic discussion. I think its the last three or four where he addresses this subject. I think you'll really like Steve Waldmans stuff.

His latest one talks about Austrians notion of malinvestment and how Keynesians view the same phenomena. Quite good.

The Arthurian said...

"My inner DeLong..." he writes. Okay. I'm gonna have to start over, maybe make the font a little bigger and the lines less long, and expect to see some funny in there.

Thanks, Greg.