Friday links

See all Friday link posts.

1/ The IMF has just had a large meeting in Istanbul. Here is an excellent round-up of links. There is a timely paper (and here comment in the Guardian) that suggests that the IMF’s policies actually exacerbate the financial crises by enforcing pro-cyclical policies on Governments (tying loans to cuts in expenditure during a economic downturns, for example). Kind of like your bank, in order to get a loan, you first have to prove you don’t need it.

I have some sympathy for this viewpoint but it is then incumbent on countries to save during the good times (as Lesotho has, for example). I disagree with the author that the IMF should not take on a new role as lender of last resort, providing it does not enforce pro-cyclical policies. It can be more efficient for the world to have one large lender of last resort than lots of central banks (although they should obviously cover smaller shocks).

2/ Do we need a 37 cent coin? It would be a lot more efficient if we could all do the maths!

3/ A man who has slept with over 1,300 prostitutes (and is obviously not an economist).

4/ A neuro-linguistic approach to performativity in economics (an academic paper).

5/ Free markets in milk – Weapon of mass lactation. I agree with econgirl – let the free markets work!

6/ Chart porn is my new favourite blog! Charts with an economic or social interest. Two interesting recent posts are Atheism on the rise and Your brain on God.