Wall Street hasn't learned and isn't repentant. We're likely to have another crisis. Maybe this year, maybe next. Maybe they keep it together for a few years. But sooner or later this house of cards falls. Derivatives is one of the dirty words of the financial crisis. Though these often-risky bets were blamed by many … Continue reading Bailed-Out Banks Haven’t Changed
Month: September 2009
US income gap widens as poor take hit in recession – Yahoo! News
Not much else to say: The recession has hit middle-income and poor families hardest, widening the economic gap between the richest and poorest Americans as rippling job layoffs ravaged household budgets.The wealthiest 10 percent of Americans — those making more than $138,000 each year — earned 11.4 times the roughly $12,000 made by those living … Continue reading US income gap widens as poor take hit in recession – Yahoo! News
There’s No Crowding Out Here.
People who worry the most about the recent increases in US government borrowing are generally worried about one of two things: crowding out or inflation. They fear that either if The Fed doesn't "print new money" for the govt to borrow, then the government's demands for borrowing money will drive up interest rates. This driving … Continue reading There’s No Crowding Out Here.
TheSpec.com – BreakingNews – New bubble created by U.S. policy
Steven Pearlstein of the The Washington Post explains via this story in the Hamilton Spectator why the run-up in the stock exchange of the last 6 months isn' t necessarily a good thing. Instead of being a predictor of good times to come, the run-up in the stock market is more likely the latest in … Continue reading TheSpec.com – BreakingNews – New bubble created by U.S. policy
More evidence against patents
Yes, patents, copyrights, etc., the intellectual so-called property protections are really profits-protection for existing large corporations. The stronger patents and copyrights are, the weaker is innovation and growth. ...weaker IP protections might actually correlate with economic growth,... via Scholarly Communications @ Duke » The joy of statistics.
Save the Whales! Abolish Patents!
Well, actually it likely wouldn't save the whales. But, abolishing patents would likely re-invigorate the economy, revive competition, lower costs (particularly healthcare costs), and speed up innovation. Levine and Boldrin help lay out the case against patents in this piece. An excerpt ( I recommend following the link): Abolishing so-called intellectual "property" (IP) won't solve … Continue reading Save the Whales! Abolish Patents!
Brad Delong’s Lecture Audio Files: Before World War I
Brad Delong's lecture audio files (his Econ History course). via Econ 115: Fall 2009: Lecture Audio Files: Before World War I.
Bubbles! From Calculated Risk: via Bubbles!.
Background in World History: 101 Events and 101 Videos/Pictures
Courtesy of Brad Delong (UC Berkeley) we have links to 101 Events in Background World History. These are for the most part 20th century events. via Background in World History for Econ 115: 101 Events and 101 Videos/Pictures.
Keynes Was Really A Conservative, Not a Socialist
Bruce Bartlett sets the history straight. Contrary to today's populist political rhetoric from right-wing, so-called conservative politicians, Keynes, and Keynesian economics is anything BUT socialist. In fact, Keynes sought to save free-market, private-property capitalism from itself. Follow the link for the complete story. Here's an excerpt: Those on the right have been making this same … Continue reading Keynes Was Really A Conservative, Not a Socialist