Rhetoric Is A Powerful Tool To Advance Moneyed Interests

Money is essential to a successful economy.  But it's money in circulation that's useful.  Money that's locked up in storage in vaults and savings doesn't help.  The early economists understood this well and often used the analogy of money-is-to-economy as blood-is-to-human-body.  Circulating money, money that is used to buy things is as important to the … Continue reading Rhetoric Is A Powerful Tool To Advance Moneyed Interests

Sometimes Methodology Isn’t Everything

Brad Delong points us to a study published in the British Medical Association jounal BMJ and quotes from it: Smith and Pell: Parachute use to prevent death and major trauma related to gravitational challenge: systematic review of randomised controlled trials 327 (7429): 1459 -- bmj.com: No randomised controlled trials of parachute use have been undertaken … Continue reading Sometimes Methodology Isn’t Everything

Honors Colloquy Links

Unemployment Chart GDP Chart Social Security Presentation Government Debt and Deficit Presentation Posts: Income Inequality Does Matter And It Makes Us Worse Off includes Wilkinson TED talk Update on Current Situation – October Jobs Report and 3rd Qtr GDP  - two graphs unemployment graph Student Loans and the Building Crisis - graph on increase in student loan debt … Continue reading Honors Colloquy Links

Brief History of Macroeconomics and The Origins of Freshwater vs. Saltwater Economics

I and others, particularly Paul Krugman, occasionally make reference to "freshwater" vs. "saltwater" economics.  Here's a little background to explain the terms and, I hope, shed a little light on current disputes in macroeconomic theory. First, let's go back in time.  The stuff that economists study, namely the economy, economic behavior, and markets, really emerged as it's … Continue reading Brief History of Macroeconomics and The Origins of Freshwater vs. Saltwater Economics

Income Inequality Does Matter And It Makes Us Worse Off

There is viewpoint that asserts that income inequality and wealth inequality are necessary, that they are the differences that motivate people to work and get ahead.  This viewpoint often implies that without wide income disparities that our economy's growth would slow.  Supporters of such a viewpoint seem to suggest that the only choices we have … Continue reading Income Inequality Does Matter And It Makes Us Worse Off

Update on Current Situation – October Jobs Report and 3rd Qtr GDP

Two of the more important (U.S.) economic measures were reported in last week and half.  Yesterday the October jobs report came in.  The week before we got the flash report on 3rd quarter GDP.  Both measures were better than feared, not quite as good as consensus expectations of many forecasters, and overall still a disappointment. … Continue reading Update on Current Situation – October Jobs Report and 3rd Qtr GDP