A poor economy is never popular with the populace. But when the economy is slow and people are suffering as a result of government policies that impose austerity on them, people get downright upset. They even get violent. It's something we should think about as virtually all major developed nations have embraced policies of cutting … Continue reading Learning From Austerity In the Past. A Warning?
U.S. Life Expectancy Falling In Some Parts
I learned long ago when working in applied economics that averages (means or median data) often hide as much information as they impart. To really understand an issue, we need to look at the variation or distribution. Therein always lies a tale. Yves Smith at Naked Capitalism (also the author of Econned), brings our attention … Continue reading U.S. Life Expectancy Falling In Some Parts
Who’s Ignorant on Spending? Voters or “Experts”?
The new Republican-led Congress is trying to get started on it's campaign promise cut spending. Apparently it's not as easy as they thought. Part of the problem is their ignorance about the federal budget and budget process (see GOP Cuts Budget with Axe). But not understanding the difference between an appropriation bill and an authorization … Continue reading Who’s Ignorant on Spending? Voters or “Experts”?
Technology, Growth and Printing Press
We know that new technology and information technology in particular can spark enormous long-run economic growth. Today we're in the middle of an explosion of new info technologies based on computers, networks, and the Internet. The last time the world experienced a similar phenomenon was probably the invention of printing via moveable type by Gutenberg … Continue reading Technology, Growth and Printing Press