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The economy is the system by which goods and services are produced, distributed, and consumed within a society.
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- Personal Income and Spending Unexpectedly Decline…
Economists missed the boat by a mile on income and expenditures. Income and Outlays image top half from Bloomberg, bottom half from the BEA The BEA’s Personal Income and Outlays report for May 2025 was much weaker than economist’s consensus expected. Spending was a bit higher than I expected. To arrive at real numbers, subtract … Read more - The Road to Incoherence: Arthur Burns…
UPDATE: My concluding paragraph was inadverently deleted from my post, so even if you’ve already read the post, you may want to go back and read my concluding paragraph. Last December, Nathan Tankus wrote an essay for his substack site defending Arthur Burns and his record as Fed Chairman in the 1970s when inflation rose … Read more - Why the Tories’ “put people to…
What do you do when your economy is in the doldrums and you need to kickstart growth? Why, you put more people to work, that’s what you do. This has been the Tories’ strategy since 2010. The sustained attack on welfare benefits has all been focused on “making work pay” – encouraging, and at the … Read more - Risks to growth and inflation helping…
As I write this, the US 10-year Treasury bond is yielding 1.457%, well under the trading range it had established during this quarter. And there are a lot of theories as to why this is happening. I want to spell out how I’m thinking about the yields and what the risks and opportunities are going … Read more - Too many Superheros?
How much content should a franchise produce? A recent WSJ story indicates that the expanding Marvel Cinematic Universe (MCU) is approaching a deluge. The graph they created certainly indicates a huge increase in content, mostly on TV. How much to produce is an extent decision. On the one hand, the huge success of the Avengers … Read more
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Healing Through Grief: How I Found…
“When the soul wishes to experience something, she throws an
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Your Summer Adventure To Do List
While skiers and snowboarders know all about Kicking Horse’s legendary
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The ‘funny math’ of top U.S….
The current reconciliation bill now before Congress won’t correct for the low tax rates paid by the richest Americans Overview Calculating the effective tax rate of the richest Americans can be complicated, but it is critical for ensuring tax policy debates—such as the one currently raging in the U.S. Congress about massive new tax cuts
The Brick Wall Economic Theory
What is inflation? Inflation is the process of a sustained, significant rise in the general price level over a period of time. Inflation thus lowers the purchasing power of money which means that the real value of the money decreases. For example, something will cost you $10 today but in 10 years, that same product
Bradley A. Hansen’s Blog: History’s Replication…
Anton Howes recently asked Does History Have a Replication Crisis? The question is one that Howes has been concerned with for some time, but the immediate impetus for the essay was the publication of Jenny Bulstrode’s Black metallurgists and the making of the industrial revolution published in the journal History & Technology. Bulstrode claims
Australian Labour Market – steady but…
The Australian Bureau of Statistics (ABS) released the latest labour force data today (June 19, 2025) – Labour Force, Australia – for May 2025, which revealed that the unemployment rate remained unchanged at 4.1 per cent for the second consecutive month. There was a small decrease in overall employment (-2,500) which was offset by a
Stochastic Trend: China’s Carbon Emissions Trend…
Last year, I published an article in The Conversation followed by a paper in Environmental Challenges with Khalid Ahmed on the trend in carbon emissions in China after the pandemic. We concluded that emissions continued to rise strongly after the pandemic. Most of the increase was in the electric power sector. A peak in emissions
More On Truncation Without Reswitching
Figure 1: Partitions For A Parameter Space This post extends this and this. I am considering perturbations of coefficients of production in a numerical example of the recurrence of truncation without the reswitching of techniques. The example consists of two industries that produce new machines and corn, respectively. The physical life of a machine is
Why sanctions didn’t stop Russia’s Garantex…
Stablecoins, a new type of financial institution, are unique in two ways. First, they use decentralized databases like Ethereum and Tron to run their platforms. Secondly, and more important for the purposes of this article, they grant access to almost anyone, no questions asked. I’m going to illustrate this openness by showing how Garantex, a
The FTC’s Zombie Antitrust Action Against…
FTC v. Meta Platforms Inc. has gone to court, and trial is just underway in the U.S. District Court for the District of Columbia. The Federal Trade Commission (FTC) alleges that Meta is currently, in 2025, engaged in monopolization in violation of Section 2 of the Sherman Antitrust Act by dint of having acquired Instagram
What’s behind the rise in disability…
Rising rates of disability colliding with greater financial hardship are pushing more people to seek support Part of the government’s justification for its cuts to disability and incapacity benefits is that the number of disabled working-age people in England and Wales has risen by 17% since the pandemic, but the number of people receiving incapacity[i] or disability
India’s Chinese Dream – Biased Economist
The past three decades were blissful for the India’s growth numbers, but not for its developmental needs. Despite of being a democracy with the multi-party system, and free elections, it is far behind the authoritarian styled China. The elections in India are on ‘one person one vote’ basis, whereas in China the President is selected