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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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Managerial Econ: Scale Determines Technology
The robotaxi business is getting another entrant, but also a
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Subject notes on behavioural economics –…
Each year I teach an undergraduate subject in behavioural economics.
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In California, running an auction can…
Mansion Global: Before the palisades fires, a nearbySanta Monica property was listed at $15,000 per month. But afterwards, the landlord held an auction, and there were 10 to 15 offers on the property, and it rented for nearly $30,000 per month. But, During an emergency, California law prohibits raising the price of a rental property
Understanding the Great Rip Off
Quarterly Q & A June 13, 2025Please support Michael’s work by becoming a Patreon supporter. KARL FITZGERALD: Michael, it’s so great to see you. We’re all so enthusiastic about this meeting, so we’re glad you got here. Okay, let’s get into it. MICHAEL HUDSON: We have seven minutes left to discuss the whole
STANDARD MONEY THEORY | New Economic…
By J.D. ALT The last two and a half months I’ve been at work on a new book. As it evolved, I found I was approaching MMT from a new direction—one which made an explanation of MMT much less counter-intuitive and, perhaps, less controversial. The approach is relatively simple and straight-forward: follow what I began
A comment on the manifesto for…
I wrote this post based on notes for a proposed “lunch and learn” session. Illness got in the way, so rather than let those notes sit on the shelf, I’ve cleaned them up to share here. Many points were intended to be (provocative) conversation prompts rather than statements, so a few parts are light on
Personal Income Was Not Down 0.4…
Social Security payment timings distorted income in May. Personal Current Transfer Receipts Personal Current Transfer Receipts (PCTR) are government payments for which no current services are rendered. Examples include Medicare, Medicaid, housing assistance, SNAP (food stamps) unemployment insurance, and veteran’s benefits. Social Security Reported Decline The BEA reported Social Security declined $122 billion annualized in
Could a new misery index help…
In 1970 everyone was feeling bad about the economy. How bad? To put a number to the pervasively negative vibe, Arthur Okun created the “misery index:” the sum of inflation and unemployment rates. But now everyone is puzzled. Why was the economic vibe of 2024 bad enough to get the Democrats thrown out of office?
Factsheet: U.S. economic mobility and policies…
The United States often has been touted as a land of opportunity, where hard work leads to success and children do better than their parents. But increasingly, these notions of opportunity and mobility are being challenged as economic inequality has widened over the past several decades. This factsheet provides an overview of the different types
GDP Nowcast Dispersion plus Slowing Final…
From GDP Q1 3rd release and nowcasts plus tracking. GDPNow is down on personal income and spending release, advanced economic indicators, as well as the Q1 3rd release. Figure 1: GDP (bold black), May SPF median (tan line), GDPNow (sky blue square), Goldman Sachs (blue square), NY Fed (green triangle), St. Louis News nowcast (inverted
TheMoneyIllusion » Jeffrey Ding on China
Facebook Twitter LinkedIn I’ve been amazed by the response to Russia’s invasion of Ukraine. The most militarily expansionist leader since Hitler and Stalin starts a war that threatens to spiral out of control. He leads a country with enough weapons to destroy most of the US population. He threatens to use nuclear weapons (and is
Does Pricing Carbon Mitigate Climate Change?
Main article Despite the high costs that greenhouse gas emissions impose on society through climate change, these externalities remain largely unpriced in economic decision-making. As governments worldwide consider strengthening carbon pricing programs, our study provides encouraging evidence that—where firms can respond flexibly and are able to make investments in more efficient production processes—such market-based instruments