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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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A Two-Commodity Example Of Harrod-Neutral Technical…
Figure 1: Wage Curves for a Fluke Case 1.0 Introduction This post revisits Harrod-neutral technical change, in the context of the choice of technique. I used Matlab code to obtain the results in this post. 2.0 Technology The technology (Table 1) in this example is a modification and extension of a reswitching example from Bruno,
May new home sales decline, but…
– by New Deal democrat This morning gives us the last of our three measures of home sales, prices, and inventory, new home sales. These are the most important of the three because while they are very noisy and heavily revised, they are the most leading of all housing metrics, and so they can
When Do Rent Controls Help Renters?
Put aside price controls for a moment and look at the figure below from their paper. Total revenue at that output is the rectangle P×Q (Area III + Area IV). Total revenue is also the integral of marginal revenue, up to the quantity purchased. The area under the MR curve is Area I + Area
Is small thinking the new American…
U.S. productivity soared in the second half of the 20th century, creating benefits for consumers in the form of lower prices across a wide range of goods. But one critical sector proved a glaring exception: housing. Today the country faces a housing affordability crisis, with ownership out of reach for a growing set of Americans.
Iran Missile Attack On US Base…
Via The Libertarian Institute Even after Tehran informed Washington that Iran would execute a symbolic retaliatory strike on the Al Udeid Air Base in Qatar, the US military had to engage in its largest battle using Patriot missiles to date to repel the attack. On Monday, Iran fired 19 ballistic missiles at America’s largest Middle East air base. Most
Lectures to Simplify Economics And Economic…
I continue to lecture about types of goods on this article where i stayed at the previous post. There are two types of goods that need to be known and those types of goods have anomalies which are contrary to the law of demand. One of them is Giffen Good and the other one is Veblen
How monetary myths conceal power | Real-World…
from Assad Zaman Modern economics rests on a dangerous illusion: that abstract, universal laws—derived primarily from the European experience—can be applied across all societies, times, and contexts. This false assumption has allowed economists to present their theories as objective and value-neutral, masking the deeply political and historical foundations of economic life. In an earlier post Reclaiming
The price of “free” healthcare is…
While healthcare in Canada’s single-payer health care system is technically free, its real price is measured in wait times. In 2023, the median wait time from a general practitioner’s referral to treatment reached 27.7 weeks—the longest ever and nearly triple the 9.3 weeks reported in 1993. (MuskegonPundit) To see this, think of “free” as
Testimony by Michael Linden on “The…
Senator Kaine, Senator Murphy, and members of the Forum, thank you for the opportunity to be here today. I’m going to make three key points. First, the Republican budget bill that passed the House of Representatives and is now under consideration here in the Senate is an unprecedented transfer of income and wealth from the
Biden-Harris policies and their consequences were…
Milton Friedman used to advise researchers to focus on large policy changes rather than attempting to separate a small change’s signal from the noise. In this sense, the “ambitious” policy agenda of the Biden-Harris administration was expected to be a gift to the research community. Accepting this gift, since 2020 I have been making forecasts