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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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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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When Will There Be an Accounting…
Americans are increasingly aware of the racial wealth gap and the state and federal policies that not only created this inequality, but also deepened it over many generations. Yet conversations about the racial wealth gap have not given segregation, aside from the subject of residential segregation, the attention it deserves. To be sure, residential segregation
The McCallum Rule and 25 Years…
Introduction: Why Monetary Policy Needs a Firm Theoretical Foundation Monetary policy is fundamentally about stabilising nominal spending — nominal GDP — to support economic growth and maintain price stability. For the euro area, this challenge is particularly complex given structural differences across member states, asymmetric shocks, and the unique institutional arrangement of monetary union without
Best Trading Platform For Forex Trading
The broker is popular for foreign exchange and cryptocurrency exchanges, but it additionally has an extremely competitive reduced spread. With a number of means to access their on the internet broker agent, you additionally never need to stress over shedding track of your investments. With its mobile application and also internet browser system, LCG is
Keep in touch with site visitors…
Here are some reasons to make blogging part of your regular routine. Blogging is an easy way to engage with site visitors Writing a blog post is easy once you get the hang of it. Posts don’t need to be long or complicated. Just write about what you know, and do your best to write
The race between automation and new…
Main article Technological change transforms economies and labor markets, reshaping the types of jobs that are available, the wages they pay, and the skills they require. Much recent empirical work by economists has measured the displacement of labor from existing job tasks by automation technologies, including robots and software. But this literature has often treated
There will not be a fiscal…
The global financial press think they are finally on a winner (or should that be loser) when it comes to commentary about the Japanese economy. Over the last few years in the Covid-induced inflation, the Japanese inflation rate has now consolidated and it is safe to say that the era of deflation is over. Coupled
Covid19 Deaths and Income Inequality
An interesting, although intuitively straight forward note on the determinants of Covid19 deaths: https://twitter.com/youyanggu/status/1407418434955005955. As Youyang Gu @youyanggu states, “I believe income inequality is the single best predictor of total Covid deaths in the US. Not income, but income *inequality*. The R^2 is surprisingly high: 0.35.” There are some potentially important issues with this analysis
The Charter-Cox Merger Should Sail Through,…
Charter Communications Inc. and Cox Communications Inc. have announced a plan to merge in a $34.5 billion deal. The transaction would create the nation’s largest cable operator, surpassing Comcast, with approximately 38 million subscribers across 46 states. Predictably, the proposal triggered concerns about cable-industry consolidation. Yet the reflexive anxiety about “big cable getting bigger” misses
Rethinking the Fed’s Framework: Lessons from…
Executive Summary According to Federal Reserve Chair Jerome Powell, the Fed’s flexible average inflation targeting (FAIT) framework played no role in the post-pandemic inflation surge, and officials acted swiftly once inflation proved demand-driven. This paper shows Powell’s claims are not supported by the evidence. The rise in the price level was driven by a surge
The Causes and effects of inflation
In the previous post, we looked at what inflation is and how they calculate it. In today’s post, we are going to, as always, look at inflation with a practical example called The Brick Wall Theory example. Don’t know what that is? Read about it here. If you don’t want to read about what inflation