A lot has been made about Mitt Romney’s recently released 2011 tax returns. Most of his income comes from investments made in a ‘blind trust’. Some take issue with whether or not the trust is truly ‘blind’. Others have taken issue with his effective tax rate(it’s lower than what many wage earners pay). I . . . → Read More: Wait… Nearly 14 Million from a Blind Trust!?
Modern, mainstream economics universally recognizes three types of unemployment: frictional, structural, and cyclical. Some people add in seasonal unemployment to give us four types of unemployment. These types of unemployment are pretty universal. Not only on the net(see here, here, here, and here), but in N. Gregory Mankiw’s Intro text book, Principles of Economics, . . . → Read More: Types of Unemployment
How do you define poverty and whether someone is “impoverished”? Someone asked me this question and i had a surprisingly hard time doing it. My problem is that i reject the numbers-based definition of poverty.
The U.S. government defines poverty based on someone’s income and (to a lesser extent) how much stuff they have. . . . → Read More: How to define poor and poverty?
Investopedia is a really good website to go to for the conventional economic view. Being that, it is less than favorable to John Maynard Keynes and Keynesian economics in many of it’s articles. In many cases they state things he supposedly got wrong or go as far as putting words in his mouth like, “the . . . → Read More: Investopedia Unabshadly Comes Out in Favor of Keynesian Economics
The official history of economic thought has a surprisingly short history. As the official history this is what many people already know(or at least partly know) and is what’s generally taught and passed on. Like many “official” histories, it contains many myths that are quickly uncovered after a little questioning more on those myths on . . . → Read More: The “Official” history of Economic Thought in 1000 words or less
The unfolding crises spreading throughout the Eurozone continues to inflict unnecessary pain and poverty. This pain has been continually made worse by the disastrous policies of those in charge of the Euro. German Chancellor, Angela Merkel, is now starting to share in the pain her preferred policies have delivered to other Euro nations. Today, Reuters . . . → Read More: This “just in” from the Eurozone: Greeks Aren’t Lazy
I read an article on MSN yesterday from February 3rd about how we’re at the “inflection point” where all that “quantitative easing” the Fed has been doing is going to start causing inflation.
And, if we are finally at that inflection point, the world will then slowly begin to concern itself with stagflation and inflation, . . . → Read More: Inflation Chicken Little Bill Fleckenstein
I don’t like to do Meta posts, but there’s a debate raging in the MMT world that offers some insight into MMT and it’s Job Guarantee(JG) policy proposal. Modern Monetary Theory is a relatively new school of economic thought and I think it is experiencing it’s first growing pains as more and more people accept . . . → Read More: MMT and the Job Guarentee
Conservative politicians and commentators repeatedly assert that employers need to reduce “labor costs” to stay competitive(Examples here and here). They assert that lower wages will be better for the country by creating more jobs and cheaper products. These assertions do not standup well against 30 seconds of critical thinking. Putting aside the morality of lowering . . . → Read More: The Cost of Labor SHOULD be High
You probably all know about the story of Copernicus. In the 1500s he spread the idea that the Sun – and not the Earth – was at the center of our solar system. Despite fierce resistance from the Church, the idea caught on and changed the way scientists think about our place in the Universe. . . . → Read More: Reframing Money