Gavin Kennedy reminds us that handy metaphors used to sell fictions about either free markets or ‘the force’ at work are just that: Smith is a conjecture about the virtues of a free-market economy”, is so absurd as to be embarrassing. That Adam Smith favoured “a free market economy” is approximately correct. That he asserted that a […]
Think Progress offers a note of caution when we think we have reality nailed for government spending and results. And how ‘public displays’ by our politicians offer up little information: During the 2012 fiscal year, the federal government spent more on immigration enforcement — $18 billion — than on every other federal law enforcement agencies […]
While not a macro issue, there is room for thought. Via The Weaker Party blog comes this tidbit on specific inflation indicators from The Dailey Beast:
by run75411 Update: Besides not prosecuting particulars who promulgated much of 2008, what makes this settlement bad is letting banks off the hook: “In the settlement announced Monday between the Federal Reserve, the Comptroller of the Currency and ten of the largest banks and other mortgage providers, the government gives up the right to prosecute banks […]
Via Market Watch 666, reader rjs points us to this piece of history: Ronald Reagan: “Social Security has nothing to do with the deficit.”
by Linda Beale Social Security/Medicare vs Corporate Welfare The denouement of the fiscal cliff debate behind us (and not, I regret, with the best results–more on that later) we now face the next stage, in which we can expect the right-side extremists to threaten to hold the government hostage unless spending is cut (meaning, to […]
by Mike Kimel Some Thoughts on Statistical Analysis (A bit wonky) Via Tyler Cowen, a pretty good post on statistical analysis. While I suggest reading the post, I’ve reproduced the first sentence of each point the author makes below (though have cut out the pieces in betweeen): 1. When you don’t have to code your own estimators, youprobably won’t […]
by Bruce Webb CBO: SS Scheduled vs Payable Benefits (Rosser’s Equation illustrated) ‘Rosser’s Equation’ is something between an in-joke and tribute to Prof. Barkley Rosser, Jr of JMU, an economist friend of mine who pointed out a surprising result: real payable benefits after projected Trust Fund depletion and subsequent 25% cut will still be higher […]
An important post from Izabella Kaminska at FT Alphaville and recommended reading (h/t rjs): On the new purpose of government debt – Frances Coppola has whipped up an absolutely fabulous commentary on this Bank of Iinternational Settlements working paper on safe assets, which cuts straight to the point of. As she neatly expresses, in our new […]