Relevant and even prescient commentary on news, politics and the economy.

Brad DeLong Rejoins the Reality-Based Community; Mark Thoma tells us why it is so

Even if his inspiration for doing so comes from (of all places) the HuffPo, This is spot-on: Unless something big and constructive in the way of global economic policy is done soon, we will have to change Stiglitz’s first name to ‘Cassandra’ — the Trojan prophet-princess who was always wise and always correct, yet cursed […]

Yes, Brad, He Has

This has produced another edition of “Simple Answers to Simple Questions.” Just to expand this a bit, and to deal with the 1987 absurdity, the proximate cause of the 1989 adjustment—an adjustment of less than 10% in the Dow that only took two full calendar months to return to its level at close on 12 […]

Quote of the Day Last Thirty Years of Economics

From, naturally, Robert Waldmann, chez DeLong, pointing out that the Emperor not only has no clothes, but has been deliberately strutting his lack of stuff since the late 1970s: Oh another thing — [the problem with economic modeling] isn’t [limited to] new classical macroeconomics. The same criticisms apply to new Keynesian DSGE models. Adding totally […]

A Carleton S. Fiorina Finger Exercise

Brad DeLong catches Tim Berners Lee Timothy B. Lee [h/t Bob in comments] being, to be nice, disingenuous: …The idea was that [HP and Compaq] would be able to do the things they already did more effectively if they joined forces. Management consultants who examined the merger for HP found that (as Fiorina loved to […]

Marking Beliefs to Market, Stan Fischer edition

Brad DeLong Friday morning: I cannot help but note strong divergence between the near-consensus views of Fed Chair Janet [Yellen]’s and Fed Vice-Chair Stan [Fischer]’s still-academic colleagues and students that tightening now is grossly premature, financial markets’ agreement with the hippies as evidenced by the ten-year breakeven, commercial-banker and wingnut demands for immediate tightening, the […]

Serious Question, Janet Yellen Edition

In spite of a sustained lack of inflation, a large, sustained gap in the Civilian Employment/Population Ratio, an abiding lack of post-recession growth domestically, and significant underperformance (old, new, [PDF] and overall) internationally, the Fed appears prepared to raise interest rates this year. Which leaves me now wondering: With the possible exception of Robert, is […]

Or Is It really a Kenyan this time?

Carter, Begin, Sadat, Brezhnev, and Deng are all long gone. Rumor has it that the last political icon of Tim Curry’s only pop hit has joined them. Or has he? The death of Fidel Castro, 88, has also often been mistakenly declared before on social media and this time may have been confused with the […]