Got you to look. I am using 18th century English, the title translates into 21st century English as “Paul Krugman’s Argument is clarified when the fact that it is precise is revealed” Krugman objects to Stephen Schwarzman’s use of the word “liquidity” which, he claims, conflates two different meanings. I think the word should be […]
Again Krugman writes about something I know something about. This time I enthusiastically agree (yeah I know big surprise there). he noted that, in efficiency wage models, it can be relatively easy to convince firms to raise wages. His presentation is (as usual) extremely, brief, clear, unwonkish and excellent. Then he linked to Arindrajit Dube […]
Paul Krugman is skeptical about the alleged negative effect of inequality on growth there have been a number of studies that seem to find a negative relationship, all based on some kind of international cross-section approach (some with time-series aspects too). So what is my problem? In general, I have doubts about the whole growth […]
This extraordinarily long and confused post is my response to Brad DeLong’s New Economic Thinking, Hicks-Hansen-Wicksell Macro, and Blocking the Back Propagation Induction-Unraveling from the Long Run Omega Point: The Honest Broker for the Week of May 31, 2015 Before the jump, I make only three brief points. 1) The phrase “the Long Run Omega […]
Via Steve Benen and Greg Sargent. The Washington Post/ABC News pollsters asked “Do you think the federal government should or should not pursue policies that try to reduce the gap between wealthy and less well-off Americans?”. 62% of respondents answered yes. This should be very unsurprising as it is roughly the same as the fraction […]
In about one month, the US Supreme Court will announce a decision on King Vs Burwell in which the plaintiffs argue that subsidies may not be paid to people who purchased health insurance on exchanges operated by the US Federal Government. The risk that they will win terrifies, among others, Senator Ronald Johnson (R-Wisconsin) who […]
Fed Chair Janet Yellen said, among other things, For this reason, if the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary policy. To support taking this […]
Angry Bears are, I’m sure, familiar with the 27 % crazification factor. . Although a joke, it does pop up rather often in opinion polls. I think there might be another constant — I am tempted to call it the sanity factor or sanification factor. It is the fraction of the general public which accepts […]
I think you want to read this excellent post by Jonathan Chait. That is all. update: US partisanshipe appears to be the meme of the day. Dana Milbank (who is very different from Chait) also wrote about it. Milbank cites a different academic study. From the brief summaries both academic studies sound very convincing to […]
Tax day has come and gone and nothing extraordinary happened (at least nothing extraordinary enough to be reported by the Washington Post or the New York Times). This non news should be news, because the much hated Obamacare mandate has been applied. Some Refund checks (many of which have not have been mailed yet) were […]