Last week the 2nd quarter numbers for labor share of national income came out. Labor share ticked up a bit from the previous quarter, but pretty much exactly the same. There is a graph I use to detect if a recession is imminent. The graph gets updated as the labor share number is revised. Here […]
Vis Brad Delong’s post on CORRECT PREDICTIONS AND THE STATUS OF ECONOMISTS Paul Krugman is certainly right that history has judged, and that the judgment of history is for James Tobin over Milton Friedman so completely that there is not even a smudge left where Friedman’s approach to a monetary theory of nominal income determination […]
July 31 saw the latest release of European Union unemployment numbers, and Monday’s gross domestic product figures brought no joy, especially for Greece. As Think Progress reports, Greek unemployment hit a new record of 27.6 % in May, while Spain’s June unemployment figure was 26.3%, according to Eurostat. As the world’s biggest experiment in austerity, […]
My last post on the circular flow using labor and capital incomes sure was a mess. As you would see, some of the post had to be scratched out. I was not happy with the circular flow. What you are witnessing is a creative process. The circular flow model needed a lot of work. So […]
Yves Smith gives Angry Bear Edward Lambert a nod in Profitless stocks, Underinvestment, and the cannibalization of labor, and levitating stock prices. As this trend has accelerated, we’ve also seen falling levels of corporate investment. As I noted in a 2005 article, companies were net savers, which was unheard of at any time other than in […]
Paul Krugman points to Angry Bear Robert Waldmann in two separate posts this week here and here. by Robert Waldmann “Ricardo offers us the supreme intellectual achievement, unattainable by weaker spirits, of adopting a hypothetical world remote from experience as though it were the world of experience and then living in it consistently. With most […]
Paul Krugman posted an article today… “What Janet Yellen — And Everyone Else — Got Wrong“. But there is something he is getting wrong too, or at least, doesn’t seem to be aware he is getting it wrong. He talks about the economic recovery having been so sluggish. And he offers this explanation… “The best […]
It is time to get serious. There are widespread claims that firms are cutting hours worked and converting full time jobs into part time jobs because of Obama-care. So what does the data say. Below is a table of unpublished data from the Bureau of Labor Statistics (BLS) of part time employment by private and […]
The notorious GSE bailout will probably cause the US Federal debt to be considerably lower than it would have been without the bailout. It could cause the US Federal debt to be much lower than it would have been, but that won’t be allowed to happen. Fannie and Freddie are now profitable. They are likely […]
by Linda Beale Ways and Means–still distracting with false scandals GOP representatives Camp and Boustany are continuing to beat the dead horse of an IRS “scandal” connected with the way the IRS has attempted to efficiently filter new applications for 501(c)(4) status to provide extra scrutiny to the most likely groups to be engaged in […]