By Steve Roth (2015) Did Money Evolve? You Might (Not) Be Surprised You probably won’t be surprised to know that exchange, trade, reciprocity, tit for tat, and associated notions of “fairness” and “just deserts” have deep roots in humans’ evolutionary origins. We see expressions of these traits in capuchin monkeys and chimps (researchers created a “cash economy” […]
Other than a small number of fiscal conservatives who are ignored by their own party, it doesn’t seem like anyone really cares about the National Debt any more. That’s a relatively new thing. Doing something about the Debt was one of the platforms of the GW Bush campaign in 2000. Of course, what he actually […]
By Steve Roth (2016) How Perfect Markets Concentrate Wealth and Strangle Growth and Prosperity The winners have us all playing a loser’s game Capitalism concentrates wealth. Ridicule Marx and his latter-day disciples all you like (I’ll help); he definitely got that right. But capitalism is a big word with lots of meanings, and enough ideological baggage to fill […]
by New Deal democrat Personal spending and new home sales: restrain your enthusiasm! We got the last two significant data points of the year this morning: personal spending and new home sales. Both rose significantly. BUT there are big drawbacks to each. First of all, take a look at the personal savings rate: It just […]
What is the GOP goal? A return to the “gilded age” (or worse) When right-wing Roy Moore said that the time when America was great was during slavery, he revealed something key to the current GOP members of Congress and state legislatures–their primary goal is to return to a time when owners of property held […]
The Poland Peoblem: How A Good Economy Does Not Guarantee A Good Politics This is personal and professional. My wife and I have the third edition of our comparative economics textbook now in press at MIT Press. We have chapters on transition economies, and one is on the Polish economy. The standard story is that Poland has been […]
by Diane Coyle, Professor of Economics at the University of Manchester in the United Kingdom, GDP: Falling Short (from IMF website here ) Gross domestic product, or GDP, has been used to measure growth since the Second World War when economies were all about mass production and manufacturing. In this podcast, economist Diane Coyle, says […]
by Hale Stewart (originally published at Bonddad blog) Why Would Anybody Invest When Capacity Utilization is This Low? A central selling point of the tax bill is that it will encourage investment. But that assumes that high tax rates were the primary reason why business wasn’t investing. Instead, the data says business investment is weak because […]
GOP Congress: my (wealthy) donors made me do it The GOP’s tax-complicating, deficit-increasing, wealthy-subsidizing, Arctic destroying, Health Care damaging, $1.5 trillion tax “reform” package is unpopular with most Americans, destructive to the government’s ability to fund needed programs from disease prevention to FEMA to basic research to needed infrastructure improvements, and wildly popular with the […]
Black Mirror Big Data Becomes Big Brother In China And maybe coming soon to the US as well, enough to make Orwell sit up and take notice. The first show of the 2016 season of the sci fi TV show, “Black Mirror,” called “Nosedive,” showed a future society where people have overall social scores (1-5) […]