David Zetland at Aguanomics ponders the interplay of institutions and markets (reposted with authors permission). LocaL conditions in this context are those conditions in a watershed area. This is what I mean by institutions I wrote this for some partners on our water project, and I post it here because it seems to give a […]
From Social Europe Journal comes more analysis of using Ireland as the standard success story for austerity (re-posted with permisson from the author and SEJ): Can Spain Achieve What Ireland And Latvia Did? BY RONALD JANSSEN Advice from a ‘very serious European’. Picking up on the IMF’s report on the Spanish economy and its call […]
Via Alternet comes this quote from Victor Hugo in Les Miserables: Victor Hugo described this war with the poor in Les Misérables as one between the “egoists” and the “outcasts.” The egoists, Hugo wrote, had “the bemusement of prosperity, which blunts the sense, the fear of suffering which is some cases goes so far as […]
Paul Krugman points to Angry Bear Kenneth Thomas in this piece in the New York Times on the use of Ireland as somehow a success story of what are failed policies regarding employment: Ireland Is The Success Story Of The Future, And Always Will Be Via Mark Thoma, Kenneth Thomas analyzes the latest attempt to […]
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 […]
In the circular flow model that I use, as imports rise so does gross saving. And does that increased saving show up in increased investment? How would imports lead to more investment? Here is the model as a closed economy without imports and exports using 1st quarter-2011 data as an example. link to Graph #1 […]
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, […]
When the Fed started QE they viewed it as a stimulative, easing of monetary policy. Now they are arguing that tapering or reducing QE is not tightening. Can both of these two positions be correct?
Before this last recession, readers of a long time here might recall that I used my flower shop as a barometer for the economy. I noted that things were not doing well as our sales had started to decline in August of 2006. The smart boys and girls called it December 2008 as starting December […]
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 […]