…a couple of principles of economics classes understand the difference between nominal wage increases versus changes in real wages, apparently John Snow does not: To which Frank said: “OK, because…

…The great recession of 1973-75 was a severe blow to Keynesian economics because inflation was high while at the same time there was significant unused capacity in the form of…

…accounts don’t have a similar measure of money saving labeled Business Saving, which would be this: (7) Business Saving = Income – Expenditures – Distributed Profits = Undistributed Profits (This…

…thought of Paul Krugman. Back in the late 90’s he undermined the living wage efforts by saying they were not about living standards and economics, but about morality. “In short,…

…on the rich if inequality gets worse. He seems content with the current level of inequality. He says that economics is not an exact science. We cannot know the future…

…than Keynes in my opinion. My work in economics focuses on effective demand, so I have something to say. In the Kalecki article that Krugman linked to, we find this…

One thing that is seen sometimes is a strange teaching in economics and business. The teaching says that lower costs of production will increase the natural level of real GDP…

…utilization/effective labor share – 1) This is one of the big problems in economics… The dependence on statistics instead of real time models. My equation does not rely on years…

…“higher-corporate-profits = jobs” meme is perhaps the most pernicious falsehood in political economics. How Business Owners Think For almost ten years I was co-founder and CEO of a rapidly growing…

I sense that we are witnessing a special moment in economics with Paul Krugman’s article today, Notes on Piketty. He is exploring the new work by Thomas Piketty, Capital in…