…look at these issues in considerable detail and answer the questions raised in the column. For those interested, the question of the optimality of the LEI and other indicators for…

…efficiency-equals-optimality framework and assume no market failure of any sort, general equilibrium is arbitrary with respect to global efficiency criteria. In other words, the drift of economic theory since the…

…very useful for getting from [one of many sufficient assumptions] to the Central Limit Theorem. Knowing calculus is very useful in getting from the Gaussian distribution to the optimality of…

…analysis of the marginal productivity theory of factor income distribution, he did not see this as showing any sort of “optimality” much less social justice.  He was well aware that…

…sector intertemporal budget constraint is not binding. This means that public policy is not even Pareto efficient. In particular it means that increased budget deficits are good policy (unless they…

…natural gas, other than the odd city bus or garbage truck in random municipalities? The answer is a simple but unpleasant one. See, we in the US would label the…

…considered almost risk-free because if the borrowers default, Fannie or Freddie will pay off the loans (assuming Fannie and Freddie remain solvent). Non-conforming loans go into pools known as private-label…

…ridiculous. But it does have the advantage of carrying with it the Madisonian Freedom/Liberty tag, a label that the Koch right confers upon anything it wishes, because that surely will…

…political debates, is a disagreement about how far to turn the knobs when adjusting policy; it does not seem to call for a separate ideological label. That said, Mr. Konczal…

…that: think twice about calling it “income” — even with the Haig-Simons tag attached. I’ve received almost-universal pushback on the “comprehensive income” label, even from the most enlightened (and progressive)…