…president to define the position in a way that justifies his preferred nominee. By reportedly seeking someone who has the “ability to manage complexity and crisis,” Obama sets the stage…

…of political affairs. The key, says Messick, is Columbia historian Richard Hofstadter‘s description of paranoia in American politics (originally set forward in a 1963 essay): The central image is that…

…once you strip out “an unemployed householder” (they don’t define how that applies in dual-income households), the decline is very close to that of wages alone. The report does not…

…level. The effective demand limit is another way to define potential output of the economy. It is the limit upon output from labor’s share of national income, which determines labor’s…

…maintenance and depreciation of their human capital, or otherwise private production cost understates social production cost. This means that the wage must cover all items that define the long-run subsistence…

…I want to go deeper into what shapes inflation. I will refer to this equation during the post, but first, a look at inflationary gaps. Inflationary gaps define the top…

…don’t exist in nature; they are human creations. Governments don’t “intrude” on free markets; governments organize and maintain them. Markets aren’t “free” of rules; the rules define them. The interesting…

…and The Virtue of Selfishness, Milton Friedman’s Capitalism and Freedom, and Friedrich Hayek’s The Road to Serfdom. Each work and its respective acolytes subscribe to one or both of the…

…then depending on how one chooses to define an oil shock and the lags one selects, we should either have seen rapid growth during the tail end of the GW…

…that (K_T,C_T) is on the L=1 saddle path to the L=1 steady state. I am going to define a made up term 17) Ktdif = Kt – [alpha/((1-alpha)delta+rho)]Ct This is…