…Wm. Beveridge’s Full Employment in a Free Society. Kuznets argued that much of government services should be treated as intermediate goods rather than final consumption goods. Kaldor considered the inflationary…

…within-period flows in the markets for newly-produced goods and services — with GDP/value-added at the tippy-top of an immense data pyramid. That’s all they do (admirably, if imperfectly). All those…

…They can and do possess and control goods and territories (possession and control are importantly distinct), but they never “own” things. Ownership is a uniquely human construct. To understand this,…

…newly-produced goods and services — with GDP/value-added at the tippy-top of an immense data pyramid. That’s all they do (admirably, if imperfectly). All those flows “balance.” But existing balance-sheet assets…

…assets are pure accounting, balance-sheet entities, numeric representations of the value of goods (or of claims on goods, or claims on claims on…). That’s where I’ll go in my next…

…produced last year about this time, and shows the percent changes since January 1997 in the prices of selected consumer goods and services, along with the increase in average hourly…

…cost of manufactured goods — cars, smartphones, T-shirts, bananas, and so forth — to fall, while the cost of labor-intensive services — schooling, health care, child care, haircuts, fitness coaching,…

…in August’s jobs report holds up. Needless to say, this is the kind of thing that happens at turning points. Stepping back a bit to look at the goods-producing sector…

…in the first 9 months of 2018. More broadly, there have been YoY losses in goods-producing jobs before all of the past 3 recessions, and going back 70 years, counting…

…only More broadly, there have been YoY losses in goods-producing jobs before all of the past 3 recessions, and going back 70 years, counting 12 recessions, in all but 3…