…(i.e. too much produced) in some markets, then they must add up to excess demands (i.e. too little produced) in other markets. In other words, even if supply does not…

…state of the economy back then.) And just about the time that that imbalance was clearing out in the 80s, we saw the rise of policies and politics systematically designed…

…They can be predictable from time or can depend on an unpredictable sunspot. Equilibrium with market clearing or downward nominal rigidity requires that C/K = (delta+rho)/alpha)-delta , but the economy…

…causation with correlation; it’s much easier to disprove causation — to falsify a hypothesis. But enough with the philosophical throat-clearing. Let’s look at one recent paper (PDF), a multi-country multi-regression…

…defaulted debt, only “feeds the beast”, and in fact makes defaulted debt more valuable on the market. This rewards the horribly predatory behaviors that the absence of bankruptcy protections and…

…been by some combination of pure pricing power by employers mitigated only by residual wage market clearing power retained by workers. That is given any sort of labor market at…

…it seems that the marketing clearing price might be higher which upon a first approximation says that low interest rates are a price ceiling, not a price floor. Comments? Reactions?…

…the dollar because of default and if a bond loses value because payments are discounted at higher market clearing nominal interest rates. I will use “loss of confidence” to mean…

…a role in “clearing the field” for Hillary Clinton—anyone who did—should be categorically removed from consideration as DNC chair. And the idea that Clinton herself should weigh in during the…

…benefit to society, and that there is a single, stable market-clearing equilibrium. The half chapter spells out precisely what “social cost” and “social benefit” mean in economics (which is not…