…profits and shareholder value. This is a declaration of faith. No one who studies actual firms believes this. The profit maximizing firm is purely theoretical concept like an ideal gas…

…“theory of value” doesn’t even appear in Mankiw’s text, even though he uses the term “value” constantly, and it’s obviously a term that has some import in economics. Imagine an…

…by loan payoffs and declines in asset values. Now here’s the key point to understand: everything of value to humans is created by the people and businesses on Main Street…

…It calculates the change in a value added deflator by sector (often it’s pretty much made up). It calculates the growth of real value added by sector. Then it takes…

…point out that forecasts of the cost have declined. The reason is that the CBO values TARP assets at “fair market value” which means the value for which they could…

…raise the value of the yuan, which would require Beijing to purchase fewer dollars and other currencies to sustain its value. Instead, China has increased its foreign exchange market intervention…

…real value than the worker today. (I hope you have noticed the increase in real value of pensions is a function of the increase in real value of wages.) But…

…from investing in instruments whose value has declined by fake profits from instruments whose value is falsely marked to the value of a quite different instrument. Does anyone doubt that…

John Tamny wants to remind Lawrence Lindsey about the Hume Specie Flow Model: To begin, just as Chinese authorities fix the yuan’s value, so too do U.S. authorities fix the…

…deters murder, see the testimony of Jeffrey Fagan. Confession – I’m opposed to capital punishment in part because I’ve yet to be convinced that the evidence shows any deterrent value….