https://www.facebook.com/share/p/Hfb2C8uPs2b9Rdaq/?mibextid=xfxF2i
The Great Fact
04 Feb 2024 Leave a comment
in economic growth, economic history, liberalism, macroeconomics Tags: space, The Great Enrichment
The Euro at 25
03 Feb 2024 Leave a comment
in budget deficits, currency unions, economic history, economics of bureaucracy, Euro crisis, fiscal policy, global financial crisis (GFC), great recession, inflation targeting, macroeconomics, monetary economics, Public Choice Tags: Euro
The euro technically started in 1999, when the 11 founding European members of the currency agreed to keep their exchange rates fixed and to hand over monetary policy to the European Central Bank. The euro then became the actual currency that people and firms used in 2002. I confess that, back in the early 1990s,…
The Euro at 25
Will Milei succeed in Argentina?
22 Jan 2024 Leave a comment
in applied price theory, budget deficits, comparative institutional analysis, development economics, economic growth, economic history, economics of bureaucracy, economics of regulation, fiscal policy, growth disasters, income redistribution, labour economics, liberalism, libertarianism, macroeconomics, Marxist economics, monetary economics, Public Choice, public economics, rentseeking Tags: Argentina
I give him a 30-40% chance, which is perhaps generous because I am rooting for him. Bryan Caplan, who is more optimistic, offers some analysis and estimates that Milei needs to close a fiscal gap of about five percent of gdp. I have two major worries. First, if Milei approaches fiscal success, the opposing parties […]
Will Milei succeed in Argentina?
Shift to renewable energy would make economic growth impossible, says expert
22 Jan 2024 1 Comment
in applied price theory, development economics, economic growth, energy economics, environmental economics, global warming, macroeconomics Tags: climate alarmism
By Paul Homewood h/t Philip Bratby Even climatologists are beginning to realise that the emperor has no clothes! Economic growth as we know it is impossible if governments shift to 100 per cent renewable energy, a renowned French climatologist has said. Jean-Marc Jancovici, the author of World Without End, the […]
Shift to renewable energy would make economic growth impossible, says expert
Milei Speaks Truth to WEF Elite Power
19 Jan 2024 Leave a comment
in applied price theory, Austrian economics, comparative institutional analysis, constitutional political economy, development economics, economic growth, economic history, entrepreneurship, growth disasters, growth miracles, history of economic thought, labour economics, law and economics, macroeconomics, property rights Tags: Argentina
Argentina’s President Javier Milei had a warning for those attending the annual WEF meeting in Davos, Switzerland; ‘the Western world is in danger’ from ‘collectivist experiments’ such as Diversity, Equity and Inclusion (DEI), and has called on the world to reject socialism and instead embrace “free enterprise capitalism” to end global poverty. H/T zerohedge “Today, […]
Milei Speaks Truth to WEF Elite Power
Avoiding scrutiny
19 Jan 2024 Leave a comment
in business cycles, economics of bureaucracy, macroeconomics, monetary economics, politics - New Zealand, Public Choice Tags: monetary policy
Regular readers will recall that I have, intermittently, been on the trail of the approach taken to the selection (and rejection) of external MPC members when the current crop were first appointed in 2019. I have been pursuing the matter since a highly credible person who was interested in being considered for appointment told me that […]
Avoiding scrutiny
Unfettered: Fishback 25 Years Later
17 Jan 2024 Leave a comment
in applied price theory, discrimination, economic history, economics of information, economics of regulation, health and safety, history of economic thought, human capital, industrial organisation, international economics, labour economics, labour supply, liberalism, macroeconomics, Marxist economics, minimum wage, occupational choice, occupational regulation, poverty and inequality, unemployment, unions
A quarter century ago, economist Price Fishback published “Operations of ‘Unfettered’ Labor Markets: Exit and Voice in American Labor Markets at the Turn of the Century” in the prestigious Journal of Economic Literature. Fishback’s article is packed with insight… and understatement. But let’s back up. Virtually every standard history textbook describes U.S. labor markets before…
Unfettered: Fishback 25 Years Later
A congestion theory of unemployment fluctuations
17 Jan 2024 Leave a comment
in business cycles, econometerics, economic history, history of economic thought, job search and matching, labour economics, labour supply, macroeconomics, monetary economics, unemployment
Yusuf Mercan, Benjamin Schoefer, and Petr Sedláček, newly published in American Economic Journal: Macroeconomics. I best liked this excerpt from p.2, noting that “DMP” refers to the Nobel-winning Diamond-Mortensen-Pissarides search model of unemployment: This congestion mechanism improves the business cycle performance of the DMP model considerably. It raises the volatility of labor market tightness tenfold, […]
A congestion theory of unemployment fluctuations
Mattei Misjudges Hawtrey
15 Jan 2024 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, great depression, history of economic thought, macroeconomics, monetary economics
Clara Mattei, associate professor of economics at the New School for Social Research, recently published a book, The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism, (University of Chicago Press) in which she argues that the fiscal and monetary austerity imposed on Great Britain after World War I to restore the […]
Mattei Misjudges Hawtrey
Productivity woes….continued
10 Jan 2024 Leave a comment
in economic growth, economic history, entrepreneurship, labour economics, labour supply, macroeconomics, politics - New Zealand
In my post on Monday I drew attention (again) to the fact that New Zealand has made no progress at all in reversing the decline in relative economywide productivity (relative to other advanced countries) since what was hoped to be a turning point, with the inauguration of widespread economic reforms after the 1984 election. If anything, […]
Productivity woes….continued
40 years on
08 Jan 2024 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economic growth, economic history, fiscal policy, inflation targeting, international economics, labour economics, macroeconomics, monetary economics, politics - New Zealand
On Solow
08 Jan 2024 Leave a comment
in economic growth, history of economic thought, macroeconomics
Pension crisis
06 Jan 2024 Leave a comment
in budget deficits, fiscal policy, labour economics, labour supply, macroeconomics Tags: ageing society
📸 Look at this post on Facebook
https://www.facebook.com/share/B8SHqxb5jFk88mQ2/?mibextid=RXn8sy
Economic underperformance
03 Jan 2024 Leave a comment
in economic growth, economic history, macroeconomics
With both the annual and quarterly national accounts data having come out recently it is time for a quick update of some old charts. First, labour productivity (real GDP per hour worked). This chart is from the period since just prior to Covid, and for both New Zealand and Australia If you want some slight consolation, […]
Economic underperformance
02 Jan 2024 Leave a comment
in development economics, economic growth, macroeconomics
📸 Look at this post on Facebook
https://www.facebook.com/share/fapH5dpZ8wc25gtV/?mibextid=RXn8sy
Utopia, you are standing in it! 
Recent Comments