Tony talks to Silvio about his position – The Sopranos
26 Feb 2022 Leave a comment
in television, TV shows
Playing With Fire – The First Flame Thrower I THE GREAT WAR Week 32
26 Feb 2022 Leave a comment
in defence economics, war and peace Tags: World War I
Economics of the Russia-Ukraine Conflict
25 Feb 2022 Leave a comment
Russia launched a full invasion of Ukraine last night. Most of the discussion I’ve seen has naturally focused on the fighting itself- what is happening, what is likely to happen, how did it come to this.
Since there are plenty of better sources to follow about that, I’ll simply offer a few observations on the economics of the conflict:
- Russia is not only more than 3 times as populous as Ukraine, it also more than twice as well off on a per-capita basis. This means its overall economy is more than 6 times the size of Ukraine’s. This gap has been growing since the fall of the Soviet Union, as Russia’s per-capita GDP growth has been much stronger, while its population has shrunk much less than Ukraine’s. Putting this together, Ukraine’s measured real GDP is actually smaller than it was in 1990, while Russia’s is larger.
2. Russia’s much larger…
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Fiscal theory of the price level = inflation ultimately comes from government debt, as opposed to the central bank printing money
25 Feb 2022 Leave a comment
in Adam Smith, financial economics, fiscal policy, history of economic thought, macroeconomics, monetarism, monetary economics
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