From https://www.minneapolisfed.org/article/1996/interview-with-edward-c-prescott
The view that technology shocks, those affecting production opportunities, are the major driving force behind business cycles, accounting for about 70 percent of these fluctuations.
16 Jan 2022 Leave a comment
in business cycles, economic history, Edward Prescott, macroeconomics, monetary economics
Tom Ballard at 2018 Marxism conference
16 Jan 2022 Leave a comment
in applied price theory, comparative institutional analysis, economic history, economics of bureaucracy, income redistribution, law and economics, Marxist economics, property rights, Public Choice, television
Pvt. Pyle: The Chance Encounter that Led to One of Kubrick’s Best Characters | Full Metal Jacket
16 Jan 2022 Leave a comment
in movies
Prescott (1996) on the power of central banks
15 Jan 2022 Leave a comment
in business cycles, econometerics, economic history, Edward Prescott, financial economics, macroeconomics, monetary economics
Reaping The Whirlwind: Europe’s Wind & Solar Obsession Sends Power Prices Rocketing
15 Jan 2022 Leave a comment
Europeans have squandered untold $billions on chaotically intermittent wind and solar. The only evident results being routine power rationing, blackouts and power prices doubling every 12 months, or so.
The article below from Bloomberg lays it out fairly clearly: those countries obsessed with wind and solar are literally reaping the whirlwind, as power prices spiral out of control.
Bloomberg is, of course, a propaganda outlet for renewable energy rent-seekers, so don’t expect to see it ever name the culprits for Europe’s self-inflicted renewable energy disaster. In the piece below, the closest Bloomberg gets is when it points out that the “crisis was also aggravated by lower than normal wind speeds”. No joke!
Because the likes of Germany, Spain and the UK heavily depend upon wind and solar, output collapses triggered by, you guessed it, sunset and/or calm weather are driving demand for power from reliable sources, such as coal, gas…
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Consensus is too pessimistic on the UK economy (again)
15 Jan 2022 Leave a comment
I’ve just updated my UK GDP forecasts with today’s data for November. Here are ten key points, including some international comparisons.
1. UK economic growth in 2021 is likely to be just shy of 7½%, 1% higher than assumed in the October Budget and 3% higher than the consensus in the Treasury survey at the start of last year.
2. This means that the UK was almost certainly the fastest growing G7 economy in 2021. Many like to dismiss this as a ‘dead cat bounce’ after the relatively large fall in UK GDP in 2020. But the UK still did much better than expected, even taking account of this favourable ‘base effect’.
3. To illustrate, the chart below compares different vintages of the OECD’s forecasts for last year. In December 2020 the OECD expected UK GDP to grow by 4.2% in 2021, and to be outpaced by France and Italy…
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Money Under Laissez-Faire George Selgin
15 Jan 2022 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, business cycles, economic growth, economic history, financial economics, global financial crisis (GFC), great depression, great recession, history of economic thought, macroeconomics, monetarism, monetary economics Tags: monetary policy
January 14, 1892: Death of Prince Albert Victor, Duke of Clarence and Avondale
15 Jan 2022 Leave a comment
Albert Victor, Duke of Clarence and Avondale (January 8, 1864 – January 14, 1892) was the eldest child of the Prince and Princess of Wales (later King Edward VII and Queen Alexandra) and grandson of the reigning British monarch, Queen Victoria. From the time of his birth, he was second in the line of succession to the British throne, but never became king because he died before his father and grandmother.
Albert Victor was born two months prematurely on January 8, 1864 at Frogmore House, Windsor, Berkshire. He was the first child of Albert Edward, Prince of Wales, and his wife Alexandra of Denmark, daughter of was Prince Christian of Schleswig-Holstein-Sonderburg-Glücksburg (King Christian IX of Denmark) and her mother was Princess Louise of Hesse-Cassel.
Following his grandmother Queen Victoria’s wishes, he was named Albert Victor, after herself and her late husband, Prince Albert of Saxe-Coburg-Gotha. As a grandchild of the…
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