Why Long-Run Theories of Profit and Accumulation Fall Short

April 22nd, 2017
in history, macroeconomics

by Philip Pilkington

Nothing gets heterodox economists quite so fussed as the long-run theory of the rate of profit. Yet, Keynes did without one altogether and when examined closely there is no way that such a theory can say anything tangible about the real world. In order to lay this out I am going to take my leave from Joan Robinson’s excellent book Economic Heresies: Some Old-Fashioned Questions in Economic Theory.

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Brexit - Who Wins and Loses

April 21st, 2017
in eurozone and euro

by Elliott Morss, Morss Global Finance

Introduction

In all likelihood, Brexit is coming. What will its effects be and what countries will be injured the most? It clearly “depends.” While it is apparent that the UK would like trade linkages to remain the same, numerous Economic Union (EU) members have been piqued by Brexit and want to strip away some of the UK’s trade benefits. At least they do as a starting point for negotiations. Below, the benefits and costs of a breakup are examined.

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Angst in America, Part 4: Disappearing Pensions

April 19th, 2017
in macroeconomics

by John Mauldin, Thoughts from the Frontline

“Companies are doing everything they can to get rid of pension plans, and they will succeed.”– Ben Stein

“Lady Madonna, children at your feet
Wonder how you manage to make ends meet
Who finds the money when you pay the rent?
Did you think that money was heaven sent?” -– “Lady Madonna,” The Beatles

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Krugman Uses ISLM to Proclaim Looming Fiscal Crisis, Denounces Those Who Don’t Use ISLM

April 14th, 2017
in history, macroeconomics

by Philip Pilkington

Editor's note:  This was written in March 2014.

Some people often ask why I complain about Krugman. “Hey Phil, Krugman is a good guy. He likes government spending. You like government spending. Therefore you must like Krugman,” says our budding young Socrates. Well, I’ll tell you why: because Krugman is a pretty awful economist who pushes completely outdated views and tricks people into thinking that they’re cutting edge. Anything that is of interest he poaches from elsewhere, typically engages in dubious accreditation and ultimately gets it wrong.

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A Stroll through US Trade Statistics, and How It Always Balances

April 8th, 2017
in trade data

by Timothy Taylor, Conversable Economist

"America’s commerce with the rest of the world must be and always is balanced when taking into account investment flows as well as the exchange of goods and services. ... [O]ne key insight for public policy is that the total outflow of dollars each year from the United States to the rest of the world is matched by an equal inflow of dollars from the rest of the world to the United States. There is no need to worry about a `leakage' of dollars siphoning off demand from the domestic economy. Dollars spent on imported goods and services return to the United States, if not to buy US goods and services, then to buy US assets in the form of an inward flow of investment. ... When we account for all the dollars flowing into the United States, with an adjustment for the statistical discrepancy, it totals the exact same amount. The difference between dollars flowing out and dollars flowing in each year is zero."

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