Concordian Economics, Part 2: Geometric Representation

May 30th, 2016
in aa syndication, history, macroeconomics

Written by , The Somist Institute

 The geometry of Concordian economics is better evaluated when put in relationship with the geometry of classical and neoclassical economics, which as seen in the following Slide 1 (after page break) is built on points and lines, lines resulting from the disconnected measurements of comparative statics. 

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GDP Growth Revised Up, Investment and Consumers Remain Weak

May 28th, 2016
in consumer metrics institute, gdp

by Rick Davis, Consumer Metrics Institute

In their second estimate of the US GDP for the first quarter of 2016, the Bureau of Economic Analysis (BEA) revised the growth rate upward to +0.82%, up 0.28% from their previous estimate but still down -0.56% from from the +1.38% rate recorded for the fourth quarter of 2015.

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The Huge Recession Which Never Came

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When I lived in the corporate world, we used global and domestic transport to forecast the economy. The reason was that transport led economic activity.

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Econometraps: The Repetition of a Major Confusion in Six Major Econometrics Textbooks

May 27th, 2016
in macroeconomics

by Philip Pilkington

In the recent issue of the Real World Economics Review there was a rather interesting, if somewhat dense, article by Judea Pearl and Bryant Chen entitled Regression and Causation: A Critical Examination of Six Econometrics Textbooks. Lars Syll, who was earlier sent the paper, has weighed in here. It is a heavy and technical paper, but I think that the underlying results are of great interest to anyone concerned with applying econometrics to economics — or, conversely, to anyone who is, as I am, skeptical of such applications.

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Concordian Economics, Part 1: Introduction

May 26th, 2016
in aa syndication, history, macroeconomics

Written by , The Somist Institute

 Everything takes time. In 1991, an anonymous referee of the Journal of Economic Theory pointed out that what later was to be called Concordian economics contains “a new analytic engine” and that this engine ought to be “put through its paces” (Anon., 1991). All the work researched and published in the meantime (see, esp. Gorga, 2008) confirms the validity of this insight. The present paper is meant to achieve that goal.

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