Procyclical Emerging Market Policy: New Evidence

July 31st, 2015
in aa syndication

by Otaviano Canuto, Francisco Carneiro, Leonardo Garrido, Voxeu.org

Appeared originally at Voxeu.org 01 July 2015

Industrialised and developing countries have differing fiscal strategies for dealing with the business cycle. But are countries’ strategies different according to whether they are industrialised? This column presents new evidence suggesting that the picture is complex. Procyclical fiscal policies remain the norm amongst most non-industrialised developing countries, but some key developing countries have recently moved toward a counter-cyclical stance as a result of strengthening institutions.

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The Dreaded Specter of Nihilism in Economic Theory

July 30th, 2015
in macroeconomics

Fixing the Economists Article of the Week

by Philip Pilkington

There’s a funny point on which almost all economists that I’ve come across agree upon — from neoclassical to Marxian to Post-Keynesian. And that is that something which they call “nihilism” must be avoided at all costs.

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Analysis In Real Time Is Only for Shock Value

Written by

Do you consider how inaccurate the monthly economic releases are? Every day, the markets react to the deviation from expectations for releases on employment, manufacturing, spending et al. No consideration is made to the backward revisions which effect HOW one should view the current data.

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Productivity and Modern-Day Horse Manure

July 23rd, 2015
in employment, gdp, macroeconomics

by John Mauldin, Thoughts from the Frontline

Almost everyone wants to be more productive. I include myself in that group – there are lots of ways I could be more productive. When I have conversations with people I think are very productive, they almost always tell me they wish they were more productive. What more could anyone expect from them?

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Recollection and Repetition: Ergodic and Non-Ergodic Processes in the Sciences

July 23rd, 2015
in aa syndication

Article of the Week from Fixing the Economists

by Philip Pilkington

Say what you will, this problem is going to play an important role in modern philosophy because repetition is a decisive expression for what ‘recollection’ was for the Greeks. Just as they taught that all knowledge is recollection, thus will modern philosophy teach that life itself is a repetition.

— Soren Kierkegaard, ‘Repetition

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