Two Different Approaches to Economics and One Approach to Pseudo-Economics

October 21st, 2017
in macroeconomics

by Philip Pilkington

In the comments to my piece on Janet Yellen the hypocrisy of my position was pointed out, as it so often is, by a certain reader of this blog. What was my hypocrisy on this particular occasion? It was the fact that I complained about Yellen’s obsession with ‘closing’ models but, in other circumstances, champion Godleyian Stock-Flow Consistent (SFC) modelling which, of course, contains models that have ‘closures’ of various forms.

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Some Economics of Immigration

October 18th, 2017
in macroeconomics

by Timothy Taylor, Conversable Economist

The Fall 2017 issue of the Cato Journal includes 11 accessible papers on "The Economics of Immigration." Here, I'll mention some insights that especially caught my eye from two of the papers.

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Global Value Chains and the US Missing Exports

October 16th, 2017
in trade data, macroeconomics

by Voxeu.org

-- this post authored by Yuqing Xing

The last few decades have seen the US running its largest ever trade deficit. This column uses the case of Apple to demonstrate that the failure of trade statistics to capture flows of intellectual property embedded in exports explains a significant share of this deficit.

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Slackers: How the Multiplier Works in the Real World

October 13th, 2017
in aa syndication

by Philip Pilkington

In a previous post I wrote about the key reason that the natural rate of interest does not exist. There I discussed the Kahn Multiplier. We saw that when investment increased consumption increased along with it due to the fresh income received from the investment spending.

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Uncle Sam’s Unfunded Promises

by John Mauldin, Thoughts from the Frontline

Here’s a surprisingly profound question: What is a promise? Dictionaries offer various definitions. I like this one:

“An express assurance on which expectation is to be based.”

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