The Phillips Curve: Timelessly Misleading

January 26th, 2018
in aa syndication

by Philip Pilkington

Article of the Week by Fixing the Economists

Tom Palley has written a blog post politely requesting that Paul Krugman might give a bit of recognition to non-mainstream contributors to economics. It would be nice to see this happen but I doubt that it will (although Palley is getting a bit of blog play out of it which is nice). Anyway, I note that in the post he links to a discussion he and Krugman had regarding the Phillips Curve.  Before I get to the arguments put forward here let us examine the Phillips Curve in some detail.

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Consumer and Government Spending, Plus Investment, Offset Trade and Inventory Losses in 4Q GDP

January 26th, 2018
in aa syndication

by Rick Davis, Consumer Metrics Institute

January 26, 2018 - BEA Estimates 4th Quarter 2017 GDP Growth to be 2.54%:

In their first (and preliminary) estimate of the US GDP for the fourth quarter of 2017, the Bureau of Economic Analysis (BEA) reported that the US economy was growing at a +2.54% annual rate, down -0.62% from the prior quarter.

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A Fly in the Economic Ointment?

by John Mauldin, Thoughts from the Frontline

The holidays are fading from memory, and 2018 is off to a good start, economically speaking. Most of the forecasts I’ve read expect a good year – not a blockbuster year or a horrendous one, but a mild pickup that ought to satisfy investors. Even the bears seem less confident than usual.

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Financial Markets in Keynesian Macroeconomic Theory 101

January 19th, 2018
in macroeconomics

by Philip Pilkington

Yesterday when I published my post on Krugman and the vulgar Keynesians not understanding the meaning to the term ‘liquidity trap’ I came to realise that many readers — both sympathetic and hostile — do not really understand the Keynesian theory of financial markets. I then realised that this was actually quite understandable given that it is not much discussed today (with some notable exceptions such as Jan Kregel and Minskyians like Randall Wray).

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Year of the Octopus, Part 2

by John Mauldin, Thoughts from the Frontline

Only two weeks in and 2018 is already breaking records – mostly in a good way. But that leaves 50 potentially less enjoyable weeks to go. So rather than focus on promising current events, I think I’d better dip back into my annual forecast bag and share a few more highlights with you.

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