Thirlwall’s Law in Historical Context

February 10th, 2017
in aa syndication, history, macroeconomics

by Philip Pilkington

Fixing the Economists Article of the Week

There has been some reticence on the blogs to discuss Thirlwall’s Law and I myself have also been somewhat reluctant to deal with it in any great detail (although I did hint at some problems with it in this post). I think it might be worth discussing it in more depth, however, because I think that the model it is based on is actually quite interesting — albeit misleading. I will rely for this exposition on a very succinct account of the model in a recent paper by Thirlwall entitled Kaldor’s 1970 Regional Growth Model Revisited.

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Tax Reform: The Good, the Bad, and the Ugly: Part One

February 10th, 2017
in macroeconomics

by John Mauldin, Thoughts from the Frontline

Vizzini: He didn’t fall?! Inconceivable!
Inigo Montoya: You keep using that word. I do not think it means what you think it means.
– From The Princess Bride

“A tariff is a scale of taxes on imports, designed to protect the domestic producer against the greed of his consumer.” – Ambrose Bierce

“Vast possibilities matured into realities before their very eyes. Nevertheless, they saw nothing but cramped economies struggling with ever-decreasing success for their daily bread.” – Joseph Schumpeter on the Industrial Revolution

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Gross Attention to the Gross Domestic Product

February 8th, 2017
in aa syndication, gdp

Written by , Alternativeinsight

 Prepared by the Bureau of Economic Analysis of the Department of Commerce, the Gross Domestic Product (GDP) serves primarily as an accounting function for the United States government  ̶  one statement in a description of national accounts. By summarizing the monetary value and sources of services and production, the GDP reports all expenditures in the U.S.economy. Anxiously awaited, the economic statistic is employed to indicate and forecast the health of an economy. However, the GDP tends to be misinterpreted, ambiguously defined, and improperly used. Is there more to its well-arranged numbers than invigorating government officials and encouraging investors?

gdp.crystal.ball

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The Economy Continues To Claw Its Way Upward?

Written by

Will the Trump administration effect the economy - either positively or negatively?  I have written in the past that it takes a long time (except for helicopter drops of money directly to consumers) for fiscal policy actions to impact the economy overall.

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Marginalist Microeconomics is a Highly Normative Ethical Doctrine

February 4th, 2017
in history, macroeconomics

by Philip Pilkington

Fixing the Economists Article of the Week

In a recent post Lord Keynes raises the question of the so-called ‘law’ of diminishing marginal utility. The ‘law’ states that we will derive ever diminishing satisfaction from the acquisition of a good or service. Lord Keynes notes that this is true for some goods — like washing machines — but may not true of others. He gives a number of examples — such as addictive arcade games and drugs — that seem to defy the ‘law’.

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