'Strong' GDP Growth Is Really Not So Strong

October 28th, 2017
in consumer metrics institute, gdp

by Rick Davis, Consumer Metrics Institute

In their first (or "preliminary") estimate of the US GDP for the third quarter of 2017, the Bureau of Economic Analysis (BEA) reported that the US economy was growing at a +2.98% annual rate, down -0.08% from the prior quarter.

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Rethinking Education

October 28th, 2017
in uncategorized

by John Mauldin, Thoughts from the Frontline

This week’s letter will be more like an Outside the Box than a Thoughts from the Frontline. I am feeling under the weather, and while I can read and move around somewhat, I am really not thinking all that well and am not up to wasting your time writing a letter that neither you nor I will be happy with.

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The Difference Between Keynesian Kaleido-Static Reasoning and Mainstream Methodology

October 28th, 2017
in macroeconomics

by Philip Pilkington

In order to give an adequate definition of what has been called Keynesian kaleido-statics it is first relevant to define it against that out of which it grew. Keynes’ work, as has been noted many times, grew out of the work of Alfred Marshall. Keynes, in a very real sense, should be seen as an economist working in the Marshallian tradition.

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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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