Written by John Lounsbury
Obamacare (the Patient Protection and Affordable Care Act of 2010 - ACA for short) remains extremely unpopular according to the Kaiser Health Tracking Poll. Overall only 35% of the population has a favorable opinion, while 47% has an unfavorable opinion. Among self-identified Republicans only 11% approve and just 4% have a very favorable opinion.
October 18th, 2014
in Op Ed
It’s that time of year again – when academic economics, thanks to the Nobel Prize announcements, is thrust into the public gaze.
That the economics Nobel is mistitled and has quite a different status to the other Nobel Prizes is neither here nor there (the proper and rather unwieldy title of the economics Nobel is the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”). The award of the 2014 prize, in the eyes of the academic economics profession and the wider public, still confers great kudos and status.
October 17th, 2014
in Op Ed
by Charles Hugh Smith, Of Two Minds
If you want to understand why our economy is stagnating and wealth inequality is rising, look at the rise of rentier skims and the resulting decline in wealth creation.
To understand why the real economy is stagnating, we have to understand the critical difference between rentier wealth and wealth creation. Rentier wealth is skimmed by fees that provide little to no value to the to the person paying the fee.
October 16th, 2014
in Op Ed
by William K. Black, New Economic Perspectives
The Swedish Central Bank's (the "Bank") prize in economics has gone to Jean Tirole. It is always good to test such an award by looking at the writings of the recipient in an area in which the reader has particular expertise. In my case, that would include the Savings and Loan debacle, financial regulation, and control fraud. Tirole's book: The Theory of Corporate Finance was published on January 1, 2006 during the heart of the three raging epidemics of accounting control fraud that were hyper-inflating the world's largest financial bubble and about to create the financial crisis and the Great Recession.
October 15th, 2014
in Op Ed
by Dirk Ehnts, Econoblog101
The IMF has now cut its current-year growth forecasts nine out of 12 times in the last three years as it consistently overestimated how quickly richer countries would be able to pull free from high debt and unemployment in the wake of the 2007-2009 global financial crisis.
It also lowered its expectations for longer-term potential growth, something its chief economist Olivier Blanchard called "the force from the future."
"You have these forces from the past, the forces from the anticipated future ... and I think that explains the sequence of revisions that we've had," Blanchard said in an interview.