A identity is a equation that is true because of the way the terms are defined. Thus, when an economist says that “gross national product is equal to the sum of consumption plus investment plus government spending on goods and services plus exports minus imports,”
Author Archives: 行政
Beyond the Pale
Age of Wisdom, Age of Foolishness (18) Written by Adam Whitehead, KeySignals.com The Elephant in the European Living Room Last week the United Nations was the stage for numerous politically correct speeches, from urbane Western diplomats, ostracizing President Putin in an attempt to place him “beyond the Pale” of 21st Century civilised politics. President Putin’s …
Herbert Spencer, Freedom, and Empire
Herbert Spencer was born into a nineteenth-century world where the traditional logic of imperialism interacted with new developments like the Industrial Revolution, and new ideas like free trade and liberalism that emerged out of the Enlightenment of the previous century.
Primer on Ukraine’s Economic Troubles
With the Russian invasion of Ukraine and the prospect of a combustible great powers confrontation, the natural reaction of any economist is: “So what’s up with Ukraine’s economy, anyway?” Let other people look at maps;
Sayonara Abenomics
by Pebblewriter, Pebblewriter.com Those who have followed this blog for any length of time know about our focus on the Japanese economy and the yen. I presented this chart in December, which shows the impact on stocks of the last three USDJPY reversals off a trend line (or top of a channel, depending on how …