Tag Archives: Featured Stories

by Joseph Joyce Capital Flows in a World of Low Interest Rates Interest rates in advanced economies continue to persist at historically low levels. This trend is due not only to the response of central banks to slow growth, but also fundamental factors. If these interest rates continue close to their current levels, what are the consequences for international capital flows? The decline in rates in the advanced economies has been widely documented and...

Maybe No Conspiracy Or Coordination, But Lots And Lots Of Collusion Trump and his supporters have been loudly claiming that the Barr letter about the Mueller report has shown “no collusion!” which has been shouted loudly from the rooftops, with many supposedly respectable sources such as the New York Times agreeing with this assessment, thus supporting the long running Trump/Hannity repeated claim. But I note that the big headline on this morning’s...

Brad DeLong got a huge amount of attention by saying it was time for neoliberals such as Brad DeLong to pass the baton to those to their left. Alarmingly, he seems to have written this first on twitter. Zach Beuchamp rescued it from tawdry twitter to now very respectable blogosphere with an interview. One interesting aspect is that Brad has very little criticism of 90s era Brad’s policy proposals. Basically, the argument is that Democrats must stick...

Neoliberalism as Structure and Ideology As someone who has looked at the world through a political economic lense for decades, I am restless with the “cultural turn”.  Once upon a time, it is said, the bad old vulgarians of the left believed that economic structure—the ownership of capital, the rules under which economies operate and the incentives these things generate—were everything and agency, meaning culture and consciousness, were nothing.  The...

(Dan here….better a little late than not…) by Kenneth Thomas   Amazon Wins!!! Well, what did you expect? With 238 entrants and 20 finalists, the Amazon HQ2 location tournament resulted in a resounding victory for Amazon: Billions of dollars in subsidies and binders full of detailed information on the contestants. Plus, we got a surprise twist at the end, when Amazon announced it would choose two “headquarters” instead of one. Of course, I never...

“Announcement of a Looming White Minority Makes Demographers Nervous.” NYT’s article makes this announcement of White America becoming a minority in the 2040’s like it is new news. It is not. Back in 2006, I exchanged emails with Joel Garreau about the same topic in his article 300 Million and Counting. Joel concentrated on the arrival of immigrants to the country being good news as it keeps our labor force younger than other countries such as Germany,...

With October consumer price inflation reported, let’s update a few metrics. First of all, while the YoY% growth in real wages increased: real wages were unchanged month over month, as both nominal wages and consumer inflation both increased by +0.3%: Real wages have still not even increased 1% in the last 2 1/2 years. Because, as I noted yesterday, so much of consumer inflation, and therefore real wages, depends on gas...

A Washington State Carbon Tax Goes Down in Flames Initiative 1631, which would have created a carbon tax in Washington State, lost by almost 12% of the vote this week.  Commentators on all sides have interpreted this as a decisive defeat for carbon pricing, making more indirect policies like subsidies to renewables the only politically feasible option.* I don’t have time for a lengthy analysis, but in a few words I want to suggest that this conclusion...

From an interview on NPR’s Here and Now comes: “The official actuaries of the Social Security system say in order to get our Social Security and retirement funds in balance, they’d have to cut benefits by 25 percent indefinitely into the future,” he says. “Do I think it’s going to happen? Well I don’t know, but this is one of the reasons why inflation is the major problem out there. So long as you don’t do it, you’re going to cause the debt overall — the...

As predicted, a deeply unpopular Trump stomped on the GOP message; early races I’ll be watching Tuesday night As I wrote a few weeks ago, whatever message Congressional GOPers might have wanted to put out (like, “our tax cuts helped spur the best economy in years!”) got stomped on by Donald Trump. As it turns out, (please be sitting down for this) he was being truthful when he talked about momentum having been going his way. Here’s Gallup’s weekly...