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Tag Archives: Taxes/regulation

Why Economists Don’t Know How to Think about Wealth (or Profits)

In the next evolution of economics taking shape around us and among us, perhaps no school has been so transformational over recent decades as a loose, worldwide group best described as “accounting-based” economists. Modern Monetary Theory (MMT), with its central tenet of “stock-flow consistency” (or stock-flow coherence) is at the center and forefront of this group. These accounting-based economists more than any others managed to accurately predict our...

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“In the Beginning…Was the Unit of Account” – Twelve Myths About Money

by Steven Roth “In the Beginning…Was the Unit of Account” – Twelve Myths About Money November 19th, 2017 Jan Kregel presented a great dinner speech at the recent Modern Monetary Theory Conference, touching on some of the fundamental ways we think about money and economics. (Sorry, no recording or transcript available.) I had a brief conversation with him afterwards, and we followed up with a few emails. The quotation in the title of this post is...

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Where is the money going?

Devin Smioth at New Economic Perspective points us to ‘where does the money go?”: After President Trump signed the GOP tax plan into law, some of the bill’s corporate beneficiaries have offered workers minor bonuses. But NEP’s Bill Black says they’re keeping most of the money for themselves — and starting a new global race to the bottom for corporate taxes. You can view here with a transcript. [embedded content] ...

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Support the Census

Support the Census The alarm has been sounded that Trump’s census apparatchiks are planning to include a citizenship question in the short form that will be used to generate the full count in 2020.  This count, mandated by the constitution and conducted every ten years, is the basis for voting district apportionment and formulas for allocating government services.  Since the first census was taken in 1790 the government has enumerated all residents,...

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Trump celebrates his (very expensive) tax cuts for himself and his rich golfing buddies

Trump celebrates his (very expensive) tax cuts for himself and his rich golfing buddies Remember how Trump sold the Republicans’ $1.5 trillion-deficit-creating tax cut plan as a boon for the middle class that was going to create jobs and raise wages?  That was in September, when he told congressional lawmakers at the White House that “The rich will not be gaining at all with this plan.”  See Washington Examiner (Sept. 13, 2017). Let me repeat that: ...

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Insanely Concentrated Wealth Is Strangling Our Prosperity

By Steve Roth (originally published at Evonomics) Today’s mountains of wealth throttle the very engine of wealth creation itself. Insanely Concentrated Wealth Is Strangling Our Prosperity Remember Smaug the dragon, in The Hobbit? He hoarded up a vast pile of wealth, and then he just hung out in his cave, sitting on it (with occasional forays to further pillage and immolate the local populace). That’s what you should think of when you consider the...

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Manufacturing employment and productivity growth

This National Bureau of Economic research paper is behind a paywall, but the premise is up for discussion: This Paper challenges two widely held views: first that trade performance has been the primary reason for the declining share of manufacturing employment in the United States and other industrial economies, and second that recent productivity growth in manufacturing has actually been quite rapid but is not accurately measured. The paper shows that...

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Social Security and conversation

(Dan here…Social Security is an issue that seems to generate a lot of firm beliefs and passion, as witness recent threads.  It is rare that people refer to actuary material.  On the other sides of the issue are people like Andrew Biggs, who is knowledgeable and smart in his arguments.  I am posting this as a reminder to readers that contributors do usually go the extra mile…in this case even recently, and since 2008 with Dale, Bruce Webb, and Arne...

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Democracy. Capitalism. Socialism. Choose Any Three of the Above

By Steve Roth  (from 2016 October 2) In the millennias-long evolution of human societies and economic systems, we find ourselves today at a pass where three systems predominate, and fitfully cohabit: democracy, capitalism, and socialism. Most countries in the world operate with large doses of all three. Given that, it might seem odd that there are so many loud and prominent political voices who talk about eradicating one or more of the three. These...

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Trading Social Security for Student Debt

Rep. Tom Garrett is a Republican representing Virginia’s 5th Congressional District. He is a member of the Committees on Education and the Workforce, Homeland Security, and Foreign Affairs. He  presents a problem: We can’t afford to lose the energy, ideas, and vision of young people who give up their dreams of going to college because it is unaffordable. And we shouldn’t saddle young people who graduate with enormous debt, forcing them to postpone...

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