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from Lars Syll

by New Deal democrat Weekly Indicators for December 27 – 31 at Seeking Alpha The last edition of Weekly Indicators for 2021 is up at Seeking Alpha. I have been watching restaurant reservations for the first signs of the economic impact of Omicron. Well . . . . Additionally, interest rates are hitting an important milestone this week, that is changing some of their ratings, and with that the reading of the long leading forecast. As...

from Lars Syll One of the limitations with economics is the restricted possibility to perform experiments, forcing it to mainly rely on observational studies for knowledge of real-world economies. But still — the idea of performing laboratory experiments holds a firm grip of our wish to discover (causal) relationships between economic ‘variables.’If we only could isolate and manipulate variables in controlled environments, we would probably find ourselves in a situation where we with...

from Shimshon Bichler and Jonathan Nitzan If you thought that oil profits are about producing oil, think again. The enclosed chart, updated from our 2015 Real-World Economics Review paper, ‘Still About Oil?’, shows that the main determinant of oil profit — and specifically of differential oil profit — is not output, but prices. The figure shows the correlation between two series: (1) the differential oil profits of the world’s integrated oil companies, computed as the ratio between their...

That’s the headline for a story based on an email interview I did with Yahoo News. Over the fold, the full Q and A. What are your predictions for NSW given the current numbers?Assuming that Hazzard’s 25 000 cases a day estimate is correct, that 2 per cent  are hospitalised and and average stay of 10 days, that’s 5000 people in hospital on any given day. NSW has 20700 hospital beds, so almost 25 per cent taken up with Covid What will this mean for hospitals?This will clearly...

from Peter Radford What on earth were they doing? Rocked but undaunted by the great financial crisis the orthodoxy of our central banks survived to fight another day.  The system had been saved.  That no one saw the onrushing crisis is still being debated.  Of course some people saw it coming.  Anyone with a scintilla of understanding of Minsky for instance.  But those folk are hard to find in the top seats of central banks. The objective of the so-called independent central bank is to...

I’m hoping next year we will make progress getting some of the crazier stuff out of the room. Here’s a little YouTube teaser from Down Under (give it a minute to get to the punchline): Who’s crazy now? All the best in 2022, Tom

I ran across this three-part series while reading one of Kip Sullivan’s articles “Kip Sullivan on the Creeping Privatization of Medicare, ” Corporate Crime Reporter If you wish to understand the evolution of healthcare and how we got to this point the US, the detail is here on YouTube. Kip starts the in the seventies detailing HMOs (HMO Act 1973) during the Nixon era. [embedded content] “Now there are a slew of these insurance companies like...