Tag Archives: Uncategorized

I spend a lot of my time thinking about global heating, where it’s often hard to be optimistic about the future. But there are some bright spots. In particular, there’s a good chance that 2023 will be the year that coal use finally begins a sustained decline, and relatedly the year the carbon dioxide emissions from electricity generation start to fall. This is by no means a sure thing. The International Energy Agency predicts a plateau, in which nearly all new electricity demand...

from Peter Radford What am I supposed to make of this? Martin Wolf, someone whose work I always pay attention to, flubs it and leaves us with a partial picture.  That’s unlike him.  Perhaps it was the editing? In any case the notion that the UK needs to generate more savings, which is what Wolf is arguing in his recent Financial Times article, needs a slight augmentation in his basic analysis. The problem begins when he says that “Investment is financed by savings”.  This is a very...

“The Rest of us,” by Stephen Birmingham, is subtitled “The Rise of America’s Eastern European Jews.” Birmingham wrote previously about the Sephardic Jewish immigration around the time of the American Revolution, and about the German Jews who arrived in the mid-1800s. This covers the third wave of Jewish immigration to the United States, the immigration of eastern European Jews starting in the late 19th century. These subsequent immigrants arriving...

from Lars Syll It is widely recognized but often tacitly neglected that all statistical approaches have intrinsic limitations that affect the degree to which they are applicable to particular contexts … John Maynard Keynes was perhaps the first to provide a concise and comprehensive summation of the key issues in his critique of Jan Tinbergen’s book Statistical Testing of Business Cycle Theories … Keynes’s intervention has, of course, become the basis of the “Tinbergen debate” and is a...

from Dean Baker On a lazy Friday afternoon, a person’s thoughts naturally turn to car price indexes. There is actually a reason that I became interested in this topic. I noticed that in the January Consumer Price Index, the new vehicle index rose 0.2 percent. The December measure was revised up due to new seasonal adjustment factors so that what had been reported as a 0.1 percent decline last month is now reported as a 0.6 percent increase. I was inclined to think this was an aberration...

from Lars Syll Contrary to the tenets of orthodox economists, contemporary research suggests that, rather than seeking always to maximise our personal gain, humans still remain reasonably altruistic and selfless. Nor is it clear that the endless accumulation of wealth always makes us happier. And when we do make decisions, especially those to do with matters of principle, we seem not to engage in the sort of rational “utility-maximizing” calculus that orthodox economic models take as a...

Open thread February 18, 2023, Angry Bear, (angrybearblog.com) Tags: open thread

from Duncan Austin . . . it is an empirical matter whether the Hand is stronger than the Foot, or vice-versa.  Unfortunately, various environmental and social trajectories indicate that the Foot is now overpowering the Hand in important ways. Note that the situation is not that markets are outright ‘good’ or ‘bad’ – as polarizing capitalism-versus-socialism debates so often quickly descend to – but rather how helpful or harmful current markets are based on how well they...

Keynes’ General Theory was a massive step forward relative to classical economics, but it was also a step backward in its denial of the conflictual nature of capitalism. There is need to understand Keynes’ technical contributions regarding the workings of monetary economies, but also need to understand the flaws within his thinking and the consequences […]