Tag Archives: Uncategorized

Employment growth remains strong as rate hikes continue to contribute to a now rising federal deficit that is supporting growth, contrary to Fed expectations. This leads to more hikes intended to soften growth and inflation that in fact support growth and inflation: The Saudis are on the warpath after a falling out with President Biden, scrapping their July deal that included bringing down oil prices (which was probably accomplished by the Saudis confidentially discounting...

Employment growth remains strong as rate hikes continue to contribute to a now rising federal deficit that is supporting growth, contrary to Fed expectations. This leads to more hikes intended to soften growth and inflation that in fact support growth and inflation: The Saudis are on the warpath after a falling out with President Biden, scrapping their July deal that included bringing down oil prices (which was probably accomplished by the Saudis confidentially discounting...

from Lars Syll — I will remember that I didn’t make the world, and it doesn’t satisfy my equations. — Though I will use models boldly to estimate value, I will not be overly impressed by mathematics. — I will never sacrifice reality for elegance without explaining why I have done so. — Nor will I give the people who use my model false comfort about its accuracy. Instead, I will make explicit its assumptions and oversights. — I understand that my work may have enormous effects on society...

There’s been a lot of excitement about Artificial Intelligence (AI) lately, much of focused on long-standing “big questions” like “is AI really intelligent” (short answer, no) I don’t have an answer to that, so I’ll stick to the easier questions like “will a robot take my job”. I’ve argued before that this isn’t a good way to think about the issue. New technology has been changing the way we work for centuries, and will continue to do so. But for particular jobs being transformed by...

There’s been a lot of excitement about Artificial Intelligence (AI) lately, much of focused on long-standing “big questions” like “is AI really intelligent” (short answer, no) I don’t have an answer to that, so I’ll stick to the easier questions like “will a robot take my job”. I’ve argued before that this isn’t a good way to think about the issue. New technology has been changing the way we work for centuries, and will continue to do so. But for particular jobs being transformed by...

from Lars Syll [embedded content] It is difficult to understand why mainstream economists keep on using their unreal and irrelevant models! Sure, you get academic accolades and give the impression of having something deep and ‘scientific’ to say, but that should count for nothing if you’re in the truth business. As long as that kind of modelling output doesn’t come with the accompanying warning text “NB! This is model-based results based on tons of more or less unsubstantiated...

That’s the headline for my latest piece in Independent Australia . The next couple of weeks, leading up to Labor’s first budget, will determine the fate of this government, one way or another. If the tax cuts go through unchanged, the government will be a failure as far as economic and social policy is concerned. Some have suggested that the problems could be fixed in a second term. But having handed out big tax cuts for 2024-25, it’s absurd to suggest that Labor could turn around...

That’s the headline for my latest piece in Independent Australia . The next couple of weeks, leading up to Labor’s first budget, will determine the fate of this government, one way or another. If the tax cuts go through unchanged, the government will be a failure as far as economic and social policy is concerned. Some have suggested that the problems could be fixed in a second term. But having handed out big tax cuts for 2024-25, it’s absurd to suggest that Labor could turn around...

from Peter Radford – the question is how does economics get its much needed revamp? This caught my eye: “Debreu noted in his Nobel Prize lecture that the success of the mathematization of economic theory depended “on the fact that the commodity space has the structure of a real vector space”. We have shown that this is incorrect. The “price vector” is not a vector, and GET [General Equilibrium Theory] is therefore false. But we may go further and assert that not only was the...