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The rate of growth has been decelerating due to the fiscal contraction, but remains over 50 which means positive growth: No recession here as employment growth continues and unemployment isn’t rising. Yes, growth is slowing from the post-Covid fiscal collapse, but not yet to the point of negative growth. And the increase in prices that exceeds wage growth further works to cause people to take whatever jobs they can to make ends meet.

from Lars Syll External validity poses a challenge for most kinds of research designs, of course. In true experiments in the social sciences, the study group is not usually a random sample from some underlying population. Often, the study group consists instead of a convenience sample, that is, a group of units that have been “drawn” through some nonrandom process from an underlying population. In other studies, one cannot even readily claim that the study group has been drawn from any...

Vladimir Mau Has Been Arrested, Econospeak, Barkley Rosser  Vladimir who? I appreciate that most readers have never heard of this individual. But this is the sign of a major new shift in the situation in Russia. To make clear why this is important: until quite recently Vladimir Mau was the top economic advisor of V.V. Putin. Just prior to his arrest, he has just been reelected to the Board of Gazprom, the most important state-owned company in...

from C. P. Chandrasekhar When the COVID pandemic affected every one of the world’s nations, the way forward seemed obvious, even if difficult to traverse. Given the rapid spread of the disease and its severity that overwhelmed long neglected health systems, and the cost to lives and livelihoods that shutdowns of economic and social activity implied, quick access to drugs and vaccines to manage the pandemic were crucial. Fortunately, government support for biotech research, in general, and...

Following up my initial response to Lane Kenworthy, I decided to approach the question from a different direction and ask “Would we be better off without corporations?”. That is, I’d like to consider a society in which all large enterprises were publicly owned. There would still be room for owner-operated private businesses, worker-controlled co-operatives, partnerships and perhaps some other forms of business I haven’t thought about. I won’t get into disputes about whether this would...

real-world economics review issue no. 100 download whole issue Introduction to RWER issue 100          3 Real Science Is Pluralist           issue no. 5 – 2001Edward Fullbrook         5 Is There Anything Worth Keeping in Standard Microeconomics?          issue no. 12 – 2002Bernard Guerrien          11 How Reality Ate Itself: Orthodoxy, Economy & Trust          issue no. 18 – 2003Jamie Morgan          14 What is Neoclassical Economics?         issue no. 6 – 2006Christian...

The graph below has been constructed by economists of the European Central Bank. It’s based on national accounts data. It shows that present day inflation is profit driven, not wage driven. Money flows to profits, not wages. What does this mean for monetary, fiscal and income policy, taking some other aspects of inflation into consideration? Quite a lot. High central bank interest rates have a dual purpose. First, they are intended to show that central banks are serious. Let’s...

by New Deal democrat Weekly Indicators for June 27 – July 1 at Seeking Alpha My Weekly Indicators post is up at Seeking Alpha. There was yet more deterioration this week, focused on the long and short leading indicators. But consumer spending still seems to be holding up. As usual, clicking over and reading should bring you up to the virtual moment about the economy, and bring me a little pocket change to buy lunch....