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from Lars Syll Although I never believed it when I was young and held scholars in great respect, it does seem to be the case that ideology plays a large role in economics. How else to explain Chicago’s acceptance of not only general equilibrium but a particularly simplified version of it as ‘true’ or as a good enough approximation to the truth? Or how to explain the belief that the only correct models are linear and that the von Neuman prices are those to which actual prices converge...

Decelerating from post-Covid bounce expansion rates of growth: Decelerating but still at reasonably high levels: Decelerating from the post-Covid war fiscal consolidation but still positive:

from Dean Baker Last month I wrote a piece where I managed to mangle a very simple point. While the reported saving rate had fallen in April, it was actually due to people paying more capital gains taxes, not the result of households spending down savings. The issue here is straightforward. Saving is defined as the portion of disposable income that is not consumed. Savings can fall either because either consumption has increased, or disposable income has fallen. We are not seeing...

Hey, if you are not listening to this, you should be. It is more along the lines of “what did you know and when did you know it.” One of Mark Meadow’s assistants is reviewing what she knew with the committee.

from Lars Syll Mainstream economics is usually considered to be very ‘rigorous’ and ‘precise.’ And yes, indeed, it’s certainly full of ‘rigorous’ and ‘precise’ statements like “the state of the economy will remain the same as long as it doesn’t change.” Although ‘true,’ this is, however — like most other analytical statements — neither particularly interesting nor informative. As is well known, the law of demand is usually tagged with a clause that entails numerous interpretation...

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from Dean Baker    It was very frustrating to read Noam Scheiber’s profile of Jaz Brisack, the person who led the first successful union organizing drive at a Starbucks. Brisack does sound like a very impressive person and it is good to see her getting the attention her efforts warrant. However, Scheiber ruins the story by repeatedly telling readers that the neoliberals, who have dominated political debate in recent decades, want a free market. Nothing could be further from the truth....