It is a great fault of symbolic pseudo-mathematical methods of formalising a system of economic analysis … that they expressly assume strict independence between the factors involved and lose all their cogency and authority if this hypothesis is disallowed; whereas, in ordinary discourse, where we are not blindly manipulating but know all the time what we are doing and what the words mean, we can keep “at the back of our heads” the necessary reserves and qualifications and the...

The history of econometrics There have been over four decades of econometric research on business cycles … But the significance of the formalization becomes more difficult to identify when it is assessed from the applied perspective … The wide conviction of the superiority of the methods of the science has converted the econometric community largely to a group of fundamentalist guards of mathematical rigour … So much so that the relevance of the research to...

This is an article on the history and politics of central banking. As such it is important for understanding the details of MMT institutional analysis regarding banking in historical context.There is also some fascinating information about Reichsbank President Hjalmar Schacht.It also provides insight into how central bankers still think and operate. It's a club.Notes on the Crisis"The First Cause of Stability of Our Currency is the Concentration Camp" [Adolf Hitler]:Central Banker Solidarity...

He basically sent a message to Bitcoin owners that higher prices are coming.

[unable to retrieve full-text content]The population is on a path to shrink and the majority of the population will be elderly in some fashion or another shortly. US productivity is based on inputs from Labor without which there could be declines in such without younger Labor. The nation populated in the past is not on a path of replacement […] The post Uncertainty is nothing new for DACA recipients appeared first on Angry Bear.

I alla moderna människors liv behövs det tid för andhämtning och reflektion. Och ibland — när alla möjliga och omöjliga måsten och krav från omgivningen bara blir för många och högljudda — kan det vara skönt att dra sig undan lite grand och slå av på takten för en stund. Alla har vi väl olika sätt att göra det på. Själv brukar jag gå in på SVT Play och titta på Gubben i stugan — Nina Hedenius underbara dokumentärfilm om den pensionerade skogsarbetaren Ragnars liv i Dalarnas...

Figure 1: Choice of Technique with Extensive Rent and Competitive Markets1.0 Introduction I am making some slow progress on recreating past posts. For variation, I here take the wage as given. If I write this up more formally, I intend not to try to relate it to Marx's concept of absolute rent. The point is to illustrate the following comment with long-lasting variations in market power between industry and agriculture: "The complexity of the outcomes with the potential existence of...

[unable to retrieve full-text content]Fanny Mae and Freddy Mac are the nicknames for two mortgage giants that back about 70% of U.S. mortgages and have been under government conservatorship since the 2008 financial crisis. “Fannie Mae and Freddie Mac don’t issue mortgages directly. They purchase loans from lenders and package them into securities sold to investors. This process ensures […] The post Trump vs Fannie Mae and Freddy Mac appeared first on Angry Bear.

[unable to retrieve full-text content]ISM non-manufacturing shows that services continue to power the economy forward. Are they inflationary?  – by New Deal democrat Because services are roughly 3/4’s of the economy, I now pay a lot of attention to the economically weighted average of the ISM manufacturing and services indexes. Since the accession of China to normal trading status […] The post Services Continue to Power the Economy Forward. Are they inflationary?...

[unable to retrieve full-text content]A well constructed government, at a minimum, provides its citizens FDR’s four freedoms:  A good well constructed government would want what is best for the society or nation as a whole; understand that a healthy, well fed, well housed, well educated society or nation with a stable quality government is best.   A well constructed, healthy […] The post The Government And The Economy appeared first on Angry Bear.