Not only is import substitution happening but also substitution of exporters of "unfriendly" countries with exporters of "friendly" countries.ECNS (Chinese official English news serviceRussia becomes No.1 export destination for Chinese-made automobilesGlobal Times (Chinese state-sponsored media)

as often happens, I felt moved to reply to the e-mail that Noah Smith blasts out. On my PhD supervisor Larry Summers to whom I owe a debt I can never repay: who the fuck cares about inflation ? Answer: everyone but for opposite reasons. Economists think that, in the long run, inflation does not effect real quantities except for menu costs and shoe leather costs. Economists estimate those costs to be almost exactly zero. Then economists say...

In my early days of following Angry Bear, there was a climate change denialist troll whose handle was “CoRev.” Most of the stuff CoRev posted was standard denialist fare that had been debunked. At the time, one favorite denialist claim was the “hiatus,” a period between 2001 and 2014 during which warming seemed to “pause.” This, according to CoRev and like-minded denialists, was scientific evidence that climate change was a hoax. Part of the...

A reset button for economy

.[embedded content] Sublime, breathtaking, and absolutely magnificent. A choir of angels touching the depths of my soul.

– but this dream has failed before. My latest in The Conversation over the fold Last week, opposition leader Peter Dutton called for Australia to join what he dubbed the “international nuclear energy renaissance”. The same phrase was used 20 years ago to describe plans for a massive expansion of nuclear. New Generation III plants would be safer and more efficient than the Generation II plants built in the 1970s and 1980s. But the supposed renaissance delivered only a trickle...

Blog Migrant agricultural workers face absolute poverty while supermarkets profit New report reveals exploitation and sets out vital reforms By Christian Jaccarini 12 July 2023 We need up to 60,000 seasonal workers every...

I have been looking for signs that the concerted efforts by most central banks (bar the eminently more sensible Bank of Japan) to kill growth and force unemployment up have actually been effective. My prior, of course, is that the interest rates will not significantly reduce growth in the short run, but may if they go high enough start to impact on spending patterns of low income households. The next data that will help us associate the interest rate effects on spending by income quintile in...

‘Theoretical cherrypicking’ in economics The proposition that theoretical models are necessary for understanding our economic system does not imply that having some particular theoretical model automatically means that we understand anything useful. If one is creative in choosing the ‘right’ assumptions and reasonably clever, then one can produce all kinds of results … This potentially creates a problem that might be called ‘theoretical cherrypicking.’ In...

Why don’t these same unqualified Art degree climate nutter morons think we can run out of their “carbon credits!” like they all think we can run out of their “money!”?…. Make a decision already you hypocrite dumb-f#cks…. ?African nations are demanding their share of profits from the growing carbon credits industry with revenue splits and regulation planned https://t.co/G6iAyvTcVq— Bloomberg Markets (@markets) July 10, 2023