Blog Remembering our wonderful chair, Lord Bob Kerslake Bob chaired NEF since 2019 and his absence will be deeply felt by all of us. 12 July 2023 We are all heartbroken by the news that our wonderful chair Lord Bob Kerslake has passed away after a short battle with cancer. Bob was an incredible leader...

This story may not be your cup of tea. I found it interesting. Interesting it took way too long to bring justice for a man falsely accused and carrying the burden of such to his grave. There are three different articles to be read for which I did not do enough justice. NYT has a different version than the New Yorker. Energy Secretary Granholm’s letter vacating the AEC’s order makes for an interesting read also. The story in the New Yorker by Kai...

‘Approximate truth’ in economics According to this line of defence, all models are false but to some extent ‘approximately true’ – and approximately true models are harmless from the point of view of the realist’s aims … This argument is to a large extent confused. It is correct that there are cases in which a false assumption can indeed be regarded as ‘approximately true’, namely when the assumption concerns the value of a quantitative causal factor …...

At least L.A. However, I’m probably not saying anything people already don’t know.

Dilemma in Ponzi finance

There is an element of hypocrisy among DSGE advocates … Long before the advent of DSGE, microeconomic theorists demonstrated that the conditions for the derivation of aggregates from individual choices are so constraining that they cannot possibly be met in a world populated by people. Yet, never to my knowledge have DSGE advocates addressed the issue … For the DSGE advocates, the failure of an opposing approach to adhere to their a priori theoretical presuppositions are...

Another well defined report by NDd about the possibility of recessions. Everything points in such a direction. If the Fed keeps raising its rate, it is almost a foregone conclusion. One a recession starts there is no backing away from it (as if we could). Scenes from the employment report: important leading and coincident indicators of recession  – by New Deal democrat Here’s another detailed look at some significant data from last Friday’s...

Figure 1: Variation of Switch Points with Technological Progress in Industry This post is an expansion on this post. Technological progress in industry, in which the machine is produced, can be illustrated in Figure 1 in the previous post by a movement roughly from off the graph to the upper right to below the lower left. More concretely, suppose each of the two non-zero coefficients of production in the machine industry decrease at a constant rate of σ0 and σ1 respectively. The two...

Some China price indexes MoM and YoY negative…Chinese CPI (Y/Y) Jun: 0.0% (est 0.2%; prev 0.2%)- CPI (M/M): -0.2% (est 0.0%; prev -0.2%)- PPI (Y/Y): -5.4% (est -5.0%; prev -4.6%)— LiveSquawk (@LiveSquawk) July 10, 2023 They keep cutting their rates…People's Bank of China cuts key short-term policy rate by 10 basis points, from 2% to 1.9% pic.twitter.com/FQuMpXTatx— TRT World Now (@TRTWorldNow) June 13, 2023

Interesting article about local communities beginning to sue energy companies because of climate change and the mischaracterization of how oil products impact the nations climate. Down in Phoenix, we are seeing temperatures approaching the one hundred and teens. No relief is in sight for a couple of weeks. The same can be said for other parts of the country. The intriguing part is how the industry and advertisers are going about with messaging of...