As the national debt increases it acts as a self-equilibrating force, gradually diminishing the further need for its growth and finally reaching an equilibrium level where its tendency to grow comes completely to an end. The greater the national debt the greater is the quantity of private wealth. The reason for this is simply that for every dollar of debt owed by the government there is a private creditor who owns the government obligations (possibly through a corporation in...

[unable to retrieve full-text content] – by New Deal democrat Initial jobless claims continued their return to normalcy this week, as they increased 3,000 to 221,000. The four week moving average declined -9,750 to 227,250, which is tied for the lowest number except for two weeks in five months. Continuing claims, with the typical one week delay, rose 39,000 to […] The post Jobless claims: back to almost completely normal and neutral appeared first on Angry Bear.

1.0 Introduction I resolutely am not commenting on unhappy current events. Smith and Ricardo thought a (simple) LTV was not applicable to capitalism. Prices do not tend to or orbit around labor values. At least that is their claim. Ricardo had more to say about the LTV. This argument is not new. Smith confined the LTV to a supposed "early and rude state of society which precedes both the accumulation of stock and the appropriation on land" (WoN, book 1, chapter 6; see also book 1,...

[unable to retrieve full-text content]I have two dental implants, the first of which was done nearly ten years ago. They were both done after a tooth broke and the dentist told me he couldn’t save the tooth. I could have just left the hole, but elected to fill it with an implant, which was done in each case by […] The post The business of dental implants appeared first on Angry Bear.

[unable to retrieve full-text content]– by David Zetland The One-Handed Economist Ludwig van Mises published this short book in 1944, around the same time as Hayek’s Road to Serfdom was published but before Hayek’s 1945 article, “The Use of Knowledge in Society.” These other references are important because (a) Mises was Hayek’s teacher and (b) both were heavily involved in the “calculation debate” […] The post Book...

[unable to retrieve full-text content]I have been reading Lloyd for about 20 years now. His specialty I would say is the environment and environmental issues and how humans cause the good, bad, and ugly of them. Good reading with multiple flow charts. Some detail before the Commentary by Llyod. Lawrence Livermore National Laboratory (LLNL) produced the first diagrams illustrating […] The post Lessons from Livermore’s 2023 Energy Consumption Chart appeared first on Angry Bear.

21st of October 2024 I am so happy to have been asked to contribute to this round table in honour of David. We were close friends for over fifty years. All who knew him well could sense the extraordinary unity between his life and work. His life bore testimony to his ideals. There were no obvious tensions, loose pieces. I want to capture something of what we got from him because his thinking remains an indispensable fount of wisdom in an increasingly deranged world. Let me start...

A massive release of pent up angst.

Minsky quote that underlies not only Keynes but also MMT.Lars P. Syll’s BlogOn Sraffa and KeynesLars P. Syll | Professor, Malmo University

[unable to retrieve full-text content]– by New Deal democrat [I was busy doing my civic duty the past few days. I’ll have something to say about the election at some point later, but not now.] Yesterday the ISM services report came in very strong for the second month in a row, with the headline at 56.0 and the more […] The post The economically weighted ISM average indicates economy expanding nicely, but likely in latter stage of the cycle appeared first on Angry Bear.