Woke math is coming to a classroom near you … .[embedded content]

Bankrupt Bed Bath & Beyond goes after container shipping lines, freightwaves.com, Greg Miller Kind of an interesting story if true. Bed, Bath, and Beyond contracted for a specific number of containers to haul their ordered product from one destination to the US. From the way the allegations go, the Container Company/Shipper failed to provide the containers and sold the space on the ships to others for a higher amount. Bed, Bath, and Beyond has...

May 15 and the debt ceiling.

from Asad Zaman The truth-sensing section of the brain is lobotomized by Friedman’s methodology, according to which wildly inaccurate assumptions lead to the most significant theoretical advances. But also, complete omission of power and class struggle makes it impossible to find solutions to our economic problems.[embedded content] Even though the current economic crisis in Pakistan has a simple cause, and an equally simple solution, policy debate in Pakistan focuses almost entirely on...

Stephanie Kelton i Stockholm När tankesmedjan Katalys nu firar tioårsjubileum har man passande nog valt att bjuda in författaren till en av årtiondet största megahits inom ekonomiområdet — Underskottsmyten — Stephanie Kelton. Har ni vägarna förbi Stockholm i morgon tycker jag definitivt ni ska lägga ett par timmar på att besöka ABF-huset! Yours truly har under flera års tid nu frågat sig varför vi i det här landet har  begåvats med regeringar som inte vågar...

What RCTs can and cannot tell us Unfortunately, social sciences’ hope that we can control simultaneously for a range of factors like education, labor force attachment, discrimination, and others is simply more wishful thinking. The problem is that the causal relations underlying such associations are so complex and so irregular that the mechanical process of regression analysis has no hope of unpacking them. One hope for quantitative researchers who...

The essence of money!

Jobless claims hoist yellow flag again; employment and unemployment likely to show further deceleration tomorrow  – by New Deal democrat Initial jobless claims rose 13,000 to 242,000 last week, while the 4 week average rose 3,500 to 239,250. Continuing claims, with a one week lag, declined -38,000 to 1.805 million: This is right in the range of the past 2 months. YoY initial claims are up 11.0%, the 4 week average is up 10.8%, and...

New working paper by Tom Palley. From the abstract:Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding the workings of monetary economies, but also need to understand the flaws within his thinking and the consequences thereof. Keynes made a fundamental contribution elucidating the mechanism of effective...

No Luddites allowed.Is slated to replace rote workers.It is also worth noting that any concerns about the technology leading to more inequality are wrongheaded. If AI does lead to more inequality it will be due to how we have chosen to regulate AI, not AI itself.People gain from technology as a result of how we set rules on intellectual products, like granting patent and copyright monopolies and allowing non-disclosure agreements to be enforceable contracts. If we had a world without these...