(Rdan here…as we develop thought on economic issues facing us today, a nod to excellent writing in the past is important. Newcomers need to know past wisdom exists, and readers of five years ago can use this wisdom again as we visit today’s trends in the knowledge of predictions 2003-2005
by cactus A NonReview of Yves Smith’s Econned, Plus Some Questions About Selling Books I’ve been swamped – a lot of work at work, deadlines for my book (more on that below), and family issues to contend with so for the past few weeks I’ve been cooped up with zero downtime. Friday I managed to crawl out of my hole..
The Fed of San Franciscon just published a note on “Okum’s Law and the Unemployment Surprise of 2009″ http://www.frbsf.org/publications/economics/letter/2010/el2010-07.html In the paper they conclude that strong productivity was the main reason employment growth was weaker than the traditional relationship in Okum’s law implied. Of course, we at Angry Bear have long known this because I have published this chart that shows that roughly before 1974 that a one percentage point growth in real GDP generated a 0.3 percentage point growth in employment. This is what Okum’s law is based on
by Daniel Becker I came across a presentation called Make Markets be Markets sponsored by the Roosevelt Institute which is tied to New Deal 2.0.
Yesterday I argued that Latvia’s cost-cutting efforts are evident compared to a cross-section of European Union countries. Latvia’s efforts, while commendable, were very much a function of the emergency IMF loan in December 2008 and the ensuing recession in 2009. After an email exchange with Marshall Auerback , and thinking more about the cross-section of Europe, I now see a very scary trend emerging across Europe: the fight for exports
Calculated Risk Steve Waldman Dean Baker
Robert Waldmann To obamanate V. To open an argument absurdly excessive concessions to one’s opponents. Obamanation gerund of To obamanate
by Bruce Webb There has been a scattering of stories about how China has slowed or stopped buying U.S.
by Rebecca Wilder The Federal Open Market Committee ( FOMC ) is making tough decisions right now.