Macro Economics

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Begging, Pleading for the Abolishment of Gross Domestic Product

Oct 27th, 2011 | By | Category: Featured, Macro Economics
Nobel Laureate Robert Mundell long ago observed that the only closed economy is the world economy.  As such, U.S. production (think the globalized manufacture of Apple's iPad, or Boeing's 787 Dreamliner) is a function of it ties to economic activity occurring around the world. GDP presumes a countries economy in ...read more

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Posted in Featured, Macro Economics | 3 comments


How College Has Killed Wealth Creation

Oct 25th, 2011 | By | Category: Featured, Macro Economics, Politics
College is not necessary for most people. It never was. In fact, the preoccupation with college has left America bereft of its former ability to create wealth. An unhealthy cultural myth has flourished that says everyone must go to college and get an advanced degree, even if it's something for which ...read more

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Posted in Featured, Macro Economics, Politics | 11 comments


It’s The Central Banks, You Dumb Kids

Oct 25th, 2011 | By | Category: Economics, Featured, Macro Economics
Today, we relented and stopped into a Starbucks this morning for a sandwich and coffee. A realization hit us. We'd been in Seattle -- the home of Starbucks -- for two weeks, just a block south of a Starbucks. Yet we hadn't taken advantage of it! We had never commandeered a ...read more

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Posted in Economics, Featured, Macro Economics | 1 Comment »


The Dual Mandates of the Federal Reserve

Oct 24th, 2011 | By | Category: Featured, Macro Economics
We are all aware that the Fed has a dual mandate of stable prices and maximum employment. But what may come as a surprise to most is that they have a distinct preference in their mandates. The Federal Reserve under Ben Bernanke has a clear bias toward fulfilling the goal ...read more

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Posted in Featured, Macro Economics | 1 Comment »


Protectionism Could Lead To American Poverty

Oct 17th, 2011 | By | Category: Featured, Macro Economics
To hear the latest batch of political salesmen tell it, China is a drug pusher in a schoolyard full of American schoolkids. The cheap goods the Chinese export market provides the American consumers may feel good, initially, but they are surely destroying America...causing manufacturers to shut down in the U.S. ...read more

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Posted in Featured, Macro Economics | 4 comments


Why the Sate Demands Control of Money

Oct 13th, 2011 | By | Category: Economics, Featured, Macro Economics
Imagine you are in command of the state, defined as an institution that possesses a territorial monopoly of ultimate decision making in every case of conflict, including conflicts involving the state and its agents itself, and, by implication, the right to tax, i.e., to unilaterally determine the price that your ...read more

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Posted in Economics, Featured, Macro Economics | 4 comments


The Second Crisis of Socialism

Oct 12th, 2011 | By | Category: Economics, Featured, Macro Economics
The world is facing the worst financial crisis since at least the 1930s, “if not ever,” the governor of the Bank of England said last week, when he explained to an increasingly sceptical and weary public the bank’s decision to print yet more fiat money and use it to buy ...read more

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Posted in Economics, Featured, Macro Economics | 3 comments


The China Bust: Tic Toc Part II

Oct 11th, 2011 | By | Category: Featured, International, Macro Economics
Mainstream economists are vague about -- or choose to outright ignore -- the cause of China's rising domestic prices. A recent article in The Seattle Times stated: "Economists blame China's inflation on the dual pressures of consumer demand that is outstripping food supplies and a bank-lending boom they say Beijing allowed ...read more

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Posted in Featured, International, Macro Economics | 1 Comment »


The Fallacy of the Public Sector

Oct 5th, 2011 | By | Category: Economics, Featured, Macro Economics, Politics
We have heard a great deal of the "public sector," and solemn discussions abound through the land on whether or not the public sector should be increased vis-a-vis the "private sector." The very terminology is redolent of pure science, and indeed, it emerges from the supposedly scientific, if rather grubby, ...read more

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Posted in Economics, Featured, Macro Economics, Politics | 4 comments


Faster, Pussycat! Print! Print!

Sep 30th, 2011 | By | Category: Gold, Macro Economics
In a recent Financial Times, Martin Wolf writes again about the European debt crisis, a problem for which, so he believes, there is a political solution. Mr. Wolf correctly identifies the problem: Most sovereign states are bust and so are the banks, which are today a protectorate of the state and ...read more

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Posted in Gold, Macro Economics | 2 comments


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