A BOUT A DECADE ago, a few economists began asking whether the rich world's prolonged spell of lacklustre growth might have something to do with a shortage of new ideas. Tyler Cowen of George Mason University suggested that when it came to discovery, humanity may well have plucked all of the low-hanging fruit. Robert Gordon of Northwestern University scoffed at recent technological contributions, noting that none was nearly as important to human welfare as the humble toilet.
Humans, though, have mistakenly believed their understanding of the universe to be complete many times before. In a new paper by Jay Bhattacharya of Stanford University and Mikko Packalen of the University of Waterloo, the authors quote the Nobel-winning physicist Albert Michelson, who, in a speech in 1894, reckoned that "the more important fundamental laws and facts of physical science have all been discovered".
Quite a lot has been going on:
The New-Old Threat to Economic Freedom by John B. Taylor - Project Syndicate
With politicians proposing policies that would vastly expand the size of the government and its involvement in the economy, it is clear that too many Americans have forgotten the lessons of the twentieth century. As Friedrich Hayek and Milton Friedman pointed out long ago, deviating from market principles is a recipe for disaster.
These obstacles were common in the 1950s and 1960s, when socialism was creeping up everywhere. Many tried to stop the trend, and many were successful. But the same obstacles are now reappearing. For example, there are renewed calls for such things as occupational licensing, restrictions on wage and price setting, or government interventions in both domestic and international trade and finance.
If Only Bernie Were An Economist
Senator Sanders is letting his opponents portray his Medicare for All plan as an unaffordable extravaganza that will eliminate millions of Americans' beloved health plans. If he could think and talk like an economist, he'd win the Democratic nomination hands down.
Let me tell the Senator how this economist (moi) would respond to his opponents' objections to Medicare for All.
* * *
Our country pays 18 percent of GDP on third-rate healthcare, which leaves 85 million people uninsured or underinsured.
Bloomberg - Are you a robot?
While you're here, how about this:
Absorbed explores the effects of current economics and politics on the world - nj.com
Growing up in the 80′s and 90′s, Justin Sanz was artistically influenced by the grotesque close-ups of Ren & Stimpy, The Simpson's, skateboard graphics, Salvador Dali, metal and punk albums, and comic books. The Brooklyn-based artist, who exhibits both locally and internationally, is the center of attention for Guttenberg Arts Gallery's latest exhibit, Absorbed, which begins with an opening reception on Saturday, Feb. 29, at 7 p.m.
Absorbed will feature a collection of hand made prints, zines, paintings, and even a stop motion animation, all created by Sanz over the past four years. The works explore the ramifications of our current economic and political system on the psyche and ecosystem.
US GDP Q4 2019 second reading
The U.S. economy grew moderately in the fourth quarter, the government confirmed on Thursday, and is facing a bumpy road in early 2020 amid the fast-spreading deadly coronavirus that has roiled financial markets.
Gross domestic product increased at a 2.1% annualized rate, supported by a smaller import bill, the Commerce Department said in its second estimate of fourth-quarter GDP. That was unrevised from last month's advance estimate and matched the growth pace logged in the July-September quarter.
Vice President Pence bulks up Coronavirus Task Force with medical and economic experts –
The point person for the government (who will be reporting to Vice President Pence) is Deborah Birx , a longtime leader in the U.S. government’s efforts to contain the HIV/AIDS pandemic.
In addition to Birx, the vice president also appointed to the task force Treasury Secretary Steven Mnuchin, Director of the National Economic Council Larry Kudlow and Surgeon General Dr. Jerome Adams.
The appointments emphasize the importance the White House is placing on controlling the economic impact of the crisis.
How coronavirus could trigger psychological change in US consumers
The rising numbers of coronavirus cases outside of China could trigger a psychological change in consumer behavior that ultimately damages the U.S. economy, an economist told CNBC.
Speaking to CNBC's " Squawk Box Europe " Thursday, Michelle Girard, chief U.S. economist at NatWest Markets, said investors were currently focused on how the outbreak was disrupting supply chains.
"But what we're quickly shifting toward, which is far more worrisome, is that it actually begins to have an effect on consumer demand and consumer behavior," she said. "For me in the States that's the biggest thing to be watching."
No comments:
Post a Comment