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Global Economic Intersection

Brexit – Who Wins and Loses

by Elliott Morss, Morss Global Finance Introduction In all likelihood, Brexit is coming. What will its effects be and what countries will be injured the most? It clearly “depends.” While it is apparent that the UK would like trade linkages to remain the same, numerous Economic Union (EU) members have been piqued by Brexit and want to strip away some of the UK’s trade benefits. At least they do as a starting point for negotiations. Below, the benefits and costs of a breakup are examined....

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Why Long-Run Theories of Profit and Accumulation Fall Short

by Philip Pilkington Nothing gets heterodox economists quite so fussed as the long-run theory of the rate of profit. Yet, Keynes did without one altogether and when examined closely there is no way that such a theory can say anything tangible about the real world. In order to lay this out I am going to take my leave from Joan Robinson’s excellent book Economic Heresies: Some Old-Fashioned Questions in Economic Theory. Follow up: Please share this article - Go to very top of page, right...

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Angst in America, Part 4: Disappearing Pensions

by John Mauldin, Thoughts from the Frontline “Companies are doing everything they can to get rid of pension plans, and they will succeed.”– Ben Stein “Lady Madonna, children at your feet Wonder how you manage to make ends meet Who finds the money when you pay the rent? Did you think that money was heaven sent?” -– “Lady Madonna,” The Beatles Follow up: Please share this article - Go to very top of page, right hand side for social media buttons. There was once a time when many American...

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Krugman Uses ISLM to Proclaim Looming Fiscal Crisis, Denounces Those Who Don’t Use ISLM

by Philip Pilkington Editor's note:  This was written in March 2014. Some people often ask why I complain about Krugman. “Hey Phil, Krugman is a good guy. He likes government spending. You like government spending. Therefore you must like Krugman,” says our budding young Socrates. Well, I’ll tell you why: because Krugman is a pretty awful economist who pushes completely outdated views and tricks people into thinking that they’re cutting edge. Anything that is of interest he poaches from...

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A Stroll through US Trade Statistics, and How It Always Balances

by Timothy Taylor, Conversable Economist "America’s commerce with the rest of the world must be and always is balanced when taking into account investment flows as well as the exchange of goods and services. ... [O]ne key insight for public policy is that the total outflow of dollars each year from the United States to the rest of the world is matched by an equal inflow of dollars from the rest of the world to the United States. There is no need to worry about a `leakage' of dollars...

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Some Metaphors Are Better Than Others: Deirdre McCloskey and the Capital Debates

by Philip Pilkington Fixing the Economists Article of the Week Well, my previous piece on the work of Deirdre McCloskey generated some discussion. I just thought that perhaps I should lay out what I find problematic about her work. Follow up: Please share this article - Go to very top of page, right hand side for social media buttons.The problem with McCloskey is that she practices a sort of false postmodernism of the most insipid kind. Now, I’m not one to throw around that term too...

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Angst in America, Part 3: Retiring Broke

by John Mauldin, Thoughts from the Frontline “The trouble with retirement is you never get a day off.”– Abe Lemons “Retirement at sixty-five is ridiculous. When I was sixty-five I still had pimples.”– George Burns Follow up: “To be, or not to be, that is the question:Whether 'tis nobler in the mind to sufferThe slings and arrows of outrageous fortune,Or to take Arms against a Sea of troubles,And by opposing end them.” – Shakespeare, Hamlet Today we continue looking at angst in...

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Economic Growth in the US: A Tale of Two Countries

from Voxeu.org -- this post authored by Thomas Piketty, Emmanuel Saez, and Gabriel Zucman Appeared originally at Voxeu.org 29 March 2017 The rise of economic inequality is one of today’s most hotly debated issues. But a disconnect between the different data sets used to measure and understand inequality makes it hard to address important economic and policy questions. In this column, the authors highlight the findings from their attempt to create inequality statistics for the US that...

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Trump’s Economics – What We Know So Far

by Elliott Morss, Morss Global Finance Introduction We are early into the Trump Presidency, but it is not too early to ask how he will pay for the initiatives he is promoting. Of course, much of this has to be speculative inasmuch as we have no idea how Congress will “treat” his proposals. Nevertheless, the question is too important to ignore. Follow up: Please share this article - Go to very top of page, right hand side for social media buttons. Health Care Initially, the Congressional...

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The Consumer Saves 4Q 2016 GDP

Written by Rick Davis, Consumer Metrics Institute  March 30, 2017 - BEA Revision Revises 4th Quarter 2016 GDP Growth Upward To 2.08% In their third and final estimate of the US GDP for the fourth quarter of 2016, the Bureau of Economic Analysis (BEA) reported that the US economy was growing at a +2.08% annual rate, up slightly from the +1.85% previously reported but down by -1.45% from the prior quarter. Follow up: Please share this article - Go to very top of page, right hand side for...

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