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Global Economic Intersection

How Do Capitalist Firms Grow?

posted on 16 May 2018 by Philip Pilkington I'm currently reading Marc Lavoie's new book Post-Keynesian Economics: New Foundations. This really is the defining text of Post-Keynesian economics today. Anyone who is really interested in Post-Keynesian economics should try to get their hands on it. It is a bit overpriced right now - so you can probably only realistically get it if you order it to your university library - but hopefully Marc can find a way to get it out for lower...

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Some Economic Effects Of US Import Restraints

posted on 15 May 2018 by Timothy Taylor, Conversable Economist With all the controversies over the US imposing tariffs on steel and aluminum (discussed here and here, for example), it's perhaps useful to consider an overview of what import restraints the US economy already has in place, and what effects they have had.Please share this article - Go to very top of page, right hand side, for social media buttons.Every three or four years, the US International Trade Commission publishes...

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Credit-Driven Train Crash, Part 1

posted on 13 May 2018 by John Mauldin, Thoughts from the Frontline In last week’s letter, I mentioned an insightful comment my friend Peter Boockvar made at dinner in New York: “We now have credit cycles instead of economic cycles." That one sentence provoked numerous phone calls and emails, all seeking elaboration. What did Peter mean by that statement?Please share this article - Go to very top of page, right hand side, for social media buttons.I vividly remembered that quote because...

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Interest Rates, Liquidity Preference And Inflation

posted on 10 May 2018 by Philip Pilkington On my post about Austrian and Marxian capital theory a commenter left a fairly predictable ‘Austrian comment’ which denied that they assume perfect foresight in their theory of interest rates and investment, gave a confused story about accounting identities (apparently if consumption rises then by identity profits fall; someone tell the NIPA crowd that they have it all wrong!) and insisted that I knew nothing about Austrian economics.Please...

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Thoughts From The Mailbox

posted on 06 May 2018 by John Mauldin, Thoughts from the Frontline Since last week’s letter, I have flown enough to send me over 100,000 miles on American Airlines this year and make Executive Platinum. That is not necessarily a good thing. But wow, I learned a lot between all those flights.Please share this article - Go to very top of page, right hand side, for social media buttons.Today’s article will be a little different. First, I want to relate some of the conversations I’ve had...

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The 1990s Trade And Wages Debate In Retrospect

posted on 06 May 2018 from Voxeu.org -- this post authored by Adrian Wood, University of OxfordTwo decades ago, the economics profession concluded that trade with developing countries was not seriously hurting unskilled workers in developed countries. This column argues that the debate from which that consensus emerged came to an end prematurely. Even now, the evidence does not permit any firm conclusion about the contribution of globalisation to the economic misfortunes of...

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Understanding The Current Or Capital Account And The Value Of The Currency

posted on 02 May 2018 by Philip Pilkington Article of the Week from Fixing the Economists One thing that I notice on the blogs is that I don't think I have ever seen anyone give a clear description of the external trade account of a country. Nor have I seen anyone give a clear explanation of what determines the value of a given currency. Now, I am sure that you can find some mainstream garbage where the external account always tends toward equilibrium and so forth. But that is...

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How Income Gains From Globalisation Are Distributed

posted on 30 April 2018 from Voxeu.org -- this post authored by Valentin Lang, University of Zurich and Marina Mendes Tavares,IMFGlobalisation stirs a diverse range of sentiments and views: some credit globalisation for boosting economic well-being while others blame it for worsening inequality. This column examines the effect of globalisation on income among and within countries, and shows that globalisation is associated with income convergence across countries and income divergence...

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Economy With A Fever

posted on 29 April 2018 by John Mauldin, Thoughts from the Frontline Getting a fever is no fun. You likely get chills, you sweat, and you’re just generally uncomfortable. You get tired easily and need to rest. But here’s the weird part: Fever isn’t the real problem. It’s a symptom of something else. You must treat whatever that is to relieve the fever.Please share this article - Go to very top of page, right hand side, for social media buttons.Economic indicators are similar. Lately I...

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Spending For Consumer Goods Contracted In First Quarter

posted on 27 April 2018 Written by Rick Davis, Consumer Metrics Institute April 27, 2018 - BEA Estimates 1st Quarter 2018 GDP Growth at 2.32%: In their first (preliminary) estimate of the US GDP for the first quarter of 2018, the Bureau of Economic Analysis (BEA) reported that the US economy was growing at a +2.32% annual rate, down -0.56% from the prior quarter.Please share this article - Go to very top of page, right hand side, for social media buttons.The line item details were...

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