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Global Economic Intersection

Does GDP Report Reveal A Temporary Condition Or A “New Reality”?

posted on 25 February 2021 Written by Rick Davis, Consumer Metrics Institute BEA Revises Fourth Quarter 2020 GDP Growth Upward to 4.09% In their second estimate of the US GDP for the fourth quarter of 2020, the Bureau of Economic Analysis (BEA) reported that the US economy was growing at a +4.09% annual rate, up 0.07 percentage points (pp) from their previous estimate and down -29.35pp from the prior quarter. Please share this article - Go to very top of page, right hand side,...

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Living The Good Life In A Non-Growth World: Investigating The Role Of Hierarchy, Part 2

posted on 26 February 2021 by Blair Fix This is the second in a series of two essays written for and supported by the Seoul Platform for Initiating Discourses on an Equitable and Resilient Society. These essays investigate the role that hierarchy plays in driving inequality and unsustainability. Go here for Part 1. Please share this article - Go to very top of page, right hand side, for social media buttons. Summary Humanity's most pressing need is to learn how to live within...

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Inflation And Income Distribution: A Reply To The Vulgar Keynesian Policy Enthusiasts

posted on 25 February 2021 by Philip Pilkington Noah Smith has a 2013 post on inflation in which he urges economists to learn to love inflation. We live, as everyone knows, in a period of low inflation and high unemployment and I suppose Smith’s point is that we shouldn’t worry much about inflation and instead focus on income growth. Fair enough. But would-be Keynesian policy enthusiasts really should temper their language.Please share this article - Go to very top of page, right hand...

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The Russian Defeat Of Economic Orthodoxy

posted on 24 February 2021 by Steve Keen, Patreon.com/Steve Keen OverviewMany armies have followed a triumphant march into Russia with an ignominious withdrawal. Orthodox economics is merely the latest invader to succumb to this dismal tradition. But this theory did more damage to the Russian Bear than most military invaders, according to Steve Keen, author of Debunking Economics (Debunking Economics: the naked emperor of the social sciences - Zed Books [US/UK] & Pluto...

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Cryptos: Pump And Dump, Illicit Finance, And Market Inefficiency

posted on 24 February 2021 by Constantin Gurdgiev, TrueEconomics.Blogspot.in A fascinating fresh survey of microeconomics literature on crypto currencies: "The Microeconomics of Cryptocurrencies" by Hanna Halaburda, Guillaume Haeringer, Joshua Gans, Neil Gandal (CESifo Working Paper 8841, 2021. NBER version link here).The paper is really too extensive to summarize here, so I encourage everyone interested in cryptos to read it. I can, however, offer some non-priority ordered comments...

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COVID19 Update: Sweden And Nordics 14February 2021

posted on 22 February 2021 by Constantin Gurdgiev, TrueEconomics.Blogspot.in Let's run through comparatives for COVID19 dynamics in Sweden vis-a-vis the rest of the Nordics. As you will see below, Sweden is not doing too well in a number of metrics.Please share this article - Go to very top of page, right hand side, for social media buttons..No matter how you define the Nordics:As Sweden's closest land-linked neighbors of Finland and Norway (Nordics 1); orAdding to the two above...

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Living The Good Life In A Non-Growth World: Investigating The Role Of Hierarchy, Part 1

posted on 19 February 2021 by Blair Fix This is the first of two essays written for (and supported by) the Seoul Platform for Initiating Discourses on an Equitable and Resilient Society. These essays investigate the role that hierarchy plays in driving inequality and unsustainability. This piece introduces the facts of hierarchy. The second (long-form) essay will look at how these facts relate to ‘living the good life in a non-growth world’.Please share this article - Go to very top...

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Covid19 Update: U.S. Vs EU27 14February 2021

posted on 20 February 2021 by Constantin Gurdgiev, TrueEconomics.Blogspot.in In this post, let's take a look at the latest COVID19 data for the U.S. compared to the EU27. Both populations have experienced large surges, peaking in the fourth quarter for Europe and in January for the U.S., which are subsiding now. There are significant differences between the two regions which are detailed in what follows.Please share this article - Go to very top of page, right hand side, for social...

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Why Stimulus Doesn’t Lead To Organic Growth

posted on 19 February 2021 by Lance Roberts, Clarity Financial There is a growing consensus in Washington the only way to fix the worst economic downturn in more than 70 years is by giving out more free money. From Joe Biden, to Janet Yellen, to most members of Congress, there is a demand for more “stimulus." However, the reason the previous programs failed is the stimulus doesn’t lead to organic growth.Please share this article - Go to very top of page, right hand side, for social...

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Brain-Slug Economics: Grasselli’s Project To Turn Post-Keynesian Economics Into Mathematical Formalism

posted on 18 February 2021 by Philip Pilkington Fixing the Economists Article of the WeekThe danger when mathematicians try to do economic modelling is twofold. The first problem is that they often do not have a clue about what they are doing or the object that they are trying to model. The second problem is that they often begin to mistake the model for reality and make grandiose claims about what they have achieved or will potentially achieve that ring hollow when scrutinised.Please...

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