Why US productivity data is questionable
byAccording to the US Labor Department, workers productivity in the non-farm sector increased at an annual rate of 1.4% in the fourth quarter…
Expectations and economic growth
byIn various writings, Milton Friedman argued that there is a variable lag between changes in money supply and its effect on real output…
Guest Post: Growing up is the journey from fairness to freedom
byWe grow up in the family. We expect fairness from our parents. Fairness in the family means equality, tempered by some measure of “to…
Estimating the shape of the coming crisis
byWith a recession become increasingly certain and the end of the expansionary phase of the credit cycle in sight, we can expect a periodic…
The Theory and Brief History of Money and Banking
by[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in late 2020.] The…
Why more money can’t generate economic growth?
byThe view that more money can revive an economy is based on the belief that money transmits its stimulatory effect through aggregate expenditure….
Let’s (Not) Panic Again
byby Simon Sarevski Since time immemorial if you asked an adolescent whether he expects to live a better life than his parents the definitive…
Why assessing business cycles using the NBER approach is questionable
byMost economists are of the view that by means of economic indicators it is possible to identify early warnings regarding an upcoming recession or…
Should forecasting accuracy determine the acceptance of a theory?
byIn order to establish the state of the economy economists employ various theories. Yet what are the criteria for how they decide whether…
The Perils and Pitfalls of Political Paternalism
bycross the spectrum of differing political views, whether “progressive,” “nationalist,” “populist,” or “conservative,” there is a common presumption in all of their policy positions…