Is technical knowledge the key driver of economic growth?
According to this year Nobel Prize winner in economics, Paul Romer, the technical knowledge that spills over into the creation of new products…
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Economic Thought in Ancient Greece
The intellectual odyssey that laid the foundations for Western civilization began in classical Greece. Unfortunately, Greek thinkers failed in their attempt to grasp the…
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We should ditch GDP as a measure of economic activity
This article exposes the false economic concepts behind GDP, which is only the visible tip of a large iceberg of economic deceit. Describing an…
Read MoreDoes balance of payments determine foreign currency exchange rate?
According to popular thinking, a key factor in the foreign currency exchange rate determination is the state of the balance of payments. Following this…
Read MoreCan consumer surveys help ascertaining the future course of an economy?
In order to gain insight into the future state of an economy, many economists refer to a variety of consumer and business surveys….
Read MoreStrong GDP data and individuals’ wellbeing
In the New York Times September 14 2018 in an article – We’re Measuring The Economy All Wrong, the writer of the article David…
Read MoreHong Kong and the road to recovery
We are following the road to perdition There is increasing awareness that another financial crisis is in the offing, and, of course, everyone has…
Read MoreHappy anniversary
“They have learned nothing, and forgotten nothing.” Attributed to Talleyrand. Since everybody else in financial media has been indulging in an orgy…
Read MoreMacro Aggregates Hide the Real Market Processes at Work
For the 12 months that ended in July 2018, price inflation in the United States, as measured by the Consumer Price Index, was 2.9…
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Everything is awesome
“What explains the complacency? One reason might be the absence of good ideas.” Martin Wolf in the Financial Times (‘Why so little has…
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