What kind of economic theory is one in which economists look at data from a past period of time (say, one month, or two months, or …) and conclude that the next period will be the same? That is the “theory” on which almost all economics rely on. So, today, when ADP reported employment gains [...]
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A Report From The Onion: Open-Minded Man Grimly Realizes How Much Life He’s Wasted Listening To Bullshit Richman estimates he’s squandered 800 hours alone by letting salespeople pitch things to him that he’s not going to buy. CLEVELAND—During an unexpected moment of clarity Tuesday, open-minded man Blake Richman was suddenly struck by the grim [...] I am always amused when Bloomberg or The Wall Street Journal has headlines like this: “Economists Express More Optimism Than General Public,” or “Economists Split Over Financial Overhaul Bill.” Are we to expect that economists agree on everything? Are economists any better at assessing the economy than the people who are the economy? Why do they even write [...] By Jeff Harding. Paul Samuelson died yesterday at the age of 94 as I am sure you have heard. He was very successful in his field, having won a Nobel in economics and his economics textbook, Economics: An Introductory Analysis, sold over 4 million copies. I used his textbook in Econ 101. His contribution to [...] By Jeff Harding. Richard Fisher, the president of the Dallas Federal Reserve Bank gave a talk yesterday at my alma mater, U.C. Santa Barbara and I had a chance to meet him and ask a question after his speech. His talk was entitled, Post-Traumatic Slack Syndrome and the Economic Outlook (With Thanks to Finn Kydland, [...] By Jeff Harding President Obama did what was expected of him, the safe political thing: “Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and out-of-the-box thinking that has helped put the brakes on our economic free fall,” Mr. Obama said, with the Fed chairman standing at [...] By Jeff Harding Occasionally I get to pass along good news, which, in light of our current economy, is rare. But I was lifted by this bit of news from the Wall Street Journal’s Econ Blog: “Fewer New Harvard Grads Head to Wall Street, Consulting.” The number of seniors entering finance and consulting has [...] By Jeff Harding Fed Chairman Ben Bernanke gave a startling commencement address for the Boston College School of Law Class of 2009 this week. He admitted an apparent turnabout of his fundamental views of economics. No news media picked up the significance of what he was saying. After the introductory and [...] |
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