This post originally appeared at Gallup.
[credit provider=”Flickr/thelatestslub” url=”http://www.flickr.com/photos/thelatestslub/4476057884/sizes/m/in/photostream/”] The average soldier’s military career tends to span less than 15 years, but that number varies depending upon branch of service, whether the solider is in active duty or in reserve forces. Since this length of military service doesn’t come close to making up the average adult’s […]
In this period of “exceptional uncertainty” (to quote Federal Reserve Chairman Ben Bernanke), where can investors turn for a considered perspective on the current environment? Produced to feed the beast of the 24-hour news cycle, the bulk of financial journalism and commentary today isn’t worth the servers it is stored […]
[credit provider=”AP Images” url=”http://www.politico.com/news/stories/1210/46599.html”] Follow @bakadesuyo“What did you major in at college?” might be a good questions for that next first date or before starting a business partnership.
This post originally appeared at the Reformed Broker
Perhaps the greatest modern champion of central economic planning was the 20th century English economist John Maynard Keynes. Keynes, who was a political socialist and for a time a central banker, advocated the idea that the government should play a large, active role in the economy. Among the consequences of […]
The “Global Financial Crisis”, which began in late 2007, marked a turning point in the nature of market economies. Their performance from at least the mid-1960s had been under-written by a faster growth of private debt than of GDP: this was the “Age of Leverage”. In late 2007, the growth […]
We’ve written quite a bit here about how mind-numbingly stupid the idea of austerity is. My reasoning is simple: government spending is a component of the GDP equation (which is C+I+(X-M)+G). This equation has been around a long time, and is a basic component of macro-economics. Under the basic concepts of […]
ttstam via Flickr
[credit provider=”AP”] In his classic Fable of the Bees: or, Private Vices, Publick Benefits (1724), Bernard Mandeville, the Dutch-born British philosopher and satirist, described – in verse – a prosperous society (of bees) that suddenly chose to make a virtue of austerity, dropping all excess expenditure and extravagant consumption. What then happened?The […]
[credit provider=”NASA via Wikimedia Commons”] According to the Heritage Foundation, economic freedom is the right everybody should have to control his or her own labour and property. In a society with complete economic freedom people are free to undertake any economic activity, be it working, producing or investing, in any […]
[credit provider=”Flickr” url=”http://www.flickr.com/photos/pointnshoot/432984523/”] According to the Economist’s “burgernomics,” the Swiss Franc is the most overvalued currency in the world. The publication’s Big Mac Index compares the price of the McDonald’s burger in 100 countries across the world in order to compare the value of currencies. And, a Big Mac in Switzerland costs […]
[credit provider=”Youtube | jlandryst7 ” url=”http://www.youtube.com/watch?v=FKHS7LiQ5sw”] The idea that an itinerant New York City candy vendor pulls in $150 a day ought to have spawned one of the great feel-good financial news stories of 2011.Here are the details: for almost a decade and a half, Alex McFarland, known as “Tracks” […]
Since the media are full of “year in review” pieces, I thought I’d make a contribution of my own. One of the best things about being a blogger is being able to comment quickly on the most outrageous, nonsensical assertions presented in the guise of analysis.
When I began blogging about Modern Monetary Theory, I knew I risked alienating or at least annoying some of my Austrian Economics friends. The Austrians are a combative lot, used to fighting on the fringes of economic thought for what they see as their overlooked and important insights into the […]
epSos.de via flickr
[credit provider=”Wikimedia commons” url=”http://upload.wikimedia.org/wikipedia/commons/5/5e/BismarckDogs.jpg”] As Europe looks like it really needs a leader to take negotiations by the reign and push something through, we though we’d have a look back at some guys who’ve navigated through an economic storm before. While, there was no EU in the first century, but from […]
[credit provider=”Daniel Goodman / Business Insider”] Early last month, a group of students staged a walkout in Harvard’s popular introductory economics course, Economics 10, taught by my colleague Greg Mankiw.Their complaint: the course propagates conservative ideology in the guise of economic science and helps perpetuate social inequality.
A lot of people are starting to come to the stark realisation that even if they love big government programs, they can’t pay for them without a healthy business sector. Even Austan Goolsbee has stated that we need growth.
[credit provider=”Joe Raedle / Getty”] Walking around Miami Beach last weekend, taking in the 10th edition of its extravagant Art Basel art fair, you sensed something strange in the air. Patou’s “Joy” drifting off the pashmina? Polished walnut wafting out of the Bentleys?More basic than either: the ineffable aroma of […]
[credit provider=”Business Insider”] There’s a lot of debate over whether an MBA is really worth the cost.But the staggering $170,000 — which includes tuition and other fees — to attend Columbia Business School buys access to a brand and tons of resources.
[credit provider=”Patrick Hoesly on Flickr” url=”http://www.flickr.com/photos/zooboing/4183279204/”] With the sudden lower revision to U.S. GDP this morning, economists remain concerned that slow growth will continue to be a thematic element as the country progresses.However, there are many other nations where GDP continues to swell at a blistering pace.
Economics is at the start of a revolution that is traceable to an unexpected source: medical schools and their research facilities. Neuroscience – the science of how the brain, that physical organ inside one’s head, really works – is beginning to change the way we think about how people make […]
Daniel S Hamermesh is Sue Killam Professor in the Foundation of Economics at the University of Texas at Austin and Professor of labour Economics, Maastricht University.
Former Treasury Secretary and Obama economic adviser Larry Summers is teaching a course on the (lackluster) policy response he helped devise to the ‘Great Recession.’
I ran a regression of ΔY on ΔX and ΔZ, over the 1967Q1-2011Q3 period. I found that the coefficient on ΔX was 0.007, and on ΔZ was -0.080. Neither coefficient was statistically significant at conventional levels, so I concluded that neither affected ΔY.
[credit provider=”Wiki Commons” url=”http://commons.wikimedia.org/wiki/File:Wealth_of_Nations_title_RZ.jpg”] Adam Smith. Father of capitalism. Coined “the invisible hand.” Wrote the oft referred to but rarely read, “Wealth of Nations.”He was also a deeply odd guy who mumbled to himself in public, lived with his mother until she died and ordered all of his many papers […]
[credit provider=”Wikimedia Commons”] Gold means luxury right? The precious metal is widely associated with royalty and wealth.Turns out the stuff is actually a lot cheaper than some other rare commodities.
Christina Romer is the most dangerous woman in America right now. As an economics professor at the University of Berkeley, she’s charged with educating the next generation of productive citizens. She also formerly chaired the Council of Economic Advisors under President Obama.
[credit provider=”NASA via Wikimedia Commons”] Forbes has just published its annual list of the world’s most powerful people which is sure to cause no little debate.There’s sure to be plenty of arguments over who did and didn’t make the list. Maybe, just maybe, there might be one or two eyebrows […]
[credit provider=”AP Photo/Pablo Martinez Monsivais”] Harvard students are planning to walk out of economist Gregory Mankiw’s Econ 10 class on Wednesday to show solidarity with the Occupy Movement, according to an email sent to students.Mankiw, chairman of the Council of Economic Advisers under President George W. Bush and the author […]
[credit provider=”Atlas of Economic Complexity” url=”http://infosthetics.com/archives/2011/10/the_atlas_of_economic_complexity_visualizing_global_economic_growth.html”] The products we use everyday are complex combinations of specialised knowledge.Harvard and MIT released a report, “The Atlas of Economic Complexity,” visually mapping the vast knowledge contained within the products we use. And then they show how complex products benefit a country’s economy and […]
The Republican candidates for president have all blasted President Obama for his failure to rescue the American economy, offering up their own competing economic plans in the process.
[credit provider=”AP” url=”http://www.apimages.com/OneUp.aspx?st=k&kw=zambia%20farm&showact=results&sort=creationdatelower%3Areversealphabetical&intv=None&sh=10&kwstyle=and&adte=1302622436&pagez=60&cfasstyle=AND&rids=2e98e5a29ae5da11af9f0014c2589dfb&dbm=PY2002&page=1&xslt=1&mediatype=Photo”] While the Eurozone and the United States are scrambling to figure out how to grow their economies, these countries are sailing ahead quite nicely.We checked out the countries with the fastest growing GDPs, and what their actual GDP numbers are through Bloomberg, and then tried to figure […]
Texas Governor Rick Perry’s presidential campaign is predicting that his 20-20 flat tax plan will grow the economy by over $11 trillion from 2014 to 2020, according to an analysis conducted by John Dunham and Associates (JDA) for the campaign and obtained by Business Insider.
[credit provider=”www.flickr.com” url=”http://www.flickr.com/photos/wwworks/2895964373/sizes/o/in/photostream/”] Jan Eberly, the newly-minted Assistant Secretary for Economic Policy, is out with a blog post on the Treasury Department website attacking GOP claims that regulatory uncertainty is slowing the economy.Republicans have made repealing regulations a signature part of their jobs agenda — planning weekly votes on easing the […]
[credit provider=”Flickr” url=”http://www.flickr.com/photos/groupon/6166710591/”] Coupons, as a promotional strategy, have been around for over a hundred years. But they will continue to flourish only if the coupon sites don’t mess them up. Or if the fundamental premise of coupons itself, changes. Rather than serve as promotions to capture an economic segment, […]
Nations around the world are trying to replicate Silicon Valley. But you can’t simply “take one great research university, add venture capital, and shake vigorously,” says Richard Florida in his article for The Atlantic, How Startups Have Changed The Way American Business Thinks.Rather, he says, “America’s Start-Up Economy emerged out […]
It’s been a very strange day in the market and the economy, starting with last night.
[credit provider=”metropilot / flickr” url=”http://www.flickr.com/photos/metropilotcom/2359848520/”] This post is an introduction to a detective story about an error.An error that passed undetected by some of the greatest minds of the twentieth century, and led economics down a path that now must be cast into question.
Businessman Herman Cain was having a stellar performance in last night’s Bloomberg-Washington Post debate, right up until the moment he said he would appoint a Fed Chairman like Alan Greenspan.
[credit provider=”Bloomberg TV” url=”http://www.bloomberg.com/tv/”] The Republican presidential candidates will faced off in the Bloomberg-Washington Post debate in New Hampshire tonight — the first devoted just to the economy.This was the third debate since labour Day, a time in which the primary field has been turned on its end.
[credit provider=”eschipul via flickr” url=”http://www.flickr.com/photos/eschipul/5047775028/sizes/m/in/photostream/”] Texas Gov. Rick Perry has had three chances to introduce himself to GOP voters — and each time he has failed to make a good impression.His campaign has stumbled on issues like Social Security and immigration, and has been forced to fend off accusations of […]
President Barack Obama’s proposed “Buffett Rule” has been nothing short of controversial, and everyone is weighing in on the feasibility of the tax on millionaires and what it means for America. From denouncements of class warfare by Congressional Republication to showers of support from Americans, we’ve heard about it all. The […]
A new document released by the Republican National Committee attacks President Barack Obama’s economic record by the numbers, saying “Hope Isn’t Hiring.”
[credit provider=”AP” url=”http://www.apimages.com/secured_user/Download.aspx?st=dl&id=f8cd0d41c0e64b7382b96fe2cced027d&isgb=false”] Facing opposition in his caucus to the current package of new revenues in President Barack Obama’s jobs bill, Senate Majority Leader Harry Reid is considering replacing them with a five per cent surtax on those with incomes over $1 million.The move is largely a political stunt, after Reid […]
Pressed by House Republicans and the Wall Street Journal editorial board to release a copy of his tax returns to justify the so-called “Buffett tax,” the Oracle of Omaha said he would comply if News Corp CEO Rupert Murdoch did the same.
[credit provider=”www.facebook.com” url=”http://www.facebook.com/teamsurprise”] A study released yesterday by the Martin Prosperity Institute ranks 82 countries on their creativity.Turns out creativity is a driving force in the economy: the study found great correlations between creativity and economic progress, human development, and happiness, among other factors.
[credit provider=”AP Photo/Chris Carlson”] President Barack Obama said he is calling on Congress to hold votes on his jobs bill by the end of the month, after weeks of legislative stalling on the controversial bill.Speaking at the start of a Cabinet meeting, Obama said he would be in touch with […]
Economists believe President Barack Obama’s jobs bill would stave off another recession — though their economic projects are more bearish than the White House, and they predict it will not pass.
[credit provider=”AP”] With just five days to avert a government shutdown, congressional lawmakers have made little progress at ending a weeks-long stalemate over disaster aid.The House passed a temporary spending bill on Thursday night before leaving town for the week, which included spending cuts to green jobs programs to offset an […]
New York City Mayor Michael Bloomberg told NBC News’ David Gregory that he is troubled by President Barack Obama’s rhetoric on the so-called ‘Buffet Rule.’
[credit provider=”AP Photo/Manuel Balce Ceneta”] President Barack Obama addressed the Congressional Black Caucus Annual Phoenix Award Dinner Saturday night to send a message to an increasingly restless base that he has not forsaken them.Members of the CBC spent much of the August recess hosting jobs fairs across the country — […]
[credit provider=”AP Photo/Charles Dharapak”] The Senate rejected the House funding measure to avert a shutdown Friday morning, setting off a high-stakes game of political showmanship with one week until the government runs out of money.In mostly party-line vote, the upper chamber tabled the House bill, which would have funded the […]
[credit provider=”AP”] An already contentious debate over funding the government past September 30 intensified Thursday as Republicans amended their bill to be more amenable to GOP lawmakers and Democrats pledged to oppose it.In what is at latest government shutdown threat this year, without action by the start of the new […]
[credit provider=”Flickr Gage Skidmore” url=”http://www.flickr.com/photos/gageskidmore/5854805421/”] Texas Governor and Republican presidential front-runner Rick Perry’s college transcript was leaked to The Huffington Post. It’s ugly; with lots of C’s and D’s. Perry graduated from Texas A&M University in 1972 with a degree in Animal Science, but he probably should have put more effort […]
[credit provider=”AP Photo/Pablo Martinez Monsivais”] In a fiery political — and personal — speech in Cincinnati to push his jobs plan, President Barack Obama called out Speaker of the House John Boehner on his home turf.Speaking in front of a “functionally obsolete” bridge miles from Boehner’s home district that connects […]
Economist Adam Smith said that an “invisible hand” guided economic activity.
[credit provider=”genericface via Flickr” url=”http://www.flickr.com/photos/genericface/330515734/”] With the current state of the economy, good economists are in high demand. But which schools are currently producing the world’s best?The UK and US still dominate the field of economic education, according to the QS World University Rankings, which is based on international surveys […]
[credit provider=”wordle.net”] For those of you who want to read it the old fashioned way, here’s the full speech:
[credit provider=”AP Photo/Paul Sancya”] President Barack Obama unveiled his deficit reduction proposal this morning, including $1.5 trillion in tax increases.Calling once again for an end to partisanship, Obama gave a decidedly political speech — slamming Speaker of the House John Boehner’s opposition to tax increases.
Good Monday Morning. Here’s what you need to know:
President Barack Obama will announce his deficit plan this Morning, which will include $1.5 trillion in new taxes for the wealthy and corporations.
[credit provider=”AP Photo/Kevin Lamarque, POOL”] President Barack Obama will ask the Super Committee to double its mandate and cut $3 trillion from the federal deficit, according to White House officials, with half of the savings coming from tax increases on corporations the wealthy.Republicans have already rejected a central component of […]
President Barack Obama and Treasury Secretary Tim Geithner will make back-to-back appearances Monday morning to introduce the administration’s new tax plan.
[credit provider=”Asa Mathat | All Things Digital”] In an interview with Christiane Amanpour, on ABC’s “This Week,” Google executive chairman Eric Schmidt blamed partisan bickering and the resulting uncertainty for slowing the economy’s recovery.”The real problem is not the business community. The real problem is: The Democrats and the Republicans fight for […]
[credit provider=”NBC”] Former President Bill Clinton told President Barack Obama not to listen to the advice of his former advisor James Carville to fire his economic team.On NBC’s Meet the Press, Clinton said Obama should keep his economic team in place, “because he has a good economic plan.”
[credit provider=”Wikimedia Commons”] Senate Minority Leader Mitch McConnell (R-KY) rejected the “Buffett Rule,” President Barack Obama’s plan to create a new minimum tax rate for those making over $1 million a year.In an appearance on NBC’s Meet The Press, McConnell told David Gregory that there is bipartisan opposition to the […]
[credit provider=”AP”] In a memo to House Republicans today, the GOP leadership outlined the parts of President Barack Obama’s American Jobs Act they would be open to considering and those they would categorically oppose — leaving the White House with the monumental decision to fight for the bill, or cave […]
[credit provider=”flickr” url=”http://www.flickr.com/photos/republicanconference/4056826266/sizes/l/”] In a memo to House Republicans, the GOP leader outlined the areas for compromise with President Barack Obama on his jobs plan.They also expressed relief — for the sake of unemployed Americans — that Obama has begun to move off his hardline “all or nothing” demand that […]
[credit provider=”CNBC”] House Majority Leader Eric Cantor said he rejects President Barack Obama’s “all-or-noting approach” to job creation, adding he cannot support the president’s request for tax increases to pay for his $447 billion jobs bill.”By the president saying, ‘Pass my jobs bill,’ you know, he’s insisting in saying, ‘Cram it […]
Speaker of the House John Boehner called President Barack Obama’s jobs bill a “poor substitute” for House Republicans’ proposals.
[credit provider=”Flickr” url=”http://www.flickr.com/photos/gopleader/4156380948/sizes/m/in/photostream/”] Speaker of the House John Boehner will highlight the Republican jobs plan, and address President Barack Obama’s, in an address to the Economic Club of Washington today.In a speech titled “Liberating America’s Economy,” Boehner will call for an end to “excessive regulation, higher taxes, and out-of-control spending” […]
President Barack Obama faced a friendly crowd in Raleigh, North Carolina Wednesday, his latest stop on his tour to sell his jobs plan to the American people.
[credit provider=”AP Photo/Charles Dharapak”] Senate Majority Leader Harry Reid said the upper chamber won’t take up President Barack Obama’s jobs bill until the next legislative work period which begins in October — at earliest.Obama has repeatedly called on Congress to take up his jobs plan immediately — saying there should be […]
[credit provider=”Flickr” url=”http://www.flickr.com/photos/davidsilver/5227589198/sizes/m/in/photostream/”] President Barack Obama’s jobs plan would provide a 1.25 per cent increase to GDP next year, according to an analysis by Goldman Sachs — but its chances of passing are lower than ever.Expectations for the plan were never high — but Obama’s “pay-fors” have effectively scuttled the […]
[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Bipartisan_Congressional_leadership_meeting_February_2010.jpg”] President Barack Obama appeared to have GOP lawmakers in a pickle over the weekend — struggling with whether to oppose his jobs plan even though its stimulus measures consist mostly of tax cuts. But his newly-announced tax increases to pay for the bill appears to have […]
[credit provider=”AP Photo/Kevin Lamarque, POOL”] White House Office of Management and Budget Director Jack Lew outlined President Barack Obama’s plan to pay for his $447 billion jobs plan — mostly through tax increases.Lew said itemized tax deductions and exemptions for those making more than $200,000, and families earning more than […]
The Republican presidential candidates will face off for the second time in as many weeks, participating in the CNN/Tea Party Express debate in Florida tonight.
[credit provider=”iStockPhoto”] When it comes to the U.S. economy, there’s a lot of “gloom and doom” out there—bad news sells.Nevertheless, here are a few points about the U.S. economy that you may not have heard about:
[credit provider=”WSB-TV”] In an interview with NBC News’ Brian Williams that aired on the Today Show this morning, President Barack Obama said his jobs plan “buys us insurance from a double-dip recession.””When you look at what independent economists are saying about the American Jobs Act, my jobs plan, uniformly what they […]
[credit provider=”Tommy Ironic on Flickr” url=”http://www.flickr.com/photos/tommy-ironic/61969725/sizes/l/in/photostream/”] The federal government’s new fiscal year begins on October 1st, and Congress is nowhere near passing a new budget — meaning a shutdown is likely if lawmakers can’t get their act together.While the debt deal passed in early August listed the maximum amount of […]
[credit provider=”AP Photo/Paul Sancya”] President Barack Obama will formally present his $447 billion jobs plan to Congress today, after a speech from the White House encouraging to pass the bill.Obama unveiled his proposal in broad strokes to a Joint Session of Congress on Thursday night, asking them to “pass this […]
[credit provider=”Gage Skidmore via Flikr”] Former Minnesota Gov. Tim Pawlenty just endorsed former Mass. Gov. Mitt Romney in an interview on Fox News, announcing he will become co-chair of his former opponent’s campaign.Pawlenty called Romney the “complete package,” but specifically cited his leadership on the economy as the reason for his […]
Good morning. Here’s the news:1. The Taliban yesterday detonated a powerful truck bomb at a major military base in eastern Afghanistan near Kabul, killing five Afghan civilians and injuring 77 American troops. The blast was timed to coincide with the 10th anniversary of 9/11.
I keep repeating that the debate over a double dip is meaningless. Why? Because we’ve been in one long balance sheet recession this entire time.
[credit provider=”AP Photo/Kevin Lamarque, POOL”] The key thing you need to know about last night’s jobs speech is that Democrats liked it.President Barack Obama did much to halt his administration’s meandering slide toward unelectability, but his speech stopped short of providing him a jolt in the other direction.
President Obama announced Thursday night that he is looking to reform and extend unemployment benefits for millions of Americans, pitching a national job training program modelled on one already underway in Georgia.
[credit provider=”AP Photo/Paul Sancya”] Moody’s Analytics Chief Economist Mark Zandi told USA Today that President Barack Obama’s American Jobs Act would create 2 million jobs and grow the economy by 2 per cent — one of the most optimistic projections released so far.
EMBARGOED UNTIL DELIVERY OF THE PRESIDENT’S SPEECH
[credit provider=”AP Photo/Kevin Lamarque, POOL”] President Barack Obama will give the most important speech of his presidency tonight to a Joint Session of Congress, challenging lawmakers to put aside months of partisan rancor and pass his jobs plan.Weighed down by a stagnant unemployment rate, a sputtering economy, and criticism from […]
[credit provider=”AP Photo/Pablo Martinez Monsivais, Pool”] President Barack Obama will give the most important speech of his presidency tonight to a Joint Session of Congress, challenging lawmakers to put aside months of partisan rancor and pass his jobs plan.Weighed down by a stagnant unemployment rate, a sputtering economy, and criticism […]
[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:Obama_Boehner_State_of_the_Union_2011.jpg”] President Barack Obama will address a Joint Session of Congress tonight at 7 p.m. to present his economic growth plan, “The American Jobs Act” to the American people.The speech comes at a pivotal moment in Obama’s presidency, under pressure from both sides of the aisle to […]
Former Vice President Al Gore criticised President Barack Obama’s decision to withdraw a $90 billion clean air regulation last week in a post on his blog.
[credit provider=”AP”] Republican lawmakers are preparing to oppose President Barack Obama’s jobs plan — even before it is announced — citing its $300 billion price tag.Obama will use his speech tomorrow night press Congress to pass his proposal, which will include an extension and expansion of the payroll tax cut, […]
Good morning. Apologies for the delay. Here’s the news:
Sen. Jon Kyl, a Republican member of the Joint Select Committee on Deficit Reduction, told Reporters Tuesday that he is not optimistic that the 12-lawmaker group can reach an agreement if asked to take on tax reform and entitlements, POLITICO reports.
President Barack Obama’s jobs package to be unveiled on Thursday will clock in at $300 billion dollars, Bloomberg’s Al Hunt reports.