economics

“The world consumes about 100mm bbl/day of crude oil, but for the entire world to enjoy the U.S. standard of living would require the equivalent of about 300-400mm bbl”. His stats are about right, but his ‘no’ answer when Joe asked whether nuclear could make up that gap was dead wrong. And that’s the real story of the century that nobody is even

There was a second feature underlying the automakers’ success: the industrial policy pursued by the Japanese government, through its Ministry of International Trade and Industry (MITI). It pursued a strategy of exporting cars to developed countries, guided by a devalued currency and relatively cheaper wages.

MITI provided ample amounts of

(Early 2020 was a big exception to that, since the fiscal impulse and the rate of quantitative easing were so big that they overrode the rise in the TGA, which on its own would be negative for liquidity. The TGA was only increased that high basically for extra financial buffer to support everything else that was happening, since the sheer magnitude

Of course it is not at all clear that a consumption tax or a tariff would leave the total domestic production of goods and services unchanged. This would depend crucially on how the proceeds of that tax are spent. Depending on how this happens, the total production of goods and services can rise, decline, or remain unchanged.

Rice: The Other Staple

It didn’t take long for these methods of plant breeding to be applied to the other great stable of human diets: rice. Facing exploding populations in Asia in the early 1960s two American charities, namely the Ford and Rockefeller Foundations, formed a partnership called the International Rice Research Institute (IRRI) in the

but as a class they cannot save anything that is worth saving, above and beyond the amount that is made profitable by the increase of consumer buying.

The stock market commonly responds by downgrading the value of the acquiring firm, because experience has shown that efforts to integrate large firms fail more often than they succeed.

That’s how Japanese broad money supply grew more slowly than average government deficits. With back-of-the-envelope numbers, about 5% in new broad money was created per year by monetized fiscal deficits and public debt accumulation, which was offset by about -2% of money supply destruction from private deleveraging per year. This resulted in