economics

Unfortunately, the return of instability coincided also with the ascendancy of a new interventionist orthodoxy in economic theory which, extrapolating from the entirely unusual circumstances of the immediate postwar, attributed business fluctuations not to changing financial structures but rather simply to fluctuations in aggregate demand.

The introduction and then subsequent final expiration of these programs are an extremely underdiscussed element of the election results (though since I started working on this piece, some coverage has emerged). Yes, price increases, particularly those for food, energy and rental housing had a crucial- and continuing — impact on many households,

It is solved precisely through the price system. It is solved through the constantly changing interrelationships of costs of production, prices and profits.

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.

Imagine all the revenue of the business sector coming in through one pipe and all its expenses running out through another (figure 1). The “profit meter,” which measures the volume flowing through it much like a water meter, records the net effect of these flows on business net worth, represented by the “net worth tank.” All expenses reduce the net

The growing gap between wages and productivity is just another hidden tax that transfers wealth from workers to employers.

The Competitive Side of the Economist-Minded Data Scientist

What really gives economist-minded data scientists an edge is their ability to connect models to value creation. While many professionals can code or fine-tune hyperparameters, far fewer can trace a line from a data insight to an economic outcome — like cost reduction, revenue growth, or

As a result, these companies find it very difficult to invest adequate resources in disruptive technologies—lower-margin opportunities that their customers don’t want—until their customers want them. And by then it is too late.

If the world is to address these global imbalances, it cannot do so without addressing the part that currency intervention and accumulation play. Some seventy years ago, John Maynard Keynes tried to get the world to understand this when he argued in favor of the creation of Bancor, a supranational currency to be used in international trade as a