economics

more (in P/E terms) for the business with high returns on equity and superior cash flow generation.

The real result of the machine is to increase production, to raise the standard of living, to increase economic welfare.

A new technology appeared on the horizon but at an infant state: extreme ultraviolet lithography (EUV). The U.S. government thought this was going to be the key technology for microchip production, and the Department of Energy sponsored development of it in a working group with Intel, AMD, and Motorola. In 1999, a small Dutch company joined the

How big is this sector? Estimates suggest the total commercial real estate market is worth around $45–50 billion, growing at a steady 8–10% annually. That’s solid growth, especially given the ups and downs we’ve seen in recent years.

The freedom of the part varies with the security of the whole; individualism will diminish in America and England as geographical protection ceases.

These tariffs would still come with domestic risks. But for economists to suggest that the effect of tariffs in 1930 must be the same as today only shows how muddled most economists are about trade. The real lesson of Smoot-Hawley is not that the United States cannot benefit from tariffs, but rather that persistent surplus economies should not

After the pandemic, consumers shifted spending from services to goods in 2020 due to COVID restrictions, then back to services from 2021-2024 as demand for services reemerged. This week’s chart displays real personal consumption expenditure (PCE) of goods and services, adjusting by their respective deflators for comparison. As of September 30th,

Anatoly of Chinese surplus

Technology has historically had two countervailing effects on labor—what economists call the “substituting force,” which replaces labor, and the “complementary force,” which augments it. Generative AI optimists argue the complementary force has won out through each subsequent wave of technology. A classic example is the ATM, which should have