economics

As such, the expected path of the short rate can have significant, meaningful effects on the repricing of securities nearly immediately, while the level of the policy rate works through the economy over time.

Worse still, remember that the government will not subsidize just any daycare, school, or hospital. Naturally, funding will come alongside regulations designed to ensure that the recipient of those funds meets a minimum standard of quality and care. But since such regulations will naturally favor incumbent industry players (which are already not

While the strong dollar gives U.S. consumers more buying/importing power, it makes U.S. products and services more expensive, and thus less competitive in the export market. Basically, it helps some groups live above their means (and U.S. asset prices have been doing great), but it hollows out the U.S. manufacturing sector and negatively affects

One problem with most LDC securities markets is that there is a very poor balance of investors.

In recent years, capital cycle analysis has been more useful at picking stocks in companies which can maintain high returns than in finding opportunities among bombed-out industries recovering (or not) after a supply side restructuring.

Needs arise in context—they are not context-free facts

When you search for needs or jobs in the way I outlined earlier, your underlying theory is that there is an objective set of hidden desires. You are looking for essences . You’re adopting the rationalist view that these inherent properties not only exist, but can be discovered and enumerated

Industrial profits rose 1.4% on a YTD basis compared to a year ago and 3% y/y compared to 2.6% y/y in March. This was stronger than markets expected and reflects higher earnings in the equipment and high-tech manufacturing sectors. Private enterprises continued to outperform at 4.4% on a YTD basis, followed by foreign invested at 2.5% y/y and

We first sell the drives; then we design them; and then we build them.

What we can say is that countries generally become more efficient in their use of raw materials as their economies develop, and so we should not be surprised to see the same thing happening gradually in China.