Biden: Romney’s EconomicsSound Like I’ll Have Another,‘Except Horse Is a Winner’
Posted by admin / Under Economics
Vice President Joe Biden today said Mitt Romney’s economic policies bring to mind Kentucky Derby and Preakness champ I’ll Have Another, “except the horse is a real winner.” On the stump in Keene, N.H., this afternoon, Biden said the economic values Romney would bring to the White House were displayed during his tenure at private equity firm Bain Capital and manifest on the campaign trail, particularly in his calls to roll back Democrats’ health care overhaul, Wall Street reforms and other consumer protections. “The governor’s philosophy seems to be whatever the last administration does, let’s do it and do more
Published on Tuesday 22nd of May 2012 07:12:26 PM
Productivity Leads To Prosperity
Posted by admin / Under Economics
Columnist Rick Haglund is worried that a proposed cut in the property tax now imposed by the state and local governments on business tools and equipment "may be a job killer," because it would facilitate producing more goods and services per worker. He turns instead to an economist's suggestion that the state may be better off "giving special tax breaks on new investments" as a potentially better idea. “The big story in manufacturing in the past 60 years or so has been an astounding increase in productivity," Haglund wrote. "It takes just 177 manufacturing workers today to perform the same...
Published on Tuesday 22nd of May 2012 07:12:26 PM
Ayn Rand about Economic Education
Posted by admin / Under Economics
Excerpts from a letter of Ayn Rand to Leonard Read, the founder of the Foundation for Economic Education, February 28, 1946 -- "The Free Market", 2001 No. 1You imply that the cause of the world’s troubles lies solely in the people’s ignorance of economics and that the way to cure the world is to teach it the proper economic knowledge. This is not true – therefore your program will not work. You cannot hope to effect a cure by starting with a wrong diagnosis. The root of the whole modern disaster is philosophical and moral. People are not embracing collectivism...
Published on Tuesday 22nd of May 2012 07:12:26 PM
Schumpeter in the White House: How to talk about creative destruction
Posted by admin / Under Economics
The 2012 presidential race will be, in part, a showdown between two different models of economic growth. President Barack Obama and his Democratic administration will defend the once-discredited and now-resurgent theory that government must act as the economy’s “tutor” and use public funds to stimulate it. The Republican nominee, presumably Mitt Romney, will advance the free-market argument that the main source of new growth is the innovative energy of American entrepreneurs and that government needs to get out of the way. An essential part of the free-market argument is “creative destruction,” a theory proposed by the great Austrian economist...
Published on Tuesday 22nd of May 2012 07:12:26 PM
Hybrid Economics, Torah Style
Posted by admin / Under Economics
And if your brother becomes poor, and his means fail with you, and you shall uphold him: as a stranger and a settler shall he live with you. Take no interest from him or increase; but fear your G-d; so that your brother may live with you. You shall not give him your money with interest, or give your food for increase. I am Hashem your G-d, who brought you forth out of the land of Egypt, to give you the land of Canaan, to be your G-d. (From this week's Torah portion, Behar, Leviticus 25:35-38) The Torah portion of...
Published on Tuesday 22nd of May 2012 07:12:26 PM
Abbott and Costello Do Unemployment
Posted by admin / Under Economics
Abbott and Costello Do Unemployment (Someone e-mailed this cleverly written riff to me just after the April 2012 Obama unemployment figures were released. If they were alive, I am sure that Abbott and Costello would do a gag just like this.) COSTELLO: I want to talk about the unemployment rate in America . ABBOTT: Good Subject. Terrible times. It’s 9%. COSTELLO: That many people are out of work? ABBOTT: No, that’s 16%. COSTELLO: You just said 9%. ABBOTT: 9% Unemployed. COSTELLO: Right 9% out of work. ABBOTT: No, that’s 16%. COSTELLO: Okay, so it’s 16% unemployed. ABBOTT: No, that’s 9%…...
Published on Tuesday 22nd of May 2012 07:12:26 PM
An interview with Paul Krugman
Posted by admin / Under Economics
...Q: But isn’t the way it would actually go is the Republican Party would say that what we need is tax cuts? A: But that won’t work. Remember, they don’t like tax cuts for ordinary people. They like tax cuts for the rich. That will be very ineffectual. And they want to raise taxes on the undeserving poor. Q: Speaking of Keynes, are you surprised that Europe ended up so far on the other side of, so to speak, the Keynes curve? A: No. I know the Germans. They’ve never believed in any of this. They’re at a point that...
Published on Tuesday 22nd of May 2012 07:12:26 PM
Ron Paul Vs Paul Krugman: Exciting Debate on Video with Transcript
Posted by admin / Under Economics
Sparks flew when Paul Krugman and Congressman Ron Paul faced off today on Bloomberg TV’s “Street Smart” with Trish Regan and Adam Johnson…. Watch below to hear Ron Paul’s ideas about staying in the Republican race…whether he would support Romney as nominee…how U.S. monetary policy is like the Roman Empire and why there should be legal competition to the U.S. dollar (yes, gold and silver). Hear NYT columnist Krugman fire back on the role U.S. government should play in regulating the market economy…what economist Milton Friedman really thought about government stimulus…and what is the right level for debt for U.S....
Published on Tuesday 22nd of May 2012 07:12:26 PM
Total US Debt Soars To 101.5% Of GDP
Posted by admin / Under Economics
There is nothing quite like a $70 billion debt auction settlement at the last day of a month to bring total US debt to a record $15.692 trillion, which happens to be just $600 billion shy of the $16.394 trillion debt ceiling. (and no, contrary to simple economic textbook lesson, this does not mean that the private sector just got another $70 billion in debt capacity courtesy of taxpayers, as explained here). And now that we know what Q1 GDP was at the end of Q1, or namely $15.462 trillion, it is simply math to divine that today alone total...
Published on Tuesday 22nd of May 2012 07:12:26 PM
How to succeed in business: Borrow from your parents (Mitt Romney's advice to OH students)
Posted by admin / Under Economics
Mitt Romney has some simple advice for students who want to start their own business: Just borrow money from your parents. The presumptive Republican presidential nominee made the suggestion Friday during a pit stop at Otterbein University in Ohio.
Published on Tuesday 22nd of May 2012 07:12:26 PM
The US Has Finally Done It: Mexican Immigrants Become Emigrants
Posted by admin / Under Economics
You know its bad when...the net flow of Mexicans into the US has fallen so much that there is a high probability that it is now in reverse ending around forty years of inward migration. The Pew Hispanic Center notes that the standstill - after more than 12 million current immigrants have entered the US - more than half of whom are illegal - appears to be the result of many factors including a weakened US job and construction market, tougher border enforcement, a rise in deportations, growing dangers associated with border crossing, a long-term decline in Mexico's birth rate,...
Published on Tuesday 22nd of May 2012 07:12:26 PM
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