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Economic Errors?

File under ‘plus ca change … ‘: “Economic theory went astray when theoreticians focused their attention on the allocative functions of markets to the exclusion of their creative functions, which are far more important since they serve as an instrument for transmitting changes” “it is true that, at the moment, the status of economics appears […]

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Inequality Update

In case you missed it: the US is a wildly unequal society, and it’s getting worse by the hour. No surprise at all, but nonetheless some of the data can be quite eye-opening. Allow me to point you to David Cay Johnston and some of his analysis. Incomes have grown between 2009 and 2011. Great. […]

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Where Our Spending [Really] Goes

We are into the silly season of budget debates in Washington. Dueling budgets are flying back and forth. Different ideologies are ensuring that the gulf between the right wing preferred budget and all the rest is enormous. As in unbridgeable. The reason is that our contemporary Republican party wants to dismantle ‘big’ government and reduce […]

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