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Unemployment Rate Drops

Just a quick note on this morning’s jobs report: the US unemployment rate dropped below 8%, it was 7.8% for September, down from August’s 8.1%, and the lowest we have seen since January 2009. The economy added 114,000 new jobs during the month, a rate, which as I have said many times, not sufficient to […]

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Economics Should Fail Better

Let’s have fun. Let’s pitch Beckett against Nietzsche. First the philosopher: “The mitigation of our customs is the consequence of our weakness”. Now the playwright: “Try again. Fail again. Fail better.” Nietzsche seems to be arguing that it is a sign of weakness to modify, water down, or otherwise tamper with tradition. He makes no […]

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Sargasso?

OK I admit it’s a stretch, but what else am I to do? Every day we see news that confirms the obvious. The economy, while recovering, is doing so at such a snail’s pace that most of us don’t notice. We are all running out of useful analogies to describe it. Our drift has gone […]

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