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There They Go Again

Sometimes you have to wonder. About economics that is. If you are a politician, no matter how odd your policy, you can find an economist who will provide you with theoretical cover. No wonder the subject is a mess. And no wonder Brad DeLong can say that there is no economic theory as such. All […]

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Good News: Jobless Claims Drop

We should all acknowledge that today’s report is good news. New claims for unemployment assistance dropped again, to 368,000, which is 20,000 lower than last week. This is the best level they have been since may 2008. Better yet, the four week average is also down to mid-2008 levels at 388,500, which tells us that […]

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Productivity Grows. So What?

Sometimes it takes a very long time for reality to clash with long held beliefs. No amount of discordant information can shake some people from the bits and pieces of “truth” that they carry around with them. This seems to afflict economists more than most. Those dictums based upon orthodox theory die hard no matter […]

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