The Radford Free Press – Page 329 – All life is problem solving.

Economics / Adam Smith, Alfred Marshall, Bowles, complexity, Georgescu-Roegen, Hodgson, information, Karl Popper, Kenneth Boulding, Nelson, neo-classical economics, orthodox economics, uncertainty, Winter /

Random Thoughts on the Future

January 18, 2011

In recent weeks I have used this space to think out loud about the state of economics. In particular I have talked about the primary version of economic theory – what I call orthodoxy – as being stuck in a time warp. This is because it was developed to explicate economic relationships as they were […]

Economics / auto industry, capacity utilization, consumer confidence, consumption, deflation, GDP, industrial production, inflation, retail sales /

Decent Numbers

January 14, 2011

The end of the week brought a flurry of economic reports, none were surprising and all were supportive of the notion that economic growth is steady, but not spectacular. Retail sales rose a decent, but not terrific, 0.6% in December. This is off a little from November’s 0.8%, but is still within the realm of […]

Economics / jobs, unemployment /

Ignore Today’s Data

January 13, 2011

Just a quick note to you all: please ignore today’s report on new claims for unemployment assistance. I think the big uptick is a statistical quirk, not a reflection of the realities of the demand for workers. The report has claims jumping up to 445,000, that’s an increase of 35,000 and takes the total to […]