The Radford Free Press – Page 332 – All life is problem solving.

Economics / bailouts, bank reform, banking, Geithner /

Geithner’s Foot in Mouth Problem

January 18, 2011

Tim, did you just say what I thought you said? Did you just say that the government stands by to step in when banks get into the trouble in the future? If so, then what of that great reform last year? The Frank-Dodd reform. The one that was sold to the public as the solution […]

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 […]