The Radford Free Press – Page 333 – All life is problem solving.

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 […]

Economics / bailouts, banking, bond prices, creditors, deficits, Federal Reserve Board, GDP, Geithner, imports, inflation, jobs, unemployment /

Details, Details

January 12, 2011

All we are hearing seeing at the moment are snippets of news rather than headline grabbing insights into the big numbers we all care about. But there are sometimes tell tale signs of what’s in store for us in those details, so here’s a few of them: Import prices: the price of imports into the […]

Economics / Adam Smith, Arrow, Debreu, deregulation, free market theory, Hayek, Keynes, Milton Friedman, Walras /

Smith’s Curse

January 10, 2011

I am not easily swayed by talk of curses. They make for good gossip and a laugh, but have no explanatory legitimacy. All except Smith’s Curse. Adam Smith that is. Here’s why: Ever since Adam Smith wrote, just once, about the mysteries of the “hidden hand”, economics has had its brains addled by the allure […]

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