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Idle Speculation

One of the most heated discussions during the current crisis has been the argument over the imminence, or not, of inflation. Most often those arguing we are in danger base their dire predictions on the growth in money supply – the monetary base, which is the narrowest definition of money, has grown by about 58% […]

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Coase, Uncertainty, and The Firm

The Economist notes Ronald Coase’s one hundredth birthday. I should not allow this to go uncommented upon. To me Coase asked one of the most simple yet subversive questions of all time in economics: why do firms exist? To regular people outside the wonderland of orthodox economic theory, this question usually induces something between an […]

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Incomes Falter …

Financiers and farmers. Agriculture and banking. Somewhere we have heard this story. I don’t usually pass along the personal income data from the Bureau of Economic Analysis, but today I will because it has some revealing detail. Overall state level personal income growth slowed to 0.7% in the third quarter, down from 1.4% in the […]

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