The Radford Free Press – Page 341 – All life is problem solving.

Economics / GDP, home prices, inventories, non-residential investment, real estate, recession, recovery, residential investment, trade deficit /

GDP and Housing: Better and Worse

November 23, 2010

More mixed messages. Today’s release of the revised GDP figures for the third quarter was better than expected, whereas the report on sales of existing homes continued to disappoint. Add in yesterday’s hints that the Fed is in the process of downgrading its views for growth in 2011 and we end up with a decidedly […]

Economics / bailouts, bank reform, banking, bankruptcy, fiscal policy, Ireland, monetary policy /

Irish Crisis: The Lesson Learned?

November 22, 2010

The events of the weekend were both predictable and drastic. The Irish government has caved into to the obvious: Ireland cannot continue without a vast amount of outside help. There will be the inevitable backlash against the government – it depends on a very thin majority formed from a coalition. That coalition is now sundered […]

Economics / Arrow, capitalism, Debreu, economic theory, Keynes, Keynesian economics, Minsky, New Classical Economics, Paul Krugman, Schumpeter /

It’s Love “Schumpi” Day

November 19, 2010

When last I wrote here I repeated a quote by Joseph Schumpeter, that Paul Krugman used to lambast the classical opposition to government interference in the economy. True to form, I was immediately set upon by the one man Austrian economist defense force – Stephan – who managed to dig out the original text from […]