The Radford Free Press – Page 360 – All life is problem solving.

Economics / economic theory, Keynes, Milton Friedman, real world economics /

Econ 101: The Problem of Time

September 20, 2010

Time represents a special problem for economic theory. It gets in the way. It makes things messy. It introduces … gasp … the possibility of uncertainty. This latter being the really big problem. As those of you who follow my ongoing opposition to textbook economics realize I have a major beef with the notion of […]

Economics / banking, capitalism, free market theory, GDP, Hayek, jobs, Keynes, Milton Friedman, Oscar Lange, Reagan, Robert Lucas, Schumpeter, Socialist Debates, von Mises /

Its Official! The Recession’s Over … Yawn.

September 20, 2010

Hang out the flags. Set off the fireworks. The recession is officially over. Whoopee. The National Bureau of Economic Research says so. In fact, by their count, the recession ended in June 2009. There, don’t you all feel better? Not really. The “Great Recession” was officially 18 months long, making it a full 2 months […]

Economics / Bush, income distribution, Obama, personal incomes, taxes /

Income Inequality Again

September 19, 2010

Little did I know the tumult on the web about this subject when I mentioned it last week. Now I find another example of why it has become so difficult to frame the discussion and get sensible policy making. The rich think they’re poor. Or, rather, the not-quite-the top-tier think they are poor and thus […]