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There is No Such Thing as a Service Economy
It is often said that prostitution is the oldest profession. This is not true, and I know this with a very high degree of certainty. For a prostitute to subsist, there must be a medium of exchange,...
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The Disaster of Youth Unemployment
This is a demographic disaster. From the Guardian: Unemployment among Europe‘s young people has soared by 50% since the financial crisis of 2008. It is rising faster than overall jobless rates, and...
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Angela Merkel Still Doesn’t Understand Capitalism
Last December I took the time to explain capitalism for Angela Merkel: Capitalism means both successes and failures. It is a fundamentally experimental system, with a continuous feedback mechanism —...
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Economics for the Muppet Generation
Mark McHugh of Across the Street provides a succinct summation of the problem America faces: McHugh continues: From 1947 to 1974 US income per capita grew more than National debt per capita 25 times....
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More Evidence That Austerity During Depressions Works
Sorry, no. I am being sarcastic. From Bloomberg: The U.K. economy shrank in the first quarter as construction output slumped, pushing Britain into its first double-dip recession since the 1970s and...
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Krugman’s Inflation Target
The Keynesian blogosphere is up in arms at Ben Bernanke’s response to Krugman’s view that he should pursue a higher inflation target as a debt erasure mechanism. According to Chairman Bernanke: We, the...
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Austerity & Extremism
I noted yesterday that anything the government gives you, the government can take away, and that dependency on government services — which might be withdrawn — leaves citizens weak and unfree. One...
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Is China a Currency Manipulator?
Mitt Romney thinks so: China has an interest in trade. China wants to, as they have 20 million people coming out of the farms and coming into the cities every year, they want to be able to put them to...
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Spending Problem? Paul Ryan is the Spending Problem
Paul Ryan talks like a small government conservative: Too much government inevitably leads to bad government. When government grows too much and extends beyond its limits, it usually does things...
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Wealth Inequality in America
Plenty of talk has gone into the rising income inequality that America has experienced since the early 1970s. But income is merely a wealth flow, and the truer measure of equality is the distribution...
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