Obama's biggest economic policy mistake. Barack Obama has not accomplished nearly as much as his most fervent supporters — or, indeed, the president himself — had hoped he would during the 2008 campaign.
This has led, naturally, to a litany of back-biting complaints about the corruption or incompetence of the president and his team, a storied list of alleged tactical failings or ideological betrayals. The truth is, however, that he has accomplished an enormous amount given the objective structural circumstances of American politics.
But as the country waits to hear the latest announcement from the Fed about how rapidly it will end its Quantitative Easing programs, we are witnessing the biggest mistake of Obama's presidency: the systematic neglect of the Federal Reserve and of his ability to influence its course of action. Paul Krugman decries the “enormous intellectual failure” of modern economics. In his latest column for the New York Times, award-winning economist and liberal pundit Paul Krugman returns to one of his recurring themes and tries to understand how the field of economics could not only fail to predict the economic catastrophe of 2008, but fail to ensure policymakers in the West responded to it with pro-growth, countercyclical spending.
“[I]t’s important to realize that the enormous intellectual failure of recent years took place at several levels,” Krugman writes. “In what sense did economics go astray?” One of the first places to look, Krugman argues, is at the field’s recent deification of free-market economics and the “neoclassical models” that support its proponents. “[I]dealized models have a useful role to play in economics,” Krugman grants. “But starting in the 1980s it became harder and harder to publish anything questioning these idealized models in major journals.” When it comes to a China growth slowdown, bad news is actually good news.
News that Chinese factories are pumping out goods at the slowest pace since the height of the global financial crisis sent share prices and commodities reeling today.
And it wasn’t a blip: power generation fell 0.6% versus Aug. 2013, down from 5.3% growth in July. Finally—some cheery Chinese economic news! Oil Price Plunge? It's The Global Economy, Stupid! The decline in the price of oil - in the face of surging geopolitical pandemonium - has been lauded as indicative of both US' awesomeness in energy independence and a tax cut for Americans... but, as the following chart suggests, there may be another - much more realistic - explanation for why oil is plunging... demand!
World GDP expectations for 2014 just tumbled to their lowest since estimates started... Maybe - just maybe - that explains the price of oil... Economics isn’t science or literature - Columnists. In 1959, British physicist CP Snow gave a lecture called “The Two Cultures”, in which he lamented the cultural divide between literary intellectuals and scientists.
Having been a research assistant in a physics lab and a published novelist, he knew a thing or two about both. The upshot of his argument was that literary types tend not to know anything about science or technology, while science types tend not to know anything about high culture, to the detriment of the nation as a whole. South Africa News. Marxism: The Concise Encyclopedia of Economics. More than a century after his death, Karl Marx remains one of the most controversial figures in the Western world.
His relentless criticism of capitalism and his corresponding promise of an inevitable, harmonious socialist future inspired a revolution of global proportions. It seemed that—with the Bolshevik revolution in Russia and the spread of communism throughout Eastern Europe—the Marxist dream had firmly taken root during the first half of the twentieth century. That dream collapsed before the century had ended. The people of Poland, Hungary, Czechoslovakia, East Germany, Romania, Yugoslavia, Bulgaria, Albania, and the USSR rejected Marxist ideology and entered a remarkable transition toward private property rights and the market-exchange system, one that is still occurring.
Transformers 4 is a master class in economics. Transformers: Age of Extinction is the fourth Transformers movie made by Michael Bay, and it's inarguably one of the four best Transformers movies Michael Bay has ever made.
Even so, a lot of "critics" seem to have misread the movie entirely. At the New York Times, A.O. Scott frets over the film's "narrative incoherence. " Databases. How ISIS is exploiting the economics of Syria's civil war. The guy who beat Eric Cantor penned a scathing, seemingly unpublished book about the economics profession. Blogs.worldbank. This post is co-written with Ricardo Mora and Iliana Reggio The difference-in-difference (DID) evaluation method should be very familiar to our readers – a method that infers program impact by comparing the pre- to post-intervention change in the outcome of interest for the treated group relative to a comparison group.
The key assumption here is what is known as the “Parallel Paths” assumption, which posits that the average change in the comparison group represents the counterfactual change in the treatment group if there were no treatment. It is a popular method in part because the data requirements are not particularly onerous – it requires data from only two points in time – and the results are robust to any possible confounder as long as it doesn’t violate the Parallel Paths assumption. Noam Chomsky (2014) "How to Ruin an Economy; Some Simple Ways" Taking-on-adam-smith-and-karl-marx. Photo PARIS — Thomas Piketty turned 18 in 1989, when the fell, so he was spared the tortured, decades-long French intellectual debate about the virtues and vices of communism.
Even more telling, he remembers, was a trip he took with a close friend to Romania in early 1990, after the collapse of the Soviet empire. The farm bill: A trillion in the trough. CBO: Obamacare Is A Tax On Work, May Cut Full-Time Workforce By 2.5 Million. Economics Daily Digest: Progressives have a lot to celebrate and fight for. By Rachel Goldfarb, originally published on Next New Deal Click here to receive the Daily Digest via email.
The 25 Best Progressive Victories of 2013 (HuffPo) US economy grew at surprise 2.8% rate in 3rd quarter. US economy grew at surprise 2.8% rate in 3rd quarter. Market Awaits 'Unprecedented' Reforms In China. Emerging economies: The Great Deceleration. WHEN a champion sprinter falls short of his best speeds, it takes a while to determine whether he is temporarily on poor form or has permanently lost his edge. The same is true with emerging markets, the world economy’s 21st-century sprinters. After a decade of surging growth, in which they led a global boom and then helped pull the world economy forwards in the face of the financial crisis, the emerging giants have slowed sharply. China will be lucky if it manages to hit its official target of 7.5% growth in 2013, a far cry from the double-digit rates that the country had come to expect in the 2000s. Growth in India (around 5%), Brazil and Russia (around 2.5%) is barely half what it was at the height of the boom.
America’s public finances: The Unsteady States of America. Λόγος. "Logic might be imagined to exist independent of writing - syllogisms can be spoken as well as written - but it did not. Speech is too fleeting to allow for analysis. Logic descended from the written word, in Greece, as well as India and China, where it developed independently. Logic turns the act of abstraction into a tool for determining what is true and what is false: truth can be discovered in words alone, apart from concrete experience. Logic takes its form in chains: sequences whose members connect one to another. Conclusions follow from premises. The biggest obstacle to a stronger economic recovery. Sometimes, a simple, eight-word headline can say quite a bit: “Fed Chief Calls Congress Biggest Obstacle to Growth.” The Federal Reserve’s chairman, Ben S.
Bernanke, said Wednesday that Congress is the largest obstacle to faster economic growth, and he warned that upcoming decisions about fiscal policy could once again undermine the nation’s recovery. “The economic recovery has continued at a moderate pace in recent quarters despite the strong headwinds created by federal fiscal policy,” Mr. Bernanke said in the opening line of his prepared remarks to a Congressional committee.Moreover, he said, Congress could make things worse later this year.
“The risks remain that tight federal fiscal policy will restrain economic growth over the next few quarters by more than we currently expect, or that the debate concerning other fiscal policy issues, such as the status of the debt ceiling, will evolve in a way that could hamper the recovery,” he said. Access: Reflections on studying up in Hollywood. This is an article about the difficulties of doing ethnography in relatively enclosed and secretive communities, based on my experience of trying to launch an ethnographic study of Hollywood.
I consider (separately) the problems of doing participant observation in ‘inside’ locations, and the problems of gaining access to industry insiders for interviews. In response to the problem of doing participant observation, I propose the practice of what I call ‘interface ethnography’, attending events in which the closed institution presents itself to ‘the public’. In response to the problem of gaining access to insiders for interviews, I discuss the important role of the interviewee’s ‘interest’, whether practical or intellectual, in the project. © The Author(s) 2010. IMF Warns Of Global Slowdown. International Monetary Fund chief Christine Lagarde on Sunday singled out the U.S. Congress for failing to avert across-the-board spending cuts that slow down potential for growth. She called U.S. deficit reduction in 2013 excessively rapid and ill-designed. Copyright © 2013 NPR.
The Twitter Underground Economy: A Blooming Business. The World Bank. Economic Research & Data. The Third Industrial Revolution: How Lateral Power Is Transforming Energy, the Economy, and the World (9780230115217): Jeremy Rifkin. Browse by Category, Concise Encyclopedia of Economics. Budget and Economic Outlook: Fiscal Years 2011 to 2021. United States federal budget. Report of the World Commission on Environment and Development: Our Common Future - A/42/427 Annex. U.S. Falls In World Education Rankings, Rated 'Average' About Freakonomics: The Movie. Complex Systems. Protect IP Act Senate whip count - OpenCongress Wiki. Global Financial Crisis: A World in Debt.
Anthroponomics. Financial & Economic Infographics - VisualEconomics.com. UEMOA: West African Econ. & Monetary Union.
The Economy and the Economics of Everyday Life - Economix Blog. Economics and Politics by Paul Krugman - The Conscience of a Liberal. The Atlas of Economic Complexity. Poverty and Financial Distress Would Have Been Substantially Worse in 2010 Without Government Action, New Census Data Show. Economist's View. The Big Picture. Behavioural Economics. Behavioural Economics Applied.