Policy Report: November/December 2012. More Phony Employment Numbers by Paul Craig Roberts. By Paul Craig Roberts PaulCraigRoberts.org Recently by Paul Craig Roberts: Bradley Manning: A Window Into the American Soul Statistician John Williams (shadowstats.com) calls the government’s latest jobs and unemployment reports “nonsense numbers.” There are a number of ongoing problems with the released numbers. For example, the concurrent-seasonal factor adjustments are unstable. The birth-death model adds non-existent jobs each month that are then taken out in the annual downward benchmark revisions. Williams calculates that the job overstatement through November averages 45,000 monthly. Even if we believe the government that 146,000 new jobs materialized during November, that is the amount necessary to stay even with population growth and therefore could not be responsible for reducing the unemployment rate from 7.9% to 7.7%.
The 7.7% rate is known as the “headline rate.” The Bureau of Labor Statistics has another official unemployment rate known as U.6. December 10, 2012. Peter Schiff: The Fantasy of a 91% Top Income Tax Rate. Foundation for Economic Education. Santa Clara Law: Faculty. Professor Friedman is a widely published scholar with more than three decades of experience in academia, having taught extensively at both the undergraduate and graduate levels.
His area of expertise ranges from business to economics to law; he has published economic analyses of punitive damages, trade-secret law, criminal punishment, the size of nations, and a variety of other topics, including medical care, population economics, the economics of war, historical perspectives on freedom, and criminal defense. He is the author of books on price theory, economic analysis of law, implications of future technology, and libertarian economics and philosophy, as well as two novels. Prior to joining the Santa Clara University School of Law faculty in 2005, Professor Friedman taught at VPI, U.C. Irvine, Cornell, Tulane, UCLA, the University of Pennsylvania, Columbia University, and the University of Chicago.
Books Future Imperfect: Technology and Freedom in an Uncertain World. Book Chapters Other. Thomas Sowell | Home. Capitalism In One Lesson. Did Government Really Invent the Internet? One of the Great Fallacies Smashed. Steven Pearlstein - Friedman Debunked the Gospel of Keynes. One thing that baffles those of us with no training in economics is that two people who hold diametrically opposite views can both be held out as giants of their profession.
After all, if the great British economist John Maynard Keynes was right that government can smooth out the business cycle by stimulating and managing demand for goods and services through such mechanisms as public-works programs, deposit insurance and deficit spending, then how could Milton Friedman be right that the better approach is for government to cut taxes, curb regulation and focus on the supply of money in circulation? Or how do we square Keynes's prescription that global finance can be stabilized through fixed exchange rates with Friedman's formula of floating exchange rates? There is, of course, a political analogy to this conundrum. The dirty little secret is that there are few scientific truths in economics analogous to the laws of thermodynamics or genetics.
Tax Reforms and Tax Compliance: The Divergent Paths of Chile and Argentina. The remarkable story of Chile's economic renaissance. Thirty years ago, Chile was a basket case. A socialist government in the 1970s had crippled the economy and destabilized society, leading to civil unrest and a military coup. Given the dismal situation, it’s no surprise that Chile’s economy was moribund and other Latin American countries, such as Mexico, Venezuela, and Argentina, had about twice as much per-capita economic output. Today, by contrast, Chile has passed Argentina to become the richest nation in all of Latin America. For three decades, it has been the fastest-growing economy in the region. Poverty has fallen dramatically, and living standards have soared.
Let’s look at how Chile became the Latin Tiger. Pension reform is the best-known economic reform in Chile. But it takes a lot more than entitlement reform, however impressive, to turn a nation into an economic success story. Regarding business taxation, retained profits used to be taxed at almost 50 percent, but the tax rate was dropped to 10 percent in 1984. It's the Money Supply, Stupid | Steve H. Hanke. During the 1992 presidential campaign, former President Clinton’s rallying cry was “It’s the Economy, Stupid.” He sang it to perfection and won the election.
Today, the smart politicians (and economists) should realize that “It’s the Money Supply, Stupid.” One doesn’t have to delve deeply into the mysteries of money to realize that money matters. But, you wouldn’t know it from reading the deluge of polemics on whether a fiscal stimulus is, or is not, the proper prescription for most of the world’s economies. This wasn’t always the case. Chairman Volcker realized that money matters, and it didn’t take him long to make his move.
Chairman Volcker achieved his goal. By 1982, the annual rate of inflation had dropped to 3.8% — a great accomplishment. Chairman Volcker’s problem was that the monetary speedometer installed on his dashboard was defective. Why is the Divisia metric the superior money supply measure, and why did it diverge so sharply from the Fed’s conventional measure (M2)?
Austerity Works | Michael D. Tanner. As Greece, and now Spain and Italy, struggle with the crushing burden of debt brought on by the modern welfare state, perhaps we should shift our gaze some 1,200 miles north to see how austerity can actually work. Exhibit #1 is Estonia. This small Baltic nation recently had a spate of notoriety when its president, Toomas Ilves, got into a Twitter debate with Paul Krugman over the country’s austerity policies. Krugman sneered at Estonia as the “poster child for austerity defenders,” remarking of the nation’s recovery from recession, “this is what passes for economic triumph?” In return, President Ilves criticized Krugman as “smug, overbearing, and patronizing.” Twitter-borne tit-for-tat aside, here are the facts: Estonia had been one of the showcases for free-market economic policies and had been growing steadily until the 2008 economic crisis burst a debt-fueled property bubble, shut off credit flows, and curbed export demand, plunging the country into a severe economic downturn.
Monaco. Monaco i/ˈmɒnəkoʊ/, officially the Principality of Monaco (French: Principauté de Monaco (French pronunciation: [prɛ̃sipoted(ə) mɔnaˈko]); Monégasque: Principatu de Múnegu; Italian: Principato di Monaco; Occitan: Principat de Mónegue), is a sovereign city-state, located on the French Riviera in Western Europe. It is bordered by France on three sides; one side borders the Mediterranean Sea.
Monaco has an area of 2.02 km2 (0.78 sq mi) and a population of 36,371; Monaco is the second smallest and the most densely populated country in the world. Monaco has a land border of 4.4 km (2.7 mi), a coastline of 4.1 km (2.5 mi), and a width that varies between 1,700 and 349 m (5,577 and 1,145 ft). The highest point in the country is a narrow pathway named Chemin des Révoires on the slopes of Mont Agel, in the Les Révoires Ward, which is 161 metres (528 feet) above sea level.
Monaco is a principality governed under a form of constitutional monarchy, with Prince Albert II as head of state.
Index of Economic: Promoting Economic Opportunity and Prosperity. Www.fraserinstitute.org/uploadedFiles/fraser-ca/Content/research-news/research/publications/country-data-tables-ch2-EFOTW2011.pdf. Countries without Minimum Wage Law « small-m. 1894 supreme court income tax. Economy of Singapore. Singapore could thus be said to rely on an extended concept of intermediary trade to Entrepôt trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours in carrying out such entrepot activities. Singapore has the highest trade to GDP ratio in the world, averaging around 400% during 2008–11.[24] The Port of Singapore is the second-busiest in the world by cargo tonnage.
In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports. Economic history[edit] Singapore's economic strategy produced real growth averaging 8.0% from 1960 to 1999. Sectors[edit] Dan Ariely on our buggy moral code. Matt Taibbi | Taibblog. Thank You, Rolling Stone | BLOG ENTRY Today is my last day at Rolling Stone. As of this week, I’m leaving to work for First Look Media, the new organization that’s already home to reporters like Glenn Greenwald, Jeremy Scahill and Laura Poitras. I’ll have... February 20, 2014 10:35 AM ET Ex-Morgan Stanley Chief Jams Foot in Mouth, Complains of CEO Abuse | BLOG ENTRY There's a ton of interesting stuff going on in the Wall Street sphere of late – I'm trying to find some time to do a proper write-up of the extraordinary lawsuit just filed by the Better Markets...
February 13, 2014 5:30 PM ET The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet | ARTICLE Call it the loophole that destroyed the world. Democrats Must Stop Ted Cruz's Hollywood Ending | BLOG ENTRY Having lived in the former Soviet Union for 10 years, I will forever have plastered to the back of my cerebellum the commemorative bumper sticker: "WWSD? " Gold Backed Currency, Gold Bullion is a Freedom Fighter | Rapid Trends - Gold and Silver Bullion. Lecture by Ferdinand Lips, Zürich (translated from German) The context I will start my talk with an allegation. You have gathered here for a specific reason. You have come because the gold standard was given up in 1914 at the beginning of World War I. Looking at the program, I see that all of the topics with which we are going to deal are in some way related to that event.
Unfortunately, it is not widely known that the 19th century was a period of prosperity and economic growth without inflation. French Franc 1814 – 1914 100 years Dutch Guilder 1816 – 1914 98 years Pound Sterling 1821 – 1914 93 years Swiss Franc 1850 – 1936 86 years Belgian Franc 1832 – 1914 82 years Swedish Krona 1873 – 1931 58 years German Mark 1875 – 1914 39 years Italian Lira 1883 – 1914 31 years (Source: Pick’s Currency Yearbook 1977 – 1979) How the gold standard worked The basic rule of the gold standard was a fixed amount of gold for each money, i.e., each money was defined as a specific weight of gold. 1855 Crimean War. Why I Am Not an Austrian Economist.
Assistant Professor Department of Economics George Mason University Preface I was first introduced to Austrian economics during my senior year in high school, when I first read and enjoyed the writings of Mises and Rothbard. The summer before I began my undergraduate work at UC Berkeley, I was able to attend the 1989 Mises Institute summer seminar at Stanford, where I met Murray Rothbard and many of the leading Austrian economists for the first time. It is now eight years later; I have just completed my Ph.D. in economics at Princeton, and will be joining the faculty of the economics department at George Mason in the fall.
I thus find this a natural point in my career to articulate precisely why I no longer consider myself an Austrian economist - as I certainly did eight years ago. I do not deny that Austrian economists have made valuable contributions to economics. Rather, as the sequel will argue, I maintain that: 1. 2. 2.1. 2.2. 2.3. One obvious problem arises here. 2.4. 2.5. 3. 3.1.