"The only function of economic forecasting is to make astrology look respectable." http://www.quotationspage.com/quotes/John_Kenneth_Galbraith

Thursday, July 26, 2012


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The quote of the week (I should instate it as a policy) comes from a letter from Piero Sraffa to Joan Robinson:

"If one measures labour and land by heads or acres the result has a definite meaning, subject to a margin of error: the margin is wide, but it is a question of degree. On the other hand if you measure capital in tons the result is purely ( Read more... )

by Gaius Publius on 9/16/2010 01:46:00 PM



If you are interested in a longer examination of the current crisis from Paul Krugman than quick blog posts or OpEd articles, this article, in the New York Review of Books, is for you.

It's called "The Slump Goes On: Why?" by Paul Krugman and Robin Wells, and is being published in two ( Read more... )

CNNMoney
Economists: I dunno, man. What do you think?

NEW YORK (CNNMoney.com) -- The air is quickly coming out of the recovery balloon, and economists have mixed views on how to pump it back up.

The National Association of Business Economists said Monday that three-quarters of its members believe that promoting economic growth should be a higher ( Read more... )

NPR
Concern Grows Over Possible 'Double Dip' Recession

There are growing concerns that the economic recovery is fading and the U.S. could slide back into recession - the so-called double dip. Recent economic data suggest the housing market is already doing just that.

Investors and economists are worried. They're hoping that ( Read more... )

Alan Greenspan: Extending Bush Tax Cuts Without Paying For Them Could Be 'Disastrous'
Former Fed Chairman Alan Greenspan said that the push by congressional Republicans to extend the Bush tax cuts without offsetting the costs elsewhere could end up being "disastrous" for the economy ( Read more... )

by Gaius Publius on 7/05/2010 04:25:00 PM

At this point, it's not news that all the intellectually honest economists are mouthing the DD-word - the phrase "double-dip" has passed a lot of speculative lips lately.

So it's no surprise that Robert Reich is in that group, and to his credit, has been for some time. Here's his latest ( ( Read more... )

From HuffPoMark Zandi, chief economist with Moody's Economy.com and a former adviser to Sen. John McCain (R-Ariz.), said Friday that Congress needs to hurry up and reauthorize expired jobless aid or risk derailing the nascent economic recovery ( Read more... )

"If you're worried that lions are eating too many zebras, you don't say to the lions, 'You're eating too many zebras.' You have to build a fence around the lions. They're not going to build it." ~Judge Richard A. Posner ( Read more... )