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DeLong and Krugman Have a High Rate of Deprecation (sic)
We also would have accepted, “Why oh why can’t we have better Keynesian bloggers?!” This isn’t worth me writing up in another outlet, but I know some of you like this petty stuff… (I sure do.) ==> Some of you may remember that Krussell and Smith wrote up a Note on Piketty, explaining why his […]
Read moreUsing More Government Intervention to Undo Effects of Previous Round
In their conversation regarding income inequality, investing, Austrian economics, and other sundry topics, former business partners Nassim Taleb and Mark Spitznagel had this good exchange: Nassim Taleb: Mark, your book [The Dao of Capital–RPM] is the only place that understands crashes as natural equalizers. In the context of today’s raging debates on inequality, do you […]
Read moreDo “Productivity” and Lagging Wage Growth Disprove Marginal Productivity Theory?
In response to my book review of Piketty, where I claimed in my cutesy “Jetsons” example that a slow-down in capital accumulation would reduce the growth in workers’ real incomes, people have been throwing BLS charts in my face. To take an example from today, on Twitter: @libertarianJ @PorphyConob @BobMurphyEcon "more physically productive per hour, […]
Read moreH8ers Gonna H8
This might strike some (most?) of you as a “no kidding, Murphy” post, but maybe it will click with a few of you. If I can help just one reader… On social media it’s fun to refer to implacable critics as “haters,” and the common explanation for their behavior is, “Haters gonna hate.” But I […]
Read morePotpourri
==> BusinessWeek explains why the 1% (annualized) drop in GDP in the first quarter is good news for the economy. Hint: it involves inventories. Oh boy. ==> Be careful, this article says the government is reporting that “food price inflation” is running at a 22% annual rate, YTD. But no, if you click the link […]
Read moreBTW, That New and Allegedly Definitive Saez-Zucman Result IS A POWERPOINT SHOW
Phil Magness tipped me off to this with his innocent Facebook query, wherein he politely asked: Can anyone find an actual paper that explains how Saez-Zucman (2014) gets their results, which–we are assured by Piketty and by Krugman, plus a host of lesser fans–demonstrate quite definitively that Piketty gets the basic story right in his […]
Read moreWe Are the 99.9999%!
My latest at Mises Canada has some Krugman funnies and I also showcase this chart, followed by my commentary from the post: This chart shows the percentage of wealth in the United States held by the 0.01%. That’s not a typo. I’m not talking about “the 1%,” and I’m not even talking about “the 0.1%.” […]
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