“Last year, according to the IMF, the U.S. pumped an extra 1.1% of GDP into the economy. Germany did next to nothing.” WSJ “The latest figures showed German exports had grown at their fastest pace for nearly three years at 7%, with particularly strong growth in demand from rapidly-growing economies such as China.”
Reddit has a fascinating thread on the math requirements for PhD studies in economics, beginning with a link to a math camp at Yale for econ, and then followed by commentary and critiques.
The report this morning about June retail has everyone down in the mouth, but it actually can’t be a bad thing that consumers are pulling back. Contrary to the model of an economy without risk, uncertainty, time, or capital, this is exactly what should be happening in light of the downturn. The WSJ roundup: The 0.5% drop in June retail sales was
Reddit points to Marc Faber’s prediction of 2009 that we should be experiencing hyperinflation by now. From talking with Shostak, Salerno, Murphy, and others, I think the answer is summed up in these charts. That is to say, it doesn’t matter how much the Fed fills the bank coffers if the banks aren’t lending money. The bitter irony is that
I surely should have heard about J.B. Say’s Catechism on Political Economy, but in fact I don’t recall knowing about it. It appears in this newly uploaded and bookmarked volume Letters to Malthus . So a short sample: What do you understand by the word Products? I understand all those things to which men have consented to give a value. How is value
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
