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Frog has again attacked economics – however, this time the attack has been painted out in a more substantive manner, a manner that will allow us to actually discuss the methodology of economics and see where this critique fits in. Frog’s claim is that: The neoclassical economic model is failing us. It is based on […]
Lionel Robbins (*): Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses This is the fundamental definition of economics that I adher to when I write here. In all honesty this is not the sole definition of what people “see” economics as – however, […]
Matt Yglesias puts his finger on why you can’t trust political pundits to tell you what’s happening in an election race: …ordinary people ordinarily just don’t pay attention to politics at all. They don’t think it’s interesting. But … [t]he political press, by contrast, finds electoral contests to be a kind of fascinating game about […]
Intrade has launched a US depression contract (ht Institutional economics). This depression is defined as: a cumulative decline in GDP of more than 10.0% over four consecutive quarters Do you think NZ’s very own iPredict would like to make up a similar contract for NZ?
So a whole bunch of central banks have cut rates overnight (ht Rates Blog, Big Picture). Australia cut 100 basis points the other day. If the RBNZ ever cut rates inter-meeeting, it would currently sound like a fair time. In order to avoid it sounding like a panic they could say: Funding costs have risen […]
The June quarter seems so long ago now, but it will not be until Friday that we find out whether the economy managed to have a technical recession over the first half of the year – following the 0.3% fall in March. The RBNZ suspects that there was a 0.2% decline in economic activity in […]