Authored: April 20th, 2013 @ 5:49 PM
ECONOMICS / BUSINESS
Much of the information and analysis you see about the economy in the media is decidedly Keynesian. What is left out is the fundamental criticism of Keynesian economics, that it is seemingly very empirical, yet is is only factoring in the very limited data of what “can be measured.” Much of the classical school questions if any of the measurements used are actually meaningful, as they are rather small bits of data collected from a gargantuan series of transactions (and unmeasurable non-transactions) in a global economy. This author does a good job questioning the usefulness of the headline GDP number, used ad nauseum in all kinds of (necessarily questionable) economic analyses.
In Europe, there are a number of successful car manufacturers, all of whom specialize to some degree. If you want a mid-sized or large luxury care you can buy a Volvo, Mercedes, Jaguar or a few others. If you want a small economical model, you can buy a Mini, a Fiat or other vehicle. The point is, each is free to compete and find its own niche. Here in the U.S. we have Corporate Average Fuel Economy (C.A.F.E.) standards set by the Federal Government, which means here Ford could not specialize in Trucks, Chrysler in luxury cars and GM economy vehicles. They must all try and balance an arbitrary fleet mileage standard while trying to compete by selling consumers what they want. In short, what we’re doing here is doomed to cause the failure of or auto manufacturers, by forcing them to try and meet unrealistic measures and build vehicles consumers don’t want.
From the Hannity show, how Republicans need to talk about immigration reform.
What is maybe as interesting as the record low approval for the Federal Government is that only 41% of Democrats view the Federal Governments favorably, down from 61% prior to Obama being elected.
Questions about Climate Science are finally hitting the mainstream. The Economist magazine published an article that set off a firestorm and now Reuters is publishing this. There are inherent errors in using any model to predict future occurrences and climate scientists (and Al Gore) have been doing just that to raise the specter of catastrophe (and with it more funding for their research). Relying on a priori predictions where none are possible is a common folly of learned people of all fields of study.
Taxes, taxes and more taxes…..the movement to tax the internet is back again. It’s being pushed by the likes of Al Franken and unfortunately has some support on the Right side of the aisle too, due to heavy lobbying by cronies in the business community who think they may benefit at the expense of consumers and more tech savvy businesses.
….the last article was from the conservative Heartland Institute. Here’s more from that venerable voice of the Right, the Heritage Institute
….and an editorial opposing it from a GOP Senator.
Here’s an article about the fault lines which could, and probably will, tear the Democratic Party coalition apart. The problem is, different fault lines are found in the GOP which may not allow us to profit from them, and if we do, not for long.
George Will on funding the Welfare State.