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Text of the page (random words):
asymptosis always approaching always approaching skip to content asymptosis always approaching about a true conservative on progressive prosperity asymptosis always approaching sectoral balances mis understanding nafa and net lending borrowing i ll start with the short version here if you re having trouble understanding sectoral net lending borrowing the stuff of sectoral balances try renaming it net net accumulation of financial assets net accumulation of financial assets accumulation net of disaccumulation broken out by types of assets net incurrence of liabilities new borrowing net of loan payoffs and october 20 2021 your personal covid risk i ve spent like eighteen months trying to figure out how to think about and understand this question in a way that lets me make what seem like sensible everyday decisions i think i ve gotten there or close i m sharing here in case it s helpful to my gentle readers i m fully vaxxed here s a typical day to day september 14 2021 microfoundations the long con i wrote this as a comment response to ryan avent s great post on his substack blog you should subscribe i did i thought i d share it with my gentle readers here lightly edited including one additional paragraph at the end hi ryan great piece thanks a few responses 1 authors of published papers are september 10 2021 economic origin stories and the state of the world origin stories and creation myths pack a pretty hefty weight of import in human understandings of the world examples are too numerous to mention what i ve noticed in the field of economics is that such origin stories are often taken mistakenly to fully explain the current state of affairs i m going to discuss two examples june 28 2021 savings glut households are just saving all that new money the big coronavirus stimulus programs are helicopter dropping trillions of dollars in assets into households and firms accounts onto their balance sheets all those assets created ab nihilo by government deficit spending but as many are pointing out households aren t turning over many of those assets in spending buying things transferring the assets to firms in march 3 2021 household wealth by wealth percentile be prepared to scroll the bottom visible blue line is the top 10 of households source gabriel zucman eu files psz2017appendixtablesii distrib xlsx table te3 related posts the poor get poorer fake news from the cbo some very dicey numbers in the new income inequality report meritocratic opportunity on the decline the global capital glut can rich people provide all the necessary demand september 17 2020 buybacks are bad but not for the reasons you think the megabillion dollar corporate bailouts raining down in the coronavirus response are giving new urgency to voices on the left excoriating corporate stock buybacks how can we pour money into these firms even as they pump gushers of money out the other end that could be spent on hiring and investment much of the pushback against april 21 2020 is u s productivity actually skyrocketing our standard measure of production gdp doesn t even come close to explaining the accumulated wealth of nations how productive are we how much stuff do we produce for every hour we work it s one of the central questions of economics and per many economists productivity growth is the ultimate determinant of our world s march 11 2020 the eighth way to think like a 21st century economist the teams at rethinking economics and doughnut economics have launched a contest for entries asking what s the 8th way to think like a 21st century economist it builds on kate raworth s seven ways here here s my entry 8 widespread prosperity both causes and is greater prosperity from false tradeoffs to collective well being okun s tradeoffâ february 22 2019 safe assets collateral and portfolio preferences matthew klein and mayank seksaria had an interesting twitter conversation yesterday in response to a stephanie kelton tweet read it here here s my understanding of the financial mechanisms they re talking about government deficit spending deposits fixed price securities money checking and money market holdings ab nihilo onto private sector balance sheets these are perfectly safe assets in the january 29 2019 why the money supplyâ is conceptually incoherent economists monetarists use of the term money supplyâ reveals multiple levels of deep confusion 1 supply implies a flow but they re clearly referring to a stockâ of money what s tallied in monetary aggregates 2 even if you re think of a stock of money supply is not a quantity an amount a numeric measure it s a psychological behavioral december 28 2018 actually only banks print money i m thinking this headline will raise some eyebrows in the mmt community but it s not really so radical it s just using the word money very carefully as defined here starting with the big picture you can compare the magnitude of these asset creation mechanisms here hint cap gains rule the key concept money here just means a december 12 2018 fake news from the cbo some very dicey numbers in the new income inequality report it didn t take long to realize that something was very wrong the congressional budget office just released its new report on the distribution of household income updated to cover 1979â 2015 one thing in particular looked very dicey right off source xlsx household capital gains per household average 2007 8 800 2008 4 400 2009 2 200 wait a november 21 2018 the real real wealth effect do wealth changes change spending and cause recessions my gentle readers who have followed me over time will have seen this graph and statement far too many times by now since 1970 in the u s almost every time you saw a year over year decline in real household assets or net worth you were either just into or about to be into a recession it s november 16 2018 what causes recessions a physicists complex systems model i received some very interesting comments from yaneer bar yam to my recent evonomics post capital s share of income is far higher than you think he pointed me to his very interesting paper preliminary steps toward a universal economic dynamics for monetary and fiscal policy i m using this space to reply with with some stuff that can t june 4 2018 are holding gains pseudo income a response to martin sandbu i just noticed with pleasure that martin sandbu whose work i much admire has posted a response to a thread of posts between me and matthew klein here in chronological order me why economists don t know how to think about wealth or profits matthew the virtues and pitfalls of putting capital gains into the national accounts me april 12 2018 wonky more on martin sandbu s pseudo income and saving in my previous post i replied to martin sandbu s interesting response to my and matthew klein s previous posts on holding gains income saving and wealth here some more accounting dweeby thinking on the subject which i post here to avoid clogging the previous and making it even more overlong another way to explain this issue i april 12 2018 mmt and the wealth of nations revisited i just had occasion in replying to a correspondent to reiterate much of the thinking in my recent mmt conference presentation i thought it might be a useful and apprehensible form for some readers so i m reproducing it here i ve also explained this at somewhat painful length here correct me if i am wrong but march 23 2018 wealth and the national accounts response to matthew klein i m both abashed and delighted that the truly stand out econ writer matthew klein has offered wonderfully fulsome praise of one of my pieces why economists don t know how to think about wealth and some very interesting discussion as well some responses here please excuse me if i repeat some of the points from the first article his march 8 2018 in the beginning was the unit of account twelve myths about money jan kregel presented a great dinner speech at the recent modern monetary theory conference touching on some of the fundamental ways we think about money and economics sorry no recording or transcript available i had a brief conversation with him afterwards and we followed up with a few emails the quotation in the title of november 19 2017 the mysterious stock of loanable fundsâ this twitter thread between ryan cooper and joe wiesenthal prompts me to do full spectrum explanation of some thinking that i ve been meaning to get to for a while thanks for the inspiration this is good from ryanlcooper on why taxes are too low https t co opacplex5e joe weisenthal thestalwart october 25 2017 though i m not sure october 26 2017 older posts