Meta tags:

Headings (most frequently used words):

blog, was, no, econcrit, sunday, april, 25, 2021, archive, labels, search, this, for, reference, art, heregraph, techniques, about, me, there, initial, price, increase, report, abuse, comments,

Text of the page (most frequently used words):
the (178), and (57), inflation (33), cost (32), push (27), that (19), sbe (17), debt (16), was (14), growth (14), not (14), economic (13), interest (11), this (11), but (11), price (11), #increase (11), for (10), april (10), october (10), with (9), economy (9), how (9), july (9), may (9), initial (9), ancient (8), february (8), march (8), august (8), september (8), january (8), from (7), rome (7), private (7), productivity (7), use (7), civilization (7), june (7), november (7), december (7), oil (7), long (6), late (6), share (6), fall (6), toynbee (6), there (6), sector (6), have (6), demand (6), spiral (6), rates (5), see (5), money (5), all (5), when (5), search (5), too (5), they (5), problem (5), 2021 (5), than (5), policy (5), labor (5), are (5), 1950s (5), archive (5), one (5), history (5), friedman (5), started (5), rising (5), shock (5), view (4), schmelzing (4), explain (4), also (4), first (4), rate (4), capitalism (4), home (4), monetary (4), real (4), much (4), 1960 (4), more (4), wage (4), why (4), theory (4), 1955 (4), sbt (4), economists (4), new (4), org (4), pull (4), phillips (4), curve (4), year (4), post (4), wages (4), easy (4), arthurian (3), work (3), links (3), ages (3), industrial (3), end (3), two (3), built (3), years (3), into (3), page (3), economics (3), century (3), blog (3), what (3), political (3), think (3), like (3), trump (3), depression (3), know (3), gdp (3), doesn (3), milton (3), cycle (3), income (3), keynes (3), financial (3), finance (3), before (3), excessive (3), decline (3), source (3), possibility (3), old (3), again (3), employment (3), works (3), their (3), world (3), credit (3), can (3), only (3), thomas (3), business (3), 1970 (3), click (3), theories (3), united (3), states (3), greatness (3), has (3), between (3), gets (3), had (3), boss (3), force (3), 1970s (3), picture (3), already (3), profile (2), fred (2), graph (2), art (2), stagnation (2), revolution (2), via (2), during (2), centuries (2), social (2), market (2), medieval (2), life (2), early (2), england (2), middle (2), without (2), open (2), reddit (2), change (2), rise (2), did (2), start (2), global (2), terms (2), cycles (2), quigley (2), evolution (2), civ (2), prosperity (2), stuff (2), wrong (2), little (2), inequality (2), household (2), google (2), 2023 (2), apr13 (2), alternative (2), labels (2), 202 (2), 2018 (2), does (2), empire (2), quantity (2), would (2), question (2), relatively (2), low (2), stable (2), 2024 (2), these (2), look (2), civilizations (2), them (2), right (2), commonly (2), repayment (2), lead (2), many (2), important (2), point (2), way (2), study (2), george (2), lot (2), leuchtenburg (2), free (2), thru (2), note (2), left (2), side (2), quotes (2), baffling (2), 2014 (2), papers (2), dilemma (2), role (2), samuelson (2), solow (2), war (2), level (2), vol (2), palley (2), same (2), vigor (2), cause (2), slows (2), makes (2), our (2), policies (2), encourage (2), mid (2), even (2), went (2), phrase (2), comments (2), created (2), his (2), raise (2), arose (2), unusual (2), participation (2), back (2), fascinating (2), explanations (2), getting (2), less (2), output (2), per (2), began (2), continues (2), example (2), dorgan (2), due (2), prices (2), 1973 (2), you (2), great (2), 1965 (2), living (2), process (2), motion (2), then (2), herbert (2), hoover (2), cnn (2), econcrit (2), powered, blogger, complete, about, techniques, here, commentary, trend, helps, dark, article, last, republic, principate, unequivocally, capitalist, society, sense, based, ownership, property, transaction, relations, through, agriculture, simulations, nature, limits, anglo, saxon, norman, farming, laxton, village, survey, peasants, advances, agricultural, technology, 800, 1000, maritime, insurance, priceonomics, classes, case, classical, culture, ups, downs, 900, atlantic, collapse, written, arctic, ice, andy, blunden, taking, malthus, seriously, guilds, religious, preceded, 20th, convergence, divergence, portuguese, 1527, 1850, harbingers, modernity, injections, european, 1492, 1790, europe, riches, voxeu, sustained, daily, reckoning, eight, suprasecular, 700, michael, hudson, armstrongeconomics, reference, licensed, under, creative, commons, attribution, noncommercial, noderivatives, international, license, report, abuse, whelan, guide, whack, mole, opinion, enough, econ, throwback, bankers, plan, continuing, panic, times, slow, secular, profit, average, falsifiable, nobody, says, make, n2r, fried, man, measuring, profits, math, ulc, making, piggies, personal, levels, run, dead, overview, units, fix, financialization, 19th, fallacy, composition, equilibrium, polarization, concerns, drive, action, companion, service, 1980, ceiling, pressure, cmz, calculating, brooks, adams, decay, attitude, arnold, thesis, 400k, smoothing, target, 1966, gothedistance, 2019, 139, 2020, equate, effective, occam, changes, nope, anyone, she, wikipedia, answering, doublechecking, implications, greater, could, imagine, exploring, another, glance, bls, definitions, starry, eyed, hopeful, unbalanced, separating, 204, 159, 2022, 118, 100, 136, 2025, blogthemes, pedestal, words, appear, name, ozymandias, king, kings, mighty, despair, nothing, beside, remains, maintained, fate, determined, response, challenges, facing, ideas, philosophers, both, powerful, understood, indeed, ruled, else, encourages, discourages, got, indebted, attempts, describe, complex, interactions, overly, simple, adages, incorrect, conclusions, remarked, plurality, suffrages, guarantee, truth, where, difficult, discovery, such, cases, likely, will, found, thought, own, show, respects, departs, prevailing, descartes, meyer, tasci, nathan, becker, stefan, zenker, shelley, themes, 10000, mercantile, timelines, wanniski, jude, volumes, abridged, tooke, inquiry, currency, principle, terborgh, rostovtzeff, roman, mullineux, crises, montagu, critical, essays, reviews, ferdinand, beginnings, perils, franklin, roosevelt, deal, kissinger, meaning, reflections, spengler, kant, mischief, choose, finley, ensor, 1870, 1914, delong, mathematical, logic, dalio, principles, machine, arrighi, twentieth, historical, statistics, part, upper, corner, book, icon, window, around, phrases, 2015, influenced, debate, norikazu, takami, retrospectives, cruel, 2016, stability, versus, full, reconsidered, objective, 1960s, aggregate, 2013, menu, choice, retrospective, johannes, schwarzer, 1977, humphrey, pre, literature, 1974, hayek, prize, lecture, pretense, knowledge, counter, 1968, presidential, address, alt, link, 1962, arthur, okun, potential, its, measurement, significance, achieving, maintaining, richard, lipsey, 1959, charles, schultze, recent, 1958, paper, 1937, general, mostly, abridgement, unabridged, spontaneous, steve, keen, hover, quote, quick, folder, tab, contents, levy, institute, publications, ebooks, forever, fadedpage, selected, data, federal, troubles, big, costly, decent, jobs, scarce, lost, regain, american, reducing, china, measure, fan, diagrams, sometimes, screen, capture, slide, slideshare, presentatio, most, difference, surely, true, cannot, corresponding, velocity, write, numbered, elections, weeks, away, yesterday, saw, republican, candidates, heavily, adver, let, trouble, harbor, freight, other, day, traffic, fight, out, parking, looks, been, hearing, forced, conclude, very, concept, cap, must, subscribe, atom, older, newer, comment, pinterest, facebook, blogthis, email, happen, some, guy, demanded, causes, still, increasing, prime, mover, just, significant, should, revise, thinking, meant, hour, dollar, least, explanation, supply, unprepared, firehose, workers, effect, returns, experience, caused, vollrath, waldman, conflict, driven, expectations, good, answer, according, goes, 1998, 2008, emerging, markets, classify, resulting, argue, reflection, remained, 1950, catch, quickly, reality, deficits, changed, outbreak, yom, kippur, offers, course, possibly, earlier, didn, begin, until, mind, certainty, 1984, often, used, sudden, system, massive, external, imposing, domestic, starts, okay, because, going, gone, unexplained, accept, get, stumbling, block, chicken, egg, explained, each, turn, sunday, saying, don, want, adds, stock, crashed, former, president, office, 1929, which, signaled, beginning,

Text of the page (random words):
econcrit there was no initial price increase econcrit cnn 9 january 2024 has trump saying i don t want to be herbert hoover cnn adds the us stock market crashed during former president herbert hoover s first year in office in 1929 which signaled the beginning of the great depression see my work on the trump depression sunday april 25 2021 there was no initial price increase if you have cost push inflation explained as a wage price spiral it is easy to picture me and my boss each in turn getting an increase first my wages then his prices then my wages again and so on but how do we know the spiral started with my wages the chicken or the egg it is easy for me to accept the spiral of increase as a process in motion but how does the spiral get started that s the stumbling block so okay i have to go to the boss for a raise because the cost of living is going up but no we re already mid spiral at that point the cost of living has already gone up the process is already in motion the cost push doesn t start with me the initial push is unexplained i think this is why the oil shock of the 1970s is so often used as an example of cost push inflation not only was it a sudden shock to the economic system and a massive one but also it is easy to picture an external force imposing a cost on our domestic economy it is easy to see this as the initial push that starts a cost push inflation and a wage price spiral of course the great inflation of 1965 1984 began in 1965 or possibly earlier and the first oil shock didn t begin until late in 1973 so there is a possibility that even the oil shock was not the initial push of that inflation more than a possibility to my mind a certainty and too you have explanations like the one george dorgan offers economists commonly explain the rising oil price between 1998 and 2008 as due to the growth of emerging markets they classify the resulting inflation as demand pull inflation we argue that the cost push inflation of the 1970s was also a reflection of rising global demand for us oil prices had remained too low between 1950 and 1970 they had to catch up quickly to the reality with rising deficits and wages in the u s the picture only changed with the outbreak of the yom kippur war in october 1973 according to dorgan the problem goes back to the 1950s and the rising price of oil was due to demand pull not cost push so the oil shock of the 1970s may be a good example of built in inflation and how inflation continues but it doesn t answer the question of how cost push inflation gets started i have the same problem with built in inflation and conflict inflation and inflation driven by expectations these explain why inflation continues not how it gets started this is what makes the inflation of 1955 57 so fascinating or at least my april 13 explanation of it it began with an unusual year long increase in the labor force participation rate the supply side was unprepared for the firehose of new workers to use waldman s phrase and the effect of the year long increase on the returns to experience to use vollrath s caused a fall in the growth of productivity the fall in the growth of productivity meant that business was getting less output per hour and less output per dollar of wage cost the fall in productivity growth created rising cost in the business sector the initial push did not happen when some guy went to his boss and demanded a raise the initial push arose from a fall in the growth of productivity and the fall in the growth of productivity arose from the unusual increase in labor force participation so we can look two causes back and still not see increasing cost as the prime mover of the 1955 57 inflation this is not just fascinating it is significant it should lead economists to revise their thinking and their explanations of cost push inflation there was no initial price increase that created the cost increase that started the cost push inflation of 1955 57 at april 25 2021 email this blogthis share to x share to facebook share to pinterest labels apr13 no comments post a comment newer post older post home subscribe to post comments atom why economists must think in terms of the cycle of civilization i ve been hearing the phrase late capitalism for so long that i m forced to conclude that the very concept of late cap looks like vigor to me went to harbor freight the other day when i left there was so much traffic i had to fight my way out of the parking lot at one p m on let s see if this one gets me into trouble as i write this it is mid october in an even numbered year elections are weeks away yesterday i saw republican candidates heavily adver not the rate of interest but the cost of finance not inflation but the decline of growth it is surely true that the price level cannot rise without a corresponding increase in the quantity of money or velocity or use of credit the most important difference between cost push and demand pull inflation i m not a fan of diagrams in economics but sometimes this is a screen capture of slide 36 from a slideshare presentatio federal debt is the measure of economic troubles in the private sector not the cause of them the cause is excessive private sector debt private debt is too big and too costly it slows the economy it slows income growth it makes decent jobs scarce we lost our greatness to excessive private sector debt we can regain american greatness by reducing private debt if we do so before china has all the greatness note that we have many policies to encourage the use of credit and no policies to encourage repayment of debt selected fred data free ebooks forever fadedpage levy institute publications art s old vigor page click folder tab to view contents quick quotes on debt sbt hover for the quote click for the source steve keen sbe thomas palley sbe palley again same source sbe arthurian spontaneous sbe arthurian sbe id a j toynbee a study of history unabridged vol 1 page 1 abridgement vol 1 thru 10 id mostly old cost push stuff 1937 the general theory of employment 1958 the phillips curve paper 1959 charles schultze recent inflation in the united states 1960 richard lipsey on the phillips curve 1960 samuelson and solow problem of achieving and maintaining a stable price level 1962 arthur okun potential gdp its measurement and significance 1968 friedman s presidential address the role of monetary policy or alt link 1970 milton friedman the counter revolution in monetary theory 1974 f a hayek prize lecture the pretense of knowledge 1977 thomas m humphrey on cost push theories of inflation in the pre war monetary literature id papers by johannes a schwarzer sbt samuelson and solow on the phillips curve and the menu of choice a retrospective 2013 sbe growth as an objective of economic policy in the early 1960s the role of aggregate demand 2014 sbe price stability versus full employment the phillips curve dilemma reconsidered 2016 sbe retrospectives cost push and demand pull inflation milton friedman and the cruel dilemma 2018 sbe id papers by norikazu takami 1950s cost push sbt baffling inflation cost push inflation theories in the late 1950s united states 2014 sbe the baffling new inflation how cost push inflation theories influenced policy debate in the late 1950s united states 2015 sbe id archive org links sbt archive org home sbe note at archive org the upper right corner search is for all of archive org to search the open book click the search icon on the left side of the window and use quotes around search phrases sbe historical statistics thru 1970 part 1 arrighi g the long twentieth century dalio r economic principles how the economic machine works delong h a profile of mathematical logic r c k ensor england 1870 1914 finley m i the ancient economy friedman m free to choose friedman m money mischief kissinger h the meaning of history reflections on spengler toynbee and kant leuchtenburg w franklin d roosevelt and the new deal leuchtenburg w the perils of prosperity lot ferdinand the end of the ancient world and the beginnings of the middle ages montagu a toynbee and history critical essays and reviews mullineux a w business cycles and financial crises quigley the evolution of civilizations rostovtzeff the social and economic history of the roman empire terborgh george the new economics tooke thomas an inquiry into the currency principle toynbee aj a study of history volumes i vi abridged wanniski jude the way the world works sbe id timelines industrial capitalism sbe mercantile capitalism sbe 10000 years of economy sbe id blog themes and on the pedestal these words appear my name is ozymandias king of kings look on my works ye mighty and despair nothing beside remains shelley toynbee maintained that the fate of civilizations is determined by their response to the challenges facing them stefan zenker the ideas of economists and political philosophers both when they are right and when they are wrong are more powerful than is commonly understood indeed the world is ruled by little else j m keynes economic policy encourages credit use and discourages the repayment of debt that s how we in the private sector got so indebted nathan becker attempts to describe complex interactions in the economy with overly simple adages can lead to incorrect conclusions meyer and tasci i remarked that a plurality of suffrages is no guarantee of truth where it is at all of difficult discovery as in such cases it is much more likely that it will be found by one than by many descartes i have thought it important not only to explain my own point of view but also to show in what respects it departs from the prevailing theory j m keynes blogthemes blog archive 2025 136 october 4 september 19 august 12 july 6 june 10 may 11 april 23 march 19 february 11 january 21 2024 100 december 15 november 9 october 14 september 10 august 7 july 12 june 7 may 3 march 13 february 7 january 3 2023 118 december 6 november 15 october 8 september 8 august 4 july 3 june 16 may 15 april 12 march 8 february 12 january 11 2022 159 december 22 november 17 october 13 september 6 august 4 july 9 june 12 may 4 april 11 march 22 february 15 january 24 2021 204 december 8 november 21 october 15 september 17 august 11 july 13 june 22 may 19 april 17 separating the cost push from the inflation starry eyed and hopeful unbalanced sector growth there was no initial price increase bls employment definitions another glance at the 1955 57 inflation exploring relatively low and relatively stable the implications greater than s s could imagine doublechecking again answering an old question household debt an alternative to the wikipedia view if anyone would know she would interest cost push changes in interest cost nope occam s possibility the effective interest rate so much for the quantity theory of money why does google equate empire with civilization march 22 february 18 january 21 2020 139 december 20 november 20 october 8 september 11 august 13 july 8 may 2 april 18 march 16 february 19 january 4 2019 202 december 9 november 13 october 18 september 15 august 16 july 20 june 18 may 15 april 27 march 25 february 12 january 14 2018 202 december 12 november 13 october 20 september 11 august 8 july 8 june 19 may 20 april 30 march 31 february 30 labels gothedistance 1966 3 inflation target 400k smoothing an alternative to the wage push inflation thesis apr13 arnold j toynbee attitude brooks adams civilization and decay calculating labor share civilization cmz cost pressure and the decline of civilization cycle of civilization debt and inequality debt ceiling 2023 debt service before 1980 debt to gdp companion economic concerns drive political action economic decline as the source of polarization equilibrium excessive finance fall of rome fallacy of composition finance before 1960 financial cost push financial cost push in the 1950s financialization in the 19th century fix the economy google s ai overview and units household debt in the long run we are all dead income inequality industrial productivity july 2021 keynes on civilization labor share levels labor share of personal income little piggies making use of the cycle of civ math ulc measuring profits milton fried man more debt than money is policy n2r nobody says this stuff but me but that doesn t make it wrong not falsifiable on average productivity profit v interest prosperity quigley evolution of civ real to real debt to gdp s s 1960 secular cycles slow growth terms of the times the 2021 inflation panic the continuing cost problem the cost push problem the end of life as we know it the plan the trump depression they think like bankers throwback too much opinion and not enough econ whack a mole what is political economy whelan s guide report abuse home search this blog this work is licensed under a creative commons attribution noncommercial noderivatives 4 0 international license for reference armstrongeconomics on ancient interest rates michael hudson on ancient interest rates schmelzing 700 years of real interest rates schmelzing the suprasecular stagnation schmelzing eight centuries of global real interest rates commentary on the long trend of interest rates and schmelzing s work at the daily reckoning when did sustained growth start europe s rise to riches voxeu harbingers of modernity monetary injections and european economic growth 1492 1790 from convergence to divergence portuguese economic growth 1527 1850 religious change preceded economic change in the 20th century economics of medieval guilds with links taking malthus seriously helps to explain the economic stagnation from the dark ages to the industrial revolution andy blunden s home page on ancient rome ancient rome s collapse is written into arctic ice at the atlantic via reddit also via reddit the ups downs of ancient rome s economy all 1 900 years at open culture see links at end of article capitalism without classes the case of classical rome rome during the last two centuries of the republic and the first two of the principate was an unequivocally capitalist society in the sense that it was based on the private ownership of property and the transaction of social relations through the market at priceonomics how maritime insurance built ancient rome on medieval life and agriculture the peasants advances in agricultural technology 800 1000 the laxton village survey farming in the middle ages the nature and limits of the money economy in late anglo saxon and early norman england my simulations interest rate art was here graph techniques hp in a fred graph about me the arthurian view my complete profile powered by blogger