Meta tags:

Headings (most frequently used words):

april, 2010, the, sunday, economics, new, arthurian, of, venn, policy, to, is, an, observation, scenario, debt, accumulation, google, translate, blog, archive, links, labels, 25, 18, friday, 16, wednesday, 14, 11, tuesday, policies, overlap, recovery, too, big, fail, key, love, parade, why, important, me, financial, reform, excerpts, from, associated, press, article, 15,

Text of the page (most frequently used words):
the (223), and (68), debt (41), that (30), but (23), for (23), economic (22), #policy (22), april (18), money (18), inflation (18), economy (17), they (17), growth (17), not (16), credit (16), problem (16), are (15), too (15), policies (15), income (13), with (13), much (13), def (13), all (12), arthurian (12), how (12), spending (12), problems (11), venn (11), comments (10), 2010 (10), may (10), right (10), overlap (10), january (10), those (9), what (9), years (9), economics (9), have (9), points (9), february (9), march (9), june (9), july (9), august (9), september (9), october (9), november (9), december (9), federal (8), posted (8), financial (8), when (8), this (8), more (8), activity (8), know (8), agreement (8), circulation (8), reserve (7), you (7), can (7), new (7), were (7), recession (7), was (7), change (7), about (7), there (7), crisis (6), use (6), after (6), 1970s (6), our (6), sector (6), cost (6), big (6), gap (6), don (6), wrong (6), percent (6), gdp (6), left (6), little (6), private (6), because (6), reform (5), two (5), demand (5), limit (5), banks (5), from (5), get (5), well (5), changed (5), things (5), between (5), than (5), could (5), bernanke (5), fix (5), difficult (5), national (5), reaganomics (5), solved (5), congress (5), louis (4), fed (4), fred (4), posts (4), scenario (4), sunday (4), krugman (4), important (4), seeking (4), reduce (4), only (4), tax (4), finance (4), should (4), come (4), here (4), while (4), changes (4), year (4), answer (4), why (4), trend (4), did (4), today (4), post (4), saez (4), say (4), concentration (4), fail (4), plan (4), think (4), accounts (4), iceberg (4), recovery (4), good (4), quantity (4), golden (4), age (4), data (4), appear (3), research (3), make (3), grows (3), observation (3), most (3), size (3), existing (3), three (3), great (3), reducing (3), time (3), article (3), stats (3), these (3), short (3), had (3), times (3), 1978 (3), country (3), his (3), pdf (3), emmanuel (3), key (3), doesn (3), since (3), historical (3), some (3), everything (3), same (3), way (3), called (3), confidence (3), factors (3), then (3), old (3), one (3), still (3), world (3), tried (3), has (3), worked (3), will (3), them (3), war (3), keynesian (3), ended (3), agree (3), bad (3), fight (3), encourage (3), taxes (3), long (3), reason (3), timeline (3), productivity (3), page (3), read (3), blog (3), graphs (2), bank (2), 2016 (2), org (2), lead (2), newer (2), borrow (2), spend (2), accumulate (2), works (2), paul (2), who (2), really (2), into (2), also (2), gross (2), accumulation (2), regulation (2), scope (2), set (2), depression (2), which (2), repayment (2), growing (2), past (2), reported (2), reflect (2), over (2), due (2), last (2), headline (2), out (2), your (2), brought (2), see (2), society (2), consequences (2), matters (2), rich (2), countries (2), greater (2), inequality (2), rates (2), mental (2), where (2), wealth (2), according (2), 2009 (2), adjusting (2), earners (2), their (2), less (2), ago (2), 2008 (2), high (2), wealthiest (2), poorest (2), average (2), figure (2), even (2), richest (2), citizens (2), during (2), love (2), parade (2), previous (2), link (2), thought (2), bounce (2), back (2), shows (2), record (2), such (2), got (2), embedded (2), fails (2), failure (2), labels (2), psychological (2), nothing (2), song (2), dance (2), provide (2), benefits (2), credible (2), help (2), postponing (2), top (2), call (2), easy (2), assuming (2), consumer (2), like (2), output (2), tip (2), number (2), start (2), again (2), everyone (2), thinks (2), thirty (2), went (2), badly (2), both (2), never (2), matter (2), straight (2), few (2), expect (2), whether (2), its (2), grip (2), questions (2), causing (2), meanwhile (2), 1947 (2), grew (2), relative (2), conditions (2), price (2), put (2), supply (2), side (2), improve (2), expectation (2), continued (2), 1960s (2), does (2), didn (2), cannot (2), 2018 (2), sumner (2), household (2), loops (2), laffer (2), curve (2), jerry (2), banking (2), five (2), expectations (2), civilization (2), push (2), better (2), 2013 (2), dave (2), ross (2), image (2), google (2), translate (2), html (2), blogger (2), economist (2), john (2), charts (2), rights, reserved, courtesy, http, stlouisfed, fred2, horse, water, him, drink, stay, thirsty, friends, subscribe, atom, home, older, until, reach, avoids, discussion, divides, want, camps, list, neglects, biggest, camp, includes, uses, onto, essential, element, myself, favor, elements, eliminating, structure, essentially, reinstating, regulations, removed, slowed, setting, incentives, accelerate, total, need, productive, freeing, profit, factor, advantage, bigness, regulate, tuesday, reads, sure, people, opening, statement, surprise, outrageous, mostly, increasing, note, occurred, head, yes, almost, always, view, poor, ugly, higher, teen, pregnancy, infant, mortality, obesity, illness, drug, imprisonment, homicide, evenly, distributed, epidemiologists, richard, wilkinson, kate, pickett, decades, kevin, hallock, professor, cornell, university, indicates, persists, 1979, highest, saw, dramatic, earnings, lowest, now, census, bureau, reached, modern, population, earning, ceos, largest, companies, earned, worker, 300, harvard, business, review, shrank, divide, kept, fewer, asked, striking, richer, writes, finish, allowed, eyeballed, lines, emphasize, timing, based, falls, recessions, temporary, unless, drastic, significantly, progressive, taxation, implemented, prevent, bouncing, took, place, deal, permanently, reduced, till, individual, whole, makes, likely, wednesday, run, talk, confident, covered, least, cool, idea, else, possibly, muster, hopeful, many, heard, believe, warn, okay, near, solutions, sacrifice, isn, sees, future, hope, nation, something, assessment, consumers, whose, appeared, upbeat, fact, odds, double, dip, would, shrinking, receded, said, addressing, fiscal, require, choices, warned, lawmakers, white, house, whittle, down, budget, deficits, pare, deficit, chairman, ben, unfolding, staying, power, excerpts, associated, press, friday, apologies, mastercard, diagram, area, first, next, approaches, produced, increases, disputed, part, charge, source, results, 1948, flat, sharply, rising, graph, democrats, republicans, yeh, beyond, likewise, tighten, loosen, answered, differently, disagreement, came, fought, tightening, encouraged, cutting, stimulating, period, 1973, been, passed, abated, helped, grow, original, gradually, grown, point, getting, interest, costs, emphasis, figured, producers, production, stimulate, stopped, working, 60s, encouraging, foolhardy, already, willing, gave, depend, restricting, expand, availability, work, stabilize, prices, achieve, postwar, capitalism, copyright, arthur, shipman, zoho, withering, shoots, waste, fraud, abuse, verdoorn, urgency, unsustainable, umic, ulc, tot, tongue, cheek, tint, knob, decline, shift, transaction, difference, taylor, rule, symmetry, deception, stimulus, star, trek, standard, deviation, stagflation, spreadsheeting, special, report, slack, simulated, evidence, simulacron, serfdom, sequence, scott, reviews, reduction, red, green, reading, writing, printing, controls, predicting, pfi, parameters, oil, non, linear, tools, moving, motives, multiplier, mmt, milton, friedman, military, medium, account, math, matched, fekete, malaise, variable, limits, says, ego, captain, introduction, couldn, sleep, humor, might, pay, hover, craft, hodrick, prescott, hoarding, revisionism, phase, rate, calc, domestic, gresham, law, gold, shortage, gds, gang8, fun, mpc, full, disclosure, free, era, fpi, forget, digit, words, financialization, final, feedback, fcm, fallacy, composition, embrace, evolution, excuse, erosion, eroc, forces, echoes, dpd, disarray, pull, deflation, outside, issue, reissue, investment, inside, general, equilibrium, bulge, context, debasement, cycle, chronicles, efficiency, coping, coinage, civ, calculating, labor, share, bullard, earthquake, best, downs, behavioral, finte, artish, accidental, discoveries, accelerated, argument, 400k, smoothing, revision, 1986, 2000, 1966, real, calculation, contact, website, stuff, tufte, analysis, normalized, scaled, workout, numerical, ignorance, kardi, teknomo, interesting, jim, organize, supreme, court, jester, prac, vin, faq, very, nice, bloogger, within, color, codes, sentral, test, www, schools, menu, host, tips, spoiler, theory2life, irrational, unsettling, broad, oak, redonomics, thinking, margin, freshman, dolor, rants, dredd, mayday, books, jbpeebles, truth, addicts, anon, frozen, arctic, tundra, blended, purple, candid, troublesome, action, nextblog, skeptical, optimist, worthwhile, canadian, father, tim, duy, cybereconomics, crises, businomics, ecometry, william, hummell, flavianopolis, aquinum, razor, crystal, bull, williams, sgs, econompic, secret, mark, wieczorek, perot, historicalstatistics, sources, irs, corp, 2006, dates, usgovernmentspending, economagic, stock, flow, funds, bls, jobs, bea, measuringworth, statistical, abstracts, gavin, kennedy, mason, pages, scribd, links, 361, 571, 2011, 476, 2012, 412, 374, 2014, 283, 2015, 318, 274, 2017, archive, versions, model, showing, accumulating, hurts, mine, brings, preview, window, click, template, button, open, introductory, googledocs, file, stand, alone, php, version, art, vigor, unusual, mess, overview, download, life, death, recommendations, surprising, trends, longer, look, thing, views, econcrit, challenging, premisses,

Text of the page (random words):
the skeptical optimist nextblog better of thought action the troublesome economist the candid blogger blended purple frozen arctic tundra truth addicts anon jbpeebles mayday books dredd blog dolor s rants the 40 year old freshman thinking on the margin redonomics broad oak unsettling economics irrational expectations theory2life prac spoiler tips vin s read more faq s image host a very nice menu www w3 schools bloogger help image test and t2 blogger sentral html color codes google translate link within a page supreme court jester dave ross 1 dave ross 2 organize your stuff interesting jim kardi teknomo numerical ignorance mental workout g scaled data g normalized data tufte data analysis arthurian website about me contact labels real is a calculation 1 2 3 4 5 6 7 1966 1970s growth 1986 2000 2013 revision 400k smoothing a call for better argument a little r n r accelerated repayment of debt accidental discoveries adjusting debt for inflation artish b is greater than a b h finte behavioral ec best put downs bullard s earthquake c d of wealth calculating labor share civ civilization coinage coping cost and productivity cost push cost push inflation credit efficiency crisis chronicles cycle of civilization debasement debt debt and context debt and inflation debt and recovery debt bulge debt good and bad debt is not credit debt productivity debt to gdp debt to gdp in comments def credit def debt def economic activity def financial cost def gdp def general equilibrium def inflation def inside money def investment def issue and reissue def laffer limit def outside money deflation demand pull inflation disarray dpd echoes economic forces economics v the economy eroc erosion of debt evolution of the excuse expectations factors failure s embrace fallacy of composition fcm fed policy federal spending feedback loops final spending financial cost financialization five words five digit years forget about debt fpi fred free banking era full disclosure fun with the mpc gang8 gds gold shortage gresham s law gross domestic spending growth rate calc growth phase growth historical revisionism hoarding hodrick prescott household debt hover craft how to pay for it humor because you might not know if i didn t say i couldn t sleep iceberg inflation introduction is it ego captain jerry says krugman laffer curve limits long and variable loops malaise matched set fekete math problems medium of account military spending milton friedman mmt money multiplier more debt than money is policy motives moving average new tools of policy non linear not only household debt oil parameters for debt pfi policy predicting recession price controls printing vs spending problem x productivity questions r reading and writing red and green reduction reviews scott sumner sequence 2 serfdom simulacron simulated evidence slack special report spreadsheeting stagflation standard deviation star trek stimulus sumner symmetry in deception taxes taylor rule the difference between debt and credit the economy is transaction the k r shift the long decline the supply side the tint knob they don t know timeline tongue in cheek tot ulc umic unsustainable urgency verdoorn waste fraud abuse withering shoots zoho the new arthurian economics copyright 2010 2018 arthur shipman sunday april 25 2010 the policies of the venn overlap points of agreement between democrats and republicans are few they agree that inflation is bad and they agree that growth is good but that s about all they agree on yeh they expect the federal reserve to fight inflation and congress to encourage growth but what congress does to encourage growth and how much and whether and when is all beyond the overlap likewise whether the fed should tighten or loosen its grip on money and how much and when these questions are answered differently on the left and on the right but these points of disagreement are not the problem the points of agreement are the problem we came out of world war ii with too much money in circulation and little private sector debt the money was causing inflation and the federal reserve fought inflation by tightening its grip meanwhile congress encouraged growth by cutting taxes and stimulating private spending the policies worked the period from 1947 to 1973 has been called a golden age of postwar capitalism as the years passed the quantity of money in circulation grew less relative to gdp and inflation abated meanwhile the economy grew and the use of credit helped it grow the original post war conditions too much money in circulation little debt in the private sector gradually changed by the 1970s debt had grown to the point that the use of credit was causing inflation we were getting inflation because there was too much credit in circulation and more inflation because of the interest costs embedded in the price of everything and that s what ended the golden age then reaganomics changed things it put emphasis on the supply side it figured the way to improve growth was to improve conditions for producers and production two things reaganomics did not change were the points of agreement in the venn overlap the expectation that the federal reserve should fight inflation and the expectation that congress should encourage growth our policies continued to reduce the quantity of money in circulation relative to gdp and continued to stimulate the growth of private sector debt those policies worked in the golden age because we had little private sector debt and too much money those policies solved the problems of too much money and too little debt the problems were solved in the 1960s so long ago that today it is difficult to think of them as problems at all those problems were solved in the 1960s but the policies of the venn overlap did not change the policies stopped working in the 1970s because the problems were solved in the 60s reducing the quantity of money in circulation is good policy when there is too much money in circulation but it is bad policy when there is too much credit in circulation encouraging the growth of private sector debt may be good policy when there is little debt but it is foolhardy when there is already too much but no one was willing to change the policies that gave us a golden age even today we depend on the federal reserve to fight inflation by restricting the quantity of money still today congress does all it can to expand the availability and use of credit the policies of the overlap do not work because the economy changed but the policies didn t this is the reason we cannot stabilize prices it is the reason we cannot achieve the growth we expect and it is the reason we have so much debt posted by the arthurian at 6 17 pm 6 comments sunday april 18 2010 policy venn with apologies to mastercard this is a venn diagram of u s economic policy on the left we have the left and on the right the right everyone on the right thinks the left is wrong and everyone on the left thinks the right is wrong but see the overlap area in there are the points of agreement between left and right i think the points of agreement are the problem emmanuel saez s graph here shows the results of the two policies the keynesian years say 1948 1978 appear as a straight flat trend the reaganomics years 1978 2008 appear as a straight but sharply rising trend for the first thirty years after world war ii we tried keynesian economics things went well for a while but ended badly then for the next thirty years we tried reaganomics again things went well for a while but ended badly there is some problem with both approaches i think the problem is in the venn overlap the points of agreement are the problem the points of agreement lead to the growth of debt both keynesian economics and reaganomics produced great increases in debt but the points of agreement are never disputed the policies of the venn overlap are part of the plan no matter who is in charge and since those policies are the source of our problems our problems never get solved posted by the arthurian at 10 06 am 2 comments friday april 16 2010 recovery excerpts from an associated press article of 15 april confidence federal reserve chairman ben bernanke has confidence the unfolding economic recovery will have staying power when you don t know how to run an economy talk about how confident you are that way you ve covered the psychological factors at least and if nothing s wrong but psychological factors then everything s cool and since we have no idea what else could possibly be wrong well confidence is all we can muster the same old song and dance bernanke called on lawmakers and the white house to come up with a plan to whittle down record high budget deficits a credible plan to pare the deficit could provide the economy with benefits it could provide the economy with benefits bernanke doesn t really know but he s hopeful a credible plan could help if only they could come up with one they don t know what s wrong with the economy and they don t know how to fix it the same old song and dance addressing the country s fiscal problems will require difficult choices but postponing them will only make them more difficult he warned how many times have you heard that can ya believe they still warn about postponing the fix after all this time okay so we re the richest wealthiest country in the world or right near the top so how come all the economic solutions call for sacrifice if we re so rich why isn t it easy to fix the economic problem the answer is they don t know how to fix the problem they don t know the easy answer and nothing they ve tried has worked so they think it s a difficult fix it doesn t have to be difficult bernanke sees the future in fact the odds of a double dip recession where the economy would start shrinking again have receded bernanke said hope so they say this all the time and it is wrong that assessment of consumers whose spending accounts for 70 percent of national economic activity also appeared more upbeat assuming the number is right consumer spending accounts for 70 percent of gdp or 70 percent of output or 70 percent of income but not 70 percent of national economic activity economic activity is spending national economic activity is spending in the nation or spending by u s citizens or something like that national economic activity is an iceberg output is the tip of the iceberg assuming their number is right consumer spending accounts for 70 percent of the tip of the national economic activity iceberg it matters posted by the arthurian at 6 00 am 1 comments labels def economic activity wednesday april 14 2010 too big to fail it s not that some individual banks got too big to fail it s that finance got too big too embedded in everything so that if finance fails the whole economy fails that s the problem the same problem makes economic failure likely finance is too big oh and by the way we did fail we called it a financial crisis posted by the arthurian at 9 09 pm 1 comments policy is key in the previous post i asked what changed in our economy that brought about this 30 year change in the income gap short answer economic policy comments on the previous post link to striking it richer by emmanuel saez in his pdf emmanuel saez writes based on the us historical record falls in income concentration due to recessions are temporary unless drastic policy changes such as financial regulation or significantly more progressive taxation are implemented and prevent income concentration from bouncing back such policy changes took place after the great depression during the new deal and permanently reduced income concentration till the 1970s policy is key saez doesn t finish his thought and say that policy changes since the 1970s allowed income concentration to bounce back but his figure 1 shows the bounce i ve eyeballed in trend lines to emphasize the timing of the policy change posted by the arthurian at 3 18 am 0 comments sunday april 11 2010 i love a parade the headline reads income gap grows during recession well sure a recession is a time when fewer people do well so the article s opening statement even as the economy shrank last year the income gap the divide between the country s richest and poorest citizens kept growing should come as no surprise here s what s outrageous the economy was mostly growing for the past 30 years and the income gap was increasing all the while stats reported by the article in 1978 ceos at the largest u s companies earned 35 times as much as the average worker today that figure is more than 300 1 according to the harvard business review in 2008 the u s census bureau reported that income inequality had reached a modern high with the wealthiest 10 of the population earning 11 4 times as much as the poorest 10 research by kevin hallock a professor at cornell university indicates that the trend persists from 1979 to 2009 after adjusting for inflation the highest earners in the u s saw dramatic growth in their earnings while the lowest earners now make less than they did 30 years ago note that these stats do not reflect changes over the past two years which may be due to the recession the stats reflect a change that occurred over the last three decades get that headline out of your head the recession is not the problem it is a problem yes but not the problem what changed in our economy that brought about this 30 year change in the income gap short answer economic policy why economics is important to me a gap between society s rich and poor can have ugly consequences countries with greater income inequality have higher rates of teen pregnancy infant mortality obesity mental illness drug use imprisonment and homicide than countries where wealth is more evenly distributed according to research by epidemiologists richard wilkinson and kate pickett the things we see as problems of society are almost always in my view consequences of economic problems that s why economics is important that s why it matters that we get it right posted by the arthurian at 10 36 am 2 comments tuesday april 6 2010 financial reform in a discussion of financial reform paul krugman divides those who really do want reform into two camps those seeking to limit the size and scope of banks those seeking to regulate what banks do not how big they get krugman s list neglects the biggest and most important camp those seeking to reduce the size of the demand for credit the demand for credit includes not only new uses of credit but also existing credit in use or existing debt those of us seeking to reduce the gross accumulation of debt are onto the most essential element of financial reform as for myself i favor all three elements 1 limit the size of banks not by regulation but by eliminating the advantage of bigness from the existing tax structure 2 limit the scope of banks or what they can do essentially by reinstating regulations that were set up after the great depression but which were removed after economic growth slowed in the 1970s ...