Understanding Economic Progress

Sometimes investors focus so closely on each economic data release that they completely lose perspective.  This is especially true of those who criticize the measurement of inflation.  Their arguments have a superficial plausibility and earn some undeserved media attention. The story about the "clueless BLS" is always popular.  No media source does the work to […]

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Yoram Bauman on the Financial Crisis

At the recent American Economic Association convention, PBS interviewed three economists:  Joseph Stiglitz, Kenneth Arrow, and Yoram Bauman. If you do not recognize the last of these authorities, check out the video.  Here’s a hint about the content. What are the three most dangerous words in the English language?  “Macro-economists all agree….” and so forth.

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