Economics

Mike the Mad Biologist

Category archives for Economics

One of the ludicrous notions that has infected our political discourse is that government jobs aren’t ‘real’ jobs (tell that to fireman when your house is burning down…). But a lot of private sector jobs are heavily subsidized by the government. I’m not referring to private contractors hired by the government, but jobs that are…

…imaginary jobs that might or might not materialize. As a long-time customer of New Balance shoes (not only do I like the shoes, but they’re U.S. made), it looks like a ‘free’* trade agreement will kill off 1,000 existing jobs in Maine (italics mine): At the factory here owned by New Balance, the last major…

One of the points about science funding I’ve tried to make over the years (we have been blogging a long time, haven’t we?) is that the overheads and indirect costs associated with federal grants drive a lot of university decisions–there’s a lot of money there. But this funding also has significant macroeconomic effects, especially in…

If our mainstream political discourse is to be believed, the U.S. ‘doesn’t make anything anymore.’ We should all become ‘knowledge workers’, constantly reinvent our personal brand. Manufacturing–and the engineering it takes to support efficient manufacturing processes–are anachronisms. Hell, everything these days in made in China, right? But like most popular economic bromides, this is utter…

I do so wish we still had Democrats who bring the righteous thunder instead of sounding like mealy-mouth technocrats (although “Satan-sandwich” was kinda funny). Sadly, you’re stuck with me instead. Anyway, by way of Bill Mitchell, we come across a report (pdf) that has the rather dry title of “The “Jobless and Wageless” Recovery from…

Actually, it will probably be several decades. While details of the budget ceiling negotations haven’t been released, the initial reports sound pretty awful, with $2.4 trillion of cuts over ten years with $1 trillion in discretionary cuts (that’s stuff like NIH and NSF, by the way). It’s pretty clear, at this point, that Obama wants…

With apologies to RFK. Cullen Roche makes a cogent observation about the state of economics: It is based too much on pie in the sky thinking and not based on what is happening on the ground, in the trenches. Warren Mosler, widely regarded as the founder of MMT, created the theory because he was in…

I’m holding off on a couple of genomics posts, and instead wearing my Mike the Mad Post-Keynesian hat, since global financial system might get…shaky. During the ongoing pandimensional clusterfuck that is the debt ceiling negotiations, one thing that is used to bolster the prophecies of budgetary DOOOM!! is the CBO (Congressional Budget Office) estimates. These…

While one should never underestimate the rampant stupidity and batshitloonitarianism of the psychiatric wing of the Republican Party (which seems to be its dominant wing), I think Bill Mitchell’s take on the whole fiasco is dead on target: With regard to the debt ceiling it is clear that there will be a “last minute” compromise…

As with history in general, I suppose the victors write–or rewrite–economic history too. One of the arguments for balancing budgets that’s floating around is that Clinton got us a surplus, times were good, and therefore, we should do it again. Of course, things were better for some people, including those at the bottom (which is…