Via the Curious Capitalist :
When last I checked, the Dow was up 6.9% and the S&P 7.5% in reaction to Paul Krugman getting the economics Nobel before trading began this morning. In London the FTSE ended the trading day up 8.26% and in Frankfurt the DAX was up 11.4%.
This is just so wrong-headed. Markets are not up because of Krugman. Markets are up in anticipation of Apple’s announcement of their new laptops tomorrow morning. Dubious? Don’t be a mac hater dude. And don’t say they’re expensive either since now you can make your own super portable mac for super cheap ( tuaw ). Complete with mac logos and everything . We should all thank Steve Jobs for bringing the market to its senses.
Oh yeah, so Justin Fox, the author of the post, gives a couple of other possible causes, something about a trillion-dollar bailout or whatever, but I say he still misses the point.
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Was the Great Depression a monetary phenomenon? - Paul Krugman
Friedman, revisited - Free exchange
William Kristol on Economic Theory and Practice - Econbrowser
Markets Don’t Make Bubbles, People Do - washingtonpost.com
Consumers still adding leverage to income - News N Economics
What Would Keynes Have Done? - NYTimes.com
The Keynesian moment - Paul Krugman ... more
What do you do when your demand driven economy is saddled with a demand side that is under-performing?
The reality we face is summed up by Robert Reich :
. . . when the economy has as much underutilized capacity as we have now, and are likely to have more of in 2009 and 2010 (in all likelihood, over 8 percent of our workforce unemployed, 13 percent underemployed, millions of houses empty, factories idled, and office space unused), government spending that pushes the economy to fuller capac... more
Paul Krugman favors lots more spending :
What the world needs right now is a rescue operation. The global credit system is in a state of paralysis, and a global slump is building momentum as I write this. Reform of the weaknesses that made this crisis possible is essential, but it can wait a little while. First, we need to deal with the clear and present danger. To do this, policymakers around the world need to do two things: get credit flowing again and prop up spending.
The first task is... more
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No Laughing From: meatyreads.com Post Date: 2008-05-31 20:21:40
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I’ve been busy finishing school and still working and all that, so I needed a short blogging break. I will resume blogging on a more regular basis now. Anyway, here is a longer post to compensate for my absence.
Tim Kane, a senior fellow at the Kauffman Foundation has started a new blog with Robert Litan, called growthology . Among one of many great posts, Tim points us to an op-ed by Michael Malone that appeared in the WSJ a while back. From the article :
The entire world seems to ... more
Former Republican Rep. Bob Barr launched a Libertarian Party presidential bid today ( AP ). He obviously has no shot at winning, but he could add an interesting voice to the debate. In a close election, as it is expected to be, he could be the Republican’s Ralph Nader. This is especially true since many “true” conservatives, which are the people a libertarian would appeal to, are already somewhat disillusioned by Sen. McCain. A few thousands votes here or there... more
Obama won by a healthy margin in North Carolina and it appears Clinton will win by a few thousand votes in Indiana. Clinton needs to call it a campaign and congratulate Obama on his victory. She may not have another chance to make a serious run for the presidency if indeed Obama is elected, but she can still become the first female Senate majority leader and make her mark. I don’t think there is much chance that she will be chosen as VP and not sure she would even take it anyway. ... more
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