Capitalism

It’s not the job of a small financial subsector to answer the world’s problems.

Arguments for greater business resilience post-coronavirus are fair, but we should recognise that its a bargain that might not be worth striking.

Something about wood and trees.

A few extra thoughts.

George Akerlof on how Keynesians neglected markets to win one of the crucial ideological battles of the mid-20th century. 

The USSR's experiment with a demonetised planned economy didn't fail because of a lack of data.

Putting a price on Brexit.

Capital gains explain much, but there are also good reasons to leave them out when thinking about certain kinds of economic questions.

TIPS; e-cigarettes; iPhone batteries; Puerto Rico; and more

A senior official at the People’s Bank of China outlines his new theory of economics.

A stream of expected cash flows can always be translated into an asset today.

Taking the investment-led growth model to extremes, the origins of Nazi-Soviet cooperation, and more.

How intelligence, hard work, and fanatical devotion to Marxist-Leninism put Stalin in position to shape the world.

Jason Furman explains why politics is a nasty business.

New analysis of state-level data from the 1980s and early 1990s shows how financial deregulation led to larger boom-bust cycles.

New research suggests the data do not back up Helene Rey’s thesis that there are common global drivers of capital flows.

Relative to the past 145 years, the level of real interest rates looks pretty normal.

News you can’t use.

Some fun with the Fed’s Enhanced Financial Accounts data.

Or, the chart that explains last year.

No.

Some folks want to eliminate private property with the help of the blockchain, smart contracts, the “sharing economy”, and the “Internet of Things”.

On a relative basis they have almost never been cheaper.