The money multiplier – neat, plausible, and utterly wrong Lars Syll The mainstream textbook concept of money multiplier assumes that banks automatically expand the credit…
The post The money multiplier – neat, plausible, and utterly wrong first appeared on Economic Reform Australia.Reading
The Australian Bureau of Statistics released the latest – Australian National Accounts: National Income, Expenditure and Product, December 2022 – today (March 1, 2023), which shows that the Australian economy grew by 0.5 per cent in the December-quarter 2022 and by 2.7 per cent over the 12 months. This is a significant decline in growth, which is now insufficient to prevent unemployment from rising over the coming period. Growth is being driven largely by continued (but moderating) growth in household spending. This was augmented by the strong rebound in the Terms of Trade (commodity prices), which helped net exports make a positive growth contribution. There was growth in employee compensation (the wage measure from the national accounts) of 3.2 per cent but that was largely due to administrative decisions (for example, minimum wage increases) that impacted in this quarter rather than being the result of market pressures. Households are now saving less relative to their disposable income in an effort to maintain consumption growth in the face of rising interest rates and temporary inflationary pressures.
A comment on Bernanke’s Nobel lecture James K. Galbraith There is no doubt that Ben Bernanke is a nice fellow, unpretentious despite having held high…
The post A comment on Bernanke’s Nobel lecture first appeared on Economic Reform Australia.The Australian Bureau of Statistics released the latest – Australian National Accounts: National Income, Expenditure and Product, December 2022 – today (March 1, 2023), which shows that the Australian economy grew by 0.5 per cent in the December-quarter 2022 and by 2.7 per cent over the 12 months. This is a significant decline in growth,…
Sustainability and the New Economics: Boundaries which should not be broken Steven Hail Suppose you were an Australian politician, very worried about climate change, and…
The post Sustainability and the New Economics: Boundaries which should not be broken first appeared on Economic Reform Australia.You knew they would I have been convinced for some time that one of the main motivations for the obsession with Hunter Biden is to get Joe Biden to break down in public. I think of it as the “Muskie gambit” which you old duffers will recall was the Nixon dirty trick that made Democratic frontrunner Edmund Muskie cry over a false allegation against his wife in 1972. I think Joe Biden is pretty inured to the stuff about Hunter. But I’m sure they figure that this might work if they go after Biden’s dead son: Comer makes Dan “watermelon” Burton look like an amateur.
The Australian Banking Association is refusing to answer questions over a breach of the Code of Practice pertaining to access for the disabled. read now...Wages growth in Australia was lower than expected prior to COVID-19 based on historical determinants. One possible explanation for this is that employment had become more concentrated among a small number of large employers. This reduced outside options for workers and lowered their bargaining power and wages. This paper examines concentration in Australian labour markets and its impacts on wages
using a large and representative database derived from administrative tax data. Labour
markets have not, on average, become more concentrated over time. However, the impact of
any given level of concentration has increased since the 2010s. This may help explain
surprisingly low wages growth pre-COVID, despite labour market concentration having
remained constant. Simple back-of-the-envelope estimates suggest that the greater impact
of concentration may have lowered wages by a little under 1 per cent on average between
2011 and 2015. Declining firm entry and dynamism appear to have contributed to the increased impact of
concentration, and lower wages growth, by lowering competition for labour among
incumbent firms.
"It amuses us. That's all"
From the “you cannot make this shit up files” Here’s that story: When members of the House Judiciary Committee convened for their first meeting of the year last week, the new Republican majority instituted a change in procedure: Before every hearing, everyone in the room would recite the Pledge of Allegiance. The honor of leading thefirst pledge was given to Corey Beekman, a U.S. Army National Guard combat veteran who traveled to Capitol Hill at the invitation of his congressman, Rep. Matt Gaetz (R-FL). “It is my pleasure and distinct honor to introduce to the committee Staff Sergeant Corey Ryan Beekman, an American hero and a constituent of mine residing in Pensacola, Florida,” Gaetz said. He praised Beekman’s 16 years of military service, his Purple Heart award, and his position on the board of a local gun club. For Gaetz, who was seeking to spearhead the GOP’s show of patriotism and invite a fight with Democrats, Beekman was a picture-perfect symbol. There was just one thing that Gaetz didn’t mention in his glowing introduction: Beekman is an accused murderer yet to face his day in court.
Starmeroids block another popular local candidate – in favour of parachuted Blairites Two entire Labour committees have resigned after yet another candidate selection stitch-up by Keir Starmer and his drones in the Labour party. Local favourite Greg Marshall – backed by figures from a wide spectrum of the party – tweeted news that the party […]
"Look at my omni-channel thought-leadership ideation solution"
Systemically corrupt capitalism Evan Jones Capitalism has been analysed to death in academia and elsewhere. Thus we know that capitalism is structurally conducive to exploitation,…
The post Systemically corrupt capitalism first appeared on Economic Reform Australia.You can understand why these people would believe they can get away with this level of lying. Look at Donald Trump? He has lied about virtually everything in his life and he’s beloved by most of the Republican party. Freshman Republican Rep. Andy Ogles (TN) says he’s a trained economist, but in reality, he only took one community college course on the subject—and he got a C, a transcript obtained by NewsChannel 5 in Nashville revealed. Ogles’ congressional bio says he graduated from Middle Tennessee State University, “where he studied policy and economics.” However, a resume he used in 2009 said he got a degree in international relations, with no mention of economics. But both claims were false, according to the transcript, which Ogles had tried to keep sealed. Ogles actually majored in liberal studies. The congressman also enrolled in classes titled U.S. Presidency, Problems in Government, Political Theory and National Security Policy—failing all of them twice, once in 1995 and again in 1998. It took Ogles 17 years to attain his degree, graduating in 2007 with a 2.4 GPA, NewsChannel 5 reported.
Helen Marks and Rica Bird take BBC to task in letter to Guardian Two Liverpool pensioners smeared by a right-wing Labour staffer on the BBC’s Panorama in 2019 have shot back after the programme-makers claimed they had asked the staffer whether he came from Israel, despite their recording of the incident showing otherwise. The pair […]
The Beltway newsletter is running ads about the railroad industry’s alleged commitment to safety as rail lobbyists fight new safety rules.
A research team is developing the next generation of autonomous sensors, technology that will keep military applications one step ahead. read now...