The Sources of Economic Growth

Economists continue to do research. The best research tries to relate economic theory to real-world data. Drs. Hall and Jones are outstanding practitioners of this science. While their analysis of economic growth still leaves room for additional research, that is the point. And that’s what keeps me interested in economics. Continue Reading →

What Is A Recession?

Let me translate. Paraphrasing Humpty Dumpty’s conversation with Alice, ‘ “When I use the word recession,’ Humpty Dumpty said in rather a scornful tone, ‘it means just what I choose it to mean — neither more nor less.”
“The question is,” said Alice, “whether you can make words mean so many different things.”
“The question is,” said Humpty Dumpty, “which is to be master— that’s all.” ‘
(from Through the Looking Glass, and What Alice Found There, Lewis Carroll, 1871, ch. 6) Continue Reading →