Sunday, November 22, 2015
Hilarious Sunday happy news
Here's some stuff to read today:
New Deal Demoncrat - weekly indicators. Broad economic measures look fine, while industrial measures still stink. Which is what you should expect, no? Speaking of which, I wonder if there's an "industrial recession" if measured in quantities of goods instead of in dollars. Is the veil of money getting in the way, here?
The Krugginator - the expansionary austerity zombie.
Larry Summers - on lower productivity growth and disemployment (pdf). While he admits at the start that productivity isn't one of his areas of expertise, he has nevertheless stimulated a lot of discussion in the macro world.
Personally, I think the "mismeasurement" thesis is utter bullshit: consumer surplus is entirely theoretical, and if you can't measure it with money then it doesn't exist. And we are measuring it with money in a lot of places: boarding passes on cellphones mean a lower price for providing air flight service. 2015 American medical care (to the extent you're not black) means longer lifespans, higher worker productivity, and more consumption. Price indices don't overstate inflation, they are inflation - the only way they're not is if you've invented some new thing to take the place of money.
Things simply don't happen in economics if there's no money changing hands, Larry. If you reject that, then you're going to have to address the feminist economic critique brought by Marilyn Waring 30 years ago, and we know you won't enjoy that given how much you hate women.
Krebs on Security - ISIS Jihadi help desk. Yeah, I saw the ending coming.