tag:blogger.com,1999:blog-4900303239154048192.post6803598681595979124..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: The Recession Isn’t Over -- or Is it?Unknownnoreply@blogger.comBlogger9125tag:blogger.com,1999:blog-4900303239154048192.post-38273889498473059362013-09-30T22:27:07.587-04:002013-09-30T22:27:07.587-04:00the picture is back. (Somehow, erasing the picture...the picture is back. (Somehow, erasing the picture on the Google cloud erased it here.)Econoclasthttps://www.blogger.com/profile/08991106027036537594noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-87766280611257037222013-09-27T19:52:21.578-04:002013-09-27T19:52:21.578-04:00Uh-oh!
What happened to the table?
Uh-oh!<br /><br />What happened to the table?<br /><br />Jazzbumpahttps://www.blogger.com/profile/07337490817307473659noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-87030266534083786772013-09-23T13:49:01.813-04:002013-09-23T13:49:01.813-04:00There is no Invisible Hand, so Classical economics...There is no Invisible Hand, so Classical economics should be defunct. RIP.<br /> <br />Otherwise, Bruce, I see what you're saying. But the "inequity" of growing _per capita_ incomes at the same time that _median_ incomes stagnate or even fall is more than a matter of perception ("perceived inequity"). It's real-world inequality that implies large differences of power in society between the haves and the have-nots and thus leads to large social divisions (lack of communication, etc., etc.) And it's part of a persistent trend that started around 1979 (when Volcker took over the Fed). More generally, it's a matter of the owners of capital (and thus the rulers of the economy) using their power to accumulate more wealth and political clout, which allows them to accumulate even more. <br />-- Jim DevineEconoclasthttps://www.blogger.com/profile/08991106027036537594noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-81280345684370326312013-09-21T22:59:34.944-04:002013-09-21T22:59:34.944-04:00I prefer to use the metaphor of 'pie'. (An...I prefer to use the metaphor of 'pie'. (And why not? People like pie and get the message).<br /><br />Pie eaters (median wage households) get actual immediate satisfaction by absolute size of the pie slice. Certainly not by seeing the overall size of the pie or the relative size of the slice, those if anything simply breed resentment at the perceived inequity. But don't starve from inequity, you starve from too little pie (or pie equivalent).<br /><br />NBER and much of classical economics simply presents 'pie' as the proper measure of satisfaction and simply leave the Pie Slicer to be wielded by the 'Invisible Hand'. But when you are actually made hungry by the inadequacy of the absolute pie slice or resentful at the size of the relative pie slice the overall size of the pie ranges from irrelevant to an active source of aggravatation.<br /><br />Yet from Ricardo to the Rising Tide/Supply Siders the message to the pie eaters has always been simply "Pie!". Even when the would be pie eaters are shut away from it on the other side of the glass from the pie shop. Or maybe get some crumbs.<br /><br />Simple images from a simple (minded) man. Or not.Bruce Webbhttps://www.blogger.com/profile/13222670342780912788noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-36741870600684134522013-09-19T11:39:32.889-04:002013-09-19T11:39:32.889-04:00Wallfly,
What is the meaning of the phrase "...Wallfly, <br /><br />What is the meaning of the phrase "break-even quantile"? (is it supposed to be quintile?) Where can I find data on this?<br /><br />Some people who live on annuities or bonds are hurt by low interest rates, but my impression is that most of the income of folks earning below the median household income do not rely on interest income but instead on wages and salaries. Of course, the richer folks don't rely on interest as much as dividends and capital gains (and princely salaries & bonuses). <br />JimEconoclasthttps://www.blogger.com/profile/08991106027036537594noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-15354079177400431822013-09-19T11:14:15.414-04:002013-09-19T11:14:15.414-04:00Jim, This makes me wonder if anyone tracks the &qu...Jim, This makes me wonder if anyone tracks the "break-even" quantile and the realationship between the b.e.q and the mean real income.<br /><br />Also, this story depends on unemployment, increasing part-time work and wage stagnation, does interest income have much effect on the lower half?<br /><br />(I am not economist but I have had to take data analysis for a recent degree)<br />Wallflyhttps://www.blogger.com/profile/03852136998154262919noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-29618789980234052702013-09-19T00:49:06.476-04:002013-09-19T00:49:06.476-04:00And if you do well here, Mark Thoma might link to ...And if you do well here, Mark Thoma might link to you on Economistsview, :-).rosserjb@jmu.eduhttps://www.blogger.com/profile/09300046915843554101noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-28872323749659348592013-09-18T18:07:13.177-04:002013-09-18T18:07:13.177-04:00thanks for the welcome. I gave up on pen-l. Too ma...thanks for the welcome. I gave up on pen-l. Too many trolls. Econoclasthttps://www.blogger.com/profile/08991106027036537594noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-12302138802735742352013-09-18T14:09:13.495-04:002013-09-18T14:09:13.495-04:00Hi, Jim, good to see you posting here again.
I ha...Hi, Jim, good to see you posting here again.<br /><br />I have seen reports, sorry, no link, that indeed at best there will be no solid increase in median household income in 2013, even if it does go up slightly.rosserjb@jmu.eduhttps://www.blogger.com/profile/09300046915843554101noreply@blogger.com