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Market Oracle FREE Newsletter

Category: Economic Theory

The analysis published under this category are as follows.

Economics

Monday, June 08, 2015

Technology Needs Capital To Produce Economic Growth / Economics / Economic Theory

By: Frank_Shostak

In his article “The Big Meh” Paul Krugman complains that despite all the information technology advances the effect so far has been negligible as far as economic growth is concerned.

Krugman writes “That the whole digital era, spanning more than four decades, is looking like a disappointment. New technologies have yielded great headlines but modest economic results. Why? ... The answer is that I don’t know — but neither does anyone else.”

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Economics

Monday, June 01, 2015

The Meaning of Financial Repression / Economics / Economic Theory

By: Mark_Thornton

Mark Thornton writes: We live in a world of massive monetary inflation and extremely low interest rates. Mortgage rates are near historic lows and yet it seems that people cannot get loans. Home sales are up, but with a near record percentage of sales made with cash, rather than a mortgage. The unemployment rate is nearing “full employment” and yet a record number of people do not have jobs.

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Economics

Thursday, May 28, 2015

Austerity, Economics and Religion / Economics / Economic Theory

By: Raul_I_Meijer

There are many things going on in the Greece vs Institutions+Germany negotiations, and many more on the fringe of the talks, with opinions being vented left and right, not least of all in the media, often driven more by a particular agenda than by facts or know-how.

What most fail to acknowledge is to what extent the position of the creditor institutions is powered by economic religion, and that is a shame, because it makes it very difficult for the average reader and viewer to understand what happens, and why.

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Economics

Wednesday, May 27, 2015

Why Economic Growth Is Impossible / Economics / Economic Theory

By: BATR

The quandary of the economic dilemma continues. A globe suffering from a deflationary financial impact, while consumer prices rise well above the reported cost of living increases, does not bode well that prospects of commercial growth can rescue the world economy. What changes can overcome this predicament? Well, some academic scholar’s offers serious concern that a long term rebound towards prosperity is no longer possible.

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Politics

Tuesday, May 26, 2015

The Bait-and-Switch Behind Economic Populism / Politics / Economic Theory

By: MISES

Nicolás Cachanosky writes: Argentina will hold elections this year, and a number of provinces will be electing governors. Buenos Aires, the capital city, is holding elections for mayor, and Mauricio Macri, who is stepping down as mayor, is a favorite to become the next president. Toward the end of the year, a presidential election will be held and Cristina Kirchner, after two consecutive mandates, will have to step down because she cannot be re-elected.

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Economics

Thursday, May 14, 2015

Is the Keynesian Output Multiplier a Real Thing? / Economics / Economic Theory

By: Frank_Shostak

It is accepted by most economists that initial increases in consumer spending or other outlays tend to set in motion a reinforcing process which supposedly strengthens the economic growth by a multiple of initial spending.

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Economics

Monday, April 27, 2015

Economic Stagnation - Let's Blame The Savers / Economics / Economic Theory

By: Michael_Pento

Just like in the world of fashion, economic terminologies come in and out of vogue. One such economic term trending recently is Secular Stagnation. First proposed by Keynesian economist Alvin Hansen back in the 1930s, Secular Stagnation was coined to explain America's dismal economic performance -- in which sluggish growth and employment levels were well below potential.

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Economics

Sunday, April 19, 2015

Michel Chevalier’s Case Against the Patent System / Economics / Economic Theory

By: MISES

Louis Rouanet writes: Michel Chevalier (1806–1879) was a very influential French economist during the second half of the nineteenth century. He is still widely known in France for being the architect of the Cobden-Chevalier Treaty of 1860 which was the free-trade agreement between France and Great Britain. Michel Chevalier is, however, less known for his major contribution to the intellectual property debate.1 Contrary to Jean Baptiste Say, Gustave de Molinari, and many other French economists, Chevalier fiercely opposed the patent system. As Fritz Machlup remarked: “Among French economists, Michel Chevalier was probably the most emphatic in the joint antagonism to tariffs and patents, declaring that both ‘stem from the same doctrine and result in the same abuses.’”

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Economics

Saturday, April 18, 2015

Inflation, Central Banks, and Business Cycles / Economics / Economic Theory

By: MISES

Jonathan Newman writes: The word “inflation” means different things to different people. One popular conception of inflation focuses on prices  —  all prices, actually. For these people, including some economists, “inflation” means a rise in the general price level, i.e., the goods and services we buy have higher price tags.

The other conception of inflation focuses on the money supply. Economists with this focus think of inflation as an increase in the amount of money in the economy. We’ll see that viewing inflation as a rise in prices can be misleading and ambiguous especially compared to viewing inflation as an increase in the money supply.

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Economics

Friday, April 10, 2015

How an Artificial Economy Collapses Organically  / Economics / Economic Theory

By: Dr_Jeff_Lewis

One of the biggest news stories, almost too perfect not to be timed, was released on a day when markets closed early: Good Friday. 

Conveniently not factored into major world markets was last week's horrible jobs report.

From the timing of the news, to the revisions and the real story, these numbers tell about the underlying economy. It says everything one needs to know about the broken monetary system. 

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Stock-Markets

Thursday, April 09, 2015

How Easy Money Drives the Stock Market / Stock-Markets / Economic Theory

By: Frank_Shostak

In a market economy a major service that money provides is that of the medium of exchange. Producers exchange their goods for money and then exchange money for other goods.

As production of goods and services increase this results in a greater demand for the services of the medium of exchange (the service that money provides).

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Economics

Wednesday, April 08, 2015

Economists in Glass Houses / Economics / Economic Theory

By: John_Mauldin

For many economists, the chicken and egg question is, which came first, consumption or production? What drives growth? Let’s continue with our series on debt, in which I have been contrasting my views with those of Paul Krugman.

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Economics

Monday, March 23, 2015

U.S. Economy and the Illusion of Prosperity / Economics / Economic Theory

By: Frank_Hollenbeck

President Obama and Federal Reserve chair Janet Yellen have recently been crowing about improving economic conditions in the U.S.  Unemployment is down to 5.5% and economic growth in 2014 hit 2.4%.

Journalists and economists point to this improvement as proof that quantitative easing was effective. They seem to have political blinders on. The boom is artificial and has been built by adding debt on top of excessive debt.  Total household debt increased 2.5 % in 2014 – the highest level since 2010. Mortgage loans increased 1.5%, student loans jumped by 6.6%, and auto loans swelled a hefty 9.6%.  The improving auto sales are based on a bubble of sub- prime borrowers. Auto sales have been brisk because of a surge in loans to individuals with credit scores below 640. Auto loans to individuals with strong credit scores, above 720, have barely budged.

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Interest-Rates

Sunday, March 22, 2015

The "Natural Interest Rate" Is Always Positive and Cannot Be Negative / Interest-Rates / Economic Theory

By: Thorsten_Polleit

Some economists have been arguing that the “equilibrium real interest rate” (that is the “natural interest rate” or the “originary interest rate”) has become negative, as a “secular stagnation” has allegedly caused a “savings glut.”1

The idea is that savings exceed investment, and that a negative real interest rate is required for bringing savings in line with investment. From the viewpoint of the Austrian school, the notion of a “negative equilibrium real interest rate” doesn’t make sense at all.2

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Interest-Rates

Thursday, March 12, 2015

Sub-Zero Interest Rates as an Endless Daylight Saving Time / Interest-Rates / Economic Theory

By: MISES

Brendan Brown writes: We all know about Milton Friedman’s money helicopter idiom and how President Obama’s architect in chief of Quantitative Easing used it to justify his “Great Monetary Experiment.” Less well known is Friedman’s idiom about daylight saving time, how he used this to illustrate the case for flexible exchange rates, and how it is now apparently justifying the plunge of money market rates in Europe to sub-zero levels.

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Economics

Wednesday, February 25, 2015

From London to China - Where is Today's Skyscraper Curse? / Economics / Economic Theory

By: Mark_Thornton

Super tall buildings, or skyscrapers, are being built at an astonishing rate. Ninety-seven buildings that exceed 200 meters (656 feet) high were constructed in 2014, setting a new record. The previous record was eighty-one buildings completed in 2011. The total number of skyscrapers in existence now is 935, a whopping 350 percent increase since the year 2000.

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Economics

Friday, February 20, 2015

Employment Does Not Drive Economic Growth / Economics / Economic Theory

By: Frank_Shostak

For the head of the Federal Reserve Board Janet Yellen — and most economists — the key to economic growth is a strengthening in the labor market. The strength of the labor market is the key behind the strength of the economy. Or so it is held. If this is the case then it is valid to conclude that changes in unemployment are an important causative factor of real economic growth.

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Economics

Wednesday, February 18, 2015

Why the Austrian Understanding of Money and Banks Is So Important / Economics / Economic Theory

By: MISES

Jörg Guido Hülsmann writes: The classical economists had rejected the notion that overall monetary spending — in current jargon: aggregate demand — is a driving force of economic growth. The true causes of the wealth of nations are non-monetary factors such as the division of labor and the accumulation of capital through savings. Money comes into play as an intermediary of exchange and as a store of value. Money prices are also fundamental for business accounting and economic calculation. But money delivers all these benefits irrespective of its quantity. A small money stock provides them just as well as a bigger one. It is therefore not possible to pull a society out of poverty, or to make it more affluent, by increasing the money stock. By contrast, such objectives can be achieved through technological progress, through increased frugality, and through a greater division of labor. They can be achieved through the liberalization of trade and the encouragement of savings.

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Economics

Sunday, February 15, 2015

How Truly Free Markets Help the Poor / Economics / Economic Theory

By: MISES

Ryan McMaken writes: Discussing poverty as an advocate of free markets is tricky business in today’s world. If one takes poverty seriously and points out the very real plight of the impoverished, it is often assumed that one must therefore be advocating for government “solutions” to the problem. The knee-jerk reaction of many defenders of free markets is to simply deny that poverty exists much at all, or that if the poor just try a little harder, or aren’t so lazy, they won’t be poor anymore.

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Economics

Friday, February 13, 2015

Bad Economic Idea of Devaluing Currency to Help Exporters / Economics / Economic Theory

By: Frank_Hollenbeck

Frank Hollenbeck writes: The European Central Bank's (ECB) decision to shortly print over 1 trillion euros has reignited concerns over currency wars. The euro has dropped almost 20 percent over the last six months after endless hints from the ECB.

We are in a currency war, and have been since 2008. Our current global monetary system is deeply flawed in spite of the International Monetary Fund (IMF), which was supposedly created to foster monetary cooperation and financial stability. Yet, the IMF has been eerily silent lately, which has not gone unnoticed by those who butter the IMF’s bread.

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