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Bitcoin: Wave of the Future or Flash in the Pan?

Essential Requirements of a Currency Essential Functions of a Currency Essential Characteristics of a Currency About Bitcoin What Is Bitcoin? Advantages of Bitcoin relative to Other Currencies...

Playing the Currency Game

The Structure of the Currency Game Definition of Volume of Trade Patterns in Volume of Trade by Country GDP Patterns in Trading Partners In my previous blog entry, “Making Sense...

Making Sense of the Currency Wars

Introduction Basic Macroeconomic Relationships The Quantity Theory of Money Purchasing Power Parity Interest Rates Gross Domestic Product Putting It All Together Data for Select Countries E...

The Increasing Significance of the Shadow Economy

23 January 2013

Definitions Why Do We Care about the Shadow Economy? The Shadow Economy Invalidates Government Statistics and Policies The Shadow Economy Affects the Official Economy Shadow Economies Evince Ci...

The Changing Nature of Safe Haven Markets

05 January 2013

Introduction Safe Havens Definition List of Safe Haven Assets Size of Safe Haven Asset Markets Downgrading of Countries’ Sovereign Debt Threatens Global Supply of Safe Havens Estimates of Glo...

The Structural Nature of Changes in the Labor Markets

17 December 2012

US Unemployment Data The Changing Nature of the Labor-Capital Game The Labor-Capital Game V.1: Pre-1980s V.2: 1980s – 2000s V.3: 2000s - Job Mismatches The Job Mismatch Issue The Changing N...

Main Issues Currently Affecting the Global Economy

17 December 2012

My goal here is to enumerate those issues that will determine the probable evolution of the global economy in the near future. The global economy is dominated by the economies of the US, Europe, an...

Playing the $1 Coin Game

17 December 2011

Conversion to $1 Coin: US Government Conversion to $1 Coin: Private Industry Conversion to $1 Coin: Consumers Special Interest Groups Other Issues Efficiency of US Currency A recent a...

The Great Stagnation: The Internet Has Not Been a Revolutionary Innovation… Or Has It?

GDP vs. Social Value GDP Is Not an Accurate Measure of Well-Being Has the Internet Been Revolutionary for Well-Being? Tyler Cowen, an economist at George Mason University, recently publi...

Inflation or Deflation? The Answer in a Nutshell

18 November 2010

I don't normally write about macro issues. However, there has been a tremendous amount of debate in the media over whether the US imminently faces inflation or deflation. I've read a lo...

Problems with Aggregate Measures

18 September 2009

A recent article in the NYT, “G.D.P. Seen as Inadequate Measure of Economic Health” by David Jolly, discussed the inadequacy of using GDP alone (“It’s not a question of replacing G.D.P. It’...