As many of you know, I’m a big fan of demographics. Generally, I think, that how populations grow or stagnate and how they migrate ultimately trumps just about any effort, public or private, to order society. I’ve speculated without any data several times that the Great Recession might have some pretty profound impacts on this […]

Tyler Cowen had a typically good post about inflation yesterday. The part I want to highlight though relates to his comments about unemployment and stimulating aggregate demand: There is an asymmetry between layoffs and rehires.  If an economy starts heading into recession, robust aggregate demand may limit the number of layoffs.  But once those workers […]

Well, not surprisingly the Obama administration refuses to listen to me and instead of just letting the housing market work through its pain, they have come out with yet another “fix”. This one involves some enhancements to HAMP in their never ending search to establish price stability for the market and validate the fiction that […]