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Daily Archive for May 20th, 2014

An Identity Crisis

Posted in Economic Illiteracy, Economics Problems, Macroeconomics, You Can't Have it Both Ways on May 20th, 2014

GDP = National Income. It is argued that GDP is not a reliable measure of well-being. I agree. Therefore income is not a reliable measure of well-being. Therefore income inequality is not a reliable measure of the distribution of well-being. And before you jump into my tribal pool, this could very well mean that well […]

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This is Profoundly Wrong

Posted in Economic Illiteracy on May 20th, 2014

More “great” economics from Vox: What happens to markets with weak competition? Three things: High prices Price discrimination Bad customer service Read the rest. While I’m surely not satisfied with Time Warner, the article’s discussion of competition leads to a little less satisfaction. First of all, in monopsonistic markets, less competition means lower prices, so […]

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