Descriptive powers do not naturally unfold into predictive accuracy. Models by their nature must eliminate variables that can be critical. An economy as large and as dynamic as ours is a wonderful and complicated thing and not cooperative to descriptions and predictions according to simple models.
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by Henry Oliner
The obsessive focus on demand also proved misplaced. Demand and supply ebb and flow in ways far too organic to be managed by central planning. Periods of innovation create new demands. New products precede their demand and subsequent manufacturing technology continuously turns luxuries into commodities.
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from Jonah Goldberg at National Review, How to Tell When Deficits are Bad As a matter of economic policy, conservatives believe that the people themselves are better at spending their money than the government is. Cutting taxes and regulations drives economic
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Scott Grannis writes in his excellent Calafia Beach Pundit Business investment remains flat, 6/27/12. Excerpt: It’s not hard to understand why business investment has been flat. U.S. corporate tax rates are the highest of any developed country. Regulatory burdens have
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The frustration with our deficit and spending is that we focus on the legislature. Massive spending cuts must come from the top down. Elected representatives are judged by the spending they bring to their districts, not by their efforts to
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“Finally, a government can give us something for nothing by running a deficit, by borrowing money from everybody and then giving everybody his money back, plus interest. This is obviously stupid and exactly what we have been doing for decades
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