Tag Archives: creative destruction

The misbegotten birth of macro

As folks may have noted, I like graphs; they can be very useful illustrations, particularly of historical trends.  Consider this graph, taken from the 2012 US Federal Budget (via). What is striking is the long-run stability of economic growth in the US, apart from one episode which stands out fairly dramatically. Very dramatically (pdf) given that: […]

Journalists are Luddites #groggate

No-one likes being made surplus to requirements, but being made surplus to requirements is at the heart of capitalism and ‘creative destruction’. In the ongoing fooferaw over Grog’s Gamut’s outing (and Jacques Chester is right, the Australian has trolled the progressive blogosphere with some skill), I’ve detected a distinct whiff of the Luddites or ‘Frame […]