Tag Archives: Nick Rowe

That trading thing people do

Canadian economist Nick Rowe made a comment on a blog post on comparative advantage that bugged me: The way I teach it, all gains from trade come either from differences between people, like comparative advantage, or else from economies of scale. So I think gains from trade is not more basic than comparative advantage. Gains […]

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: […]

There is no such thing as just money

I have been doing a fair bit of reading in the history of money and monetary theory to try and understand money, particularly its origin and use. A thing reveals its nature through history, to understand the history of something is to much better understand it. I was aware that modern macroeconomics is bedevilled by […]