« Zero Sum Plunder Gives Way to Positive Sum Trade |
| MIses, Equilibrium and the Problem of Misplaced Concreteness »
Over at The Independent Institute's blog, Angel Martin has a nice post with some useful graphs that nicely complement this post of mine and provides some evidence for a number of points Bob Higgs has been making.
Posted by Steve Horwitz on September 25, 2011 at 08:00 PM | Permalink
TrackBack URL for this entry:http://www.typepad.com/services/trackback/6a00d83451eb0069e2015391ddfee9970b
Listed below are links to weblogs that reference Some More Actual Data on the Slow Recovery:
You can follow this conversation by subscribing to the comment feed for this post.
I've been travelling and haven't chimed in on the recent posts. Having spent a lot of time with businessmen reecntly,I will report that uncertainty is a constant in the discussion. There is no taste for risk taking in the current regime.
There is ample evidence that loans are available to good credits. Good credits are also likely to have lots of cash, however, so observed borrowing remains depressed. The mere observation of low credit creation does not tell us whether that reflects demand or supply constraints.
Banks are capital constrained (which I have been saying since the crisis began). That means they are fussier about the quality of the credits. So there are constraints on both the demand and supply side at work.
The stubbornly high unemployment rate is troublesome, and I also believe multiple factors are at work there. Given that people are being paid not to work for longer and longer periods, however, why exactly is that a surprise?
Jerry O'Driscoll |
September 26, 2011 at 10:01 PM
I would also suggest to pay more attention to the housing sector dynamics, given that it seems to be residential investment the key to explain the relative stagnation of private investment, as shown in this graph: http://research.stlouisfed.org/fred2/graph/?id=GPDIC1%2CPNFIC1%2CPRFIC1%2CNRIPDC1
In this graph you can see how nonresidential investment has partially recovered, but residential remains totally depressed.
Ángel Martín |
September 27, 2011 at 05:02 AM
The comments to this entry are closed.
Peter J. Boettke: Living Economics: Yesterday, Today, and Tomorrow
Christopher Coyne: Doing Bad by Doing Good: Why Humanitarian Action Fails
Paul Heyne, Peter Boettke, David Prychitko: Economic Way of Thinking, The (12th Edition)
Steven Horwitz: Microfoundations and Macroeconomics: An Austrian Perspective
Boettke & Aligica: Challenging Institutional Analysis and Development: The Bloomington School
Coyne & Leeson: Media, Development, and Institutional Change (New Thinking in Political Economy Series)
Peter T. Leeson: The Invisible Hook: The Hidden Economics of Pirates
Christopher Coyne: After War: The Political Economy of Exporting Democracy (Stanford Economics & Finance)
Philippe Lacoude and Frederic Sautet (Eds.): Action ou Taxation
Peter Boettke and David Prytchitko: Market Process Theories
Peter Boettke (Ed.): The Legacy of Friedrich von Hayek
Peter Boettke: The Political Economy of Soviet Socialism: the Formative Years, 1918-1928
Peter Boettke: Calculation and Coordination: Essays on Socialism and Transitional Political Economy
Frederic Sautet: An Entrepreneurial Theory of the Firm
Peter Boettke & Peter Leeson (Eds.): The Legacy of Ludwig Von Mises
Peter Boettke: Why Perestroika Failed: The Politics and Economics of Socialist Transformation
Peter Boettke (Ed.): The Elgar Companion to Austrian Economics