Last week in this space Atlas noted the dramatic revisions to employment figures originally published by the Bureau of Labor Statistics (BLS). Click here to revisit it.
Our nation is in the midst of history. We are under 80 days from the next election, including that of the future President of the United States. Campaigns are in full swing, and so is story telling. History is being told with a bit of revisionist flair, not unlike prior campaigns filled with promises and less-than-accurate recollections of earlier accomplishments.
Purchasing-power parity is like a special calculator that helps economists compare different countries' currencies based on how much stuff you can buy with them. Imagine you have a $10 bill, and you want to buy some candy. In the United States, that $10 might get you 10 candy bars.
Economic indicators give a sense of an economy’s present state. But even coincident indicators offer only a model of reality. Enter forward-looking indicators. These are measures which have historically given a glimpse into things to come. If you think quantifying the current state of an economy is difficult, predicting its future is much more so.
Olympic events always have favored athletes, but the contests must be completed to know who really was the best at a particular moment. Lots of money is on the line, especially in America. To win often means a life of more publicity and even marketing deals. For surprise winners, they’re happy to have the opportunity to prove themselves. The Olympics would be borin
The notion of control is a comforting illusion. The chaos of reality can feel overwhelming at times, so draping a veil over it can create the semblance of order. Instead, the best we can all likely hope for is influence over outcome but rarely if ever full control. Economics is a perfect example of this lack of control. There is no single puppeteer masterfully choregraph
Americans push limits. It is an integral piece of our nation’s DNA and arguably part of what makes our nation exceptional. Unfortunately, not all limit-pushing is good. Perhaps this note pushes a certain limit, and its result is less than pleasing (you be the judge), but let’s try anyway.
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