No Nonsense Economics
Relevant, hype-free insights about what’s happening in the global, U.S., and California economies.
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People should respond to real experiences more than to the labels attached to those experiences – that’s the concept of the rational agent. In practice, however, labels do matter… a lot.
- All
- blog
- Budgets & Deficits
- Consumers
- Economic Policy
- Economics
- Environment
- Funding trends
- General Economy
- Healthcare
- Innovation
- Real Estate
- Social Issues
- Taxes and Regulations
- Transportation
- Uncategorized
Surveys capture narratives that may not fully reflect reality. Today, this is on full display in Americans’ views of the current U.S. economy.
The holidays have always been a time of higher-than-normal consumer spending. However, a drift downward in spending at this festive time of year has been occurring for years. This is likely a function of many things, the most important of which may be the decline in the number of children in the United States.
For all the sophistication of modern asset markets, at their core, they are still just Keynesian beauty contests. Keynes’s metaphor for the markets derived from a special type of beauty contest where the judges don’t pick who they think is most attractive, but who they think will be most attractive to all the other judges. His intuition is that traders are mainly trying to anticipate what the average…