by Dan Mitchell | Sep 22, 2024 | Blogs, Economics
Economists widely agree with the theory of “convergence,” which is the (mostly true) idea that poor nations should grow faster than rich nations as they catch up (converge). But there are exceptions. Sometimes a richer country will grow faster than...
by Dan Mitchell | Sep 11, 2024 | Blogs, Economics
I’ve repeatedly cited monthly data from the Labor Department to show that workers have struggled during the Biden-Harris years because inflation has increased faster than wages. Those monthly numbers specifically show that workers...
by Dan Mitchell | Aug 30, 2024 | Blogs, Economics, Trade
Frederic Bastiat, the great French economist from the 1800s, explained that a good economist looks at both direct effects and indirect effects of government policies. Here are a few examples. If tax rates are increased, a good economist will look at the...
by Dan Mitchell | Aug 29, 2024 | Blogs, Economics
I’ve written many times about how Americans are much richer than Europeans. And I’ve also written many times that the U.S. economy has been growing faster (which shouldn’t happen according to convergence theory). There’s a...
by Dan Mitchell | Aug 27, 2024 | Blogs, Economics
I periodically write wonky columns explaining that gross domestic income (GDI) is a better measure than gross domestic product (GDP) because it is more useful to focus on how income is earned rather than how it is allocated. There’s not a...
