Economic Populist Commentary

Economic commentary by a pro-capitalist, economic populist. Demand-Side Economic theory. Consists of author's economic views. Questions & comments appreciated. Dissenting views are VERY welcome and encouraged. Main "agenda" is crafting and advocacy of a "populist" economic agenda. A secondary goal is prevention of an economic Armageddon. Encouraging open discussion of US economy.

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Location: Southern California, California, United States

The author is a physician by profession, and a "student economist" by necessity. The current status of our economy necessitates the latter. The intent of this blog is to explain and discuss economics in layman terms. It is designed to promote thought and discussion. It is written by a layman. Comments and critiques of these theories and letters are welcome and ENCOURAGED. Dissenting comments are also WELCOME! They form the basis for discussion.

Monday, December 20, 2004

Topic Suggestions

Submit any topics you'd like to discuss or hear about in the "comments" section here.

Mike

HOME: http://www.unlawflcombatnt.blogspot.com/

27 Comments:

Blogger SciFiGuy said...

Politics and Social Issues

Just wanted to stop by and say hello to Unlawfulcombatant, who'd been posting at my website at ezBoard.

In all honestly, I am not one to be into topics pertaining to dollars and sense, though if this site should ever expand to include topics pertaining to politics and/or social issues, that would be right up my alley!

Oh, and of course, needless to say, science-fiction and fantasy!

Best wishes,

~ SciFiGuy

3:40 PM  
Blogger unlawflcombatnt said...

SciFi,

Thank you for your comment. You've convinced me that I need to work on another aspect of my blog. I need to get people interested in economics. The economy affects everyone. I'll work on making it more interesting.

Numbers aren't necessary to explain basic ideas. They're just necessary to back them up. Thanks again for your comments.

Mike

7:42 PM  
Anonymous Anonymous said...

I just found your site and have read but a few of your pieces. The discourse is interesting and written in an easily accessible style. Nicely done.

Perhaps I missed it - but I would really like to see your assessment of the method used (CPI) to calculate the rate of "inflation/deflation" . Is there any validity to the notion that the inflation rate is regularly underestimated? What do you think about the basket of products used to calculate the index?

9:12 AM  
Blogger unlawflcombatnt said...

Anonymous,

Thank you for your comment. My apologies if I'm late getting back to you. I'm actually researching the methods used to calculate the consumer price index at present. I understand most of it, but I can't put it into words yet -- at least not in a way anyone would understand. When I do, I will comment on it. It is certainly worth discussion. Others have made the same request. Thanks again for your response.

3:12 PM  
Anonymous steelman223 said...

I have been stuck on economics all day now and I have found more information than I can decifer. It all started in a political forum where I found your comments. I responded as the layman I am and asked about the "global economy". I then came here and searched for information to come up with my own opinions ( even commented in yopur defense on the OUTSOURCING REDUCES GLOBAL WAGES page). I cannot understand most of this (although I am pretty good with the math) as I am not an economist.

I do know and found information to support the reason I am concerned about my future and the future of my children. INFLATION. This leads me to even more information I cannot proccess. Is it inflation, the "global economy", the politicians, the wealthy, or the 98% of us who work and pay who cause a problem that can be fixed? What exactly can be done to solve any one of these problems?

I am now very interested in economics, thanks to you. I almost wish I wasn't now. I think it would have been nice to live in the "good old days" when we didn't have all of this information. Solving problems is what I do. I don't think I can engineer a fix for this one though. Geometry does not apply.

12:02 PM  
Blogger unlawflcombatnt said...

Steelman223,

Thanks for your comments. I'm glad I got you interested in economics. That's exactly what I am trying to do on my blog.

In answer to your question, I'd say it is the global economy, the politicians, and the wealthy. I do not think it is the 98% of us who work and pay who cause a problem. It may be that those 98% have not voted wisely, or spent wisely, but much of this is the fault of media. It's almost impossible to get accurate information on our economy.

I don't know if you've read my letter on the "Wage-Productivity Gap." This is a very important concept to understand in order to see where our problems are. Under that section I've tried to summarize this concept. Much of what I have written I need to credit to economist Ravi Batra, and his book "Greenspan's Fraud." His description of the Wage-Productivity gap is excellent, and I borrowed much of his ideas for that letter.

Basically, Americans have become more productive, as measured by their increased "productivity." However, their wages have not increased as much as their productivity. This creates a gap between the dollar-value of what Americans produce, and the dollar-value of what they can purchase with wages. The result is that Americans cannot buy all of their production on wages alone. To put this differently, Americans are over-producing in relation to what they can purchase from wages alone. Debt-financed consumer spending has stepped in to bridge the gap. As a result, the wage-productivity gap has gone largely unnoticed. Consumer spending has not dropped, as would have been expected by stagnating wages. Thus the contribution that borrowed money has made to consumer spending has largely obscured the decline in wage-financed consumer spending.

I'd like to try and address the inflation issue in a separate letter. It's a very confusing issue, and one susceptible to a lot of spin. I'll have to get back to you on what the solution is to some of the other problems, such as globalization. I'll just end by saying that the benefits of globalization are grossly overstated, and the harm it does is deliberately played down.

In my opinion, "globalization" has done absolutely nothing beneficial for the United States, except increase short-term corporate profits. In contrast, the damage it has done is tremendous. And it is becoming worse by the minute.

unlawflcombatnt

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