Richard McIntosh

Musician, composer, intuitive seeker, free thinker, and least important of all, very pretentious political economist

[Frogmouth @yumcarton]

Pond with Swans at Dusk.
Ferdinand Keller, 1899

[Richard McIntosh @RMcIntoshMusic]

@C_Barraud Depends upon the industry.

Will not affect the whole economy.

Baumol effect is alive and well - despite AI.

[Richard McIntosh @RMcIntoshMusic]

@BretVDB Nurture also plays a role - as access to classical texts is not found equally in the natural world.

[Richard McIntosh @RMcIntoshMusic]

@BretVDB There is no such thing as opening a book pretty much at random.

Aragorn cannot heal all readers - head or heart.

[Richard McIntosh @RMcIntoshMusic]

@EmilVerner There is still no capital stock data which includes a category named AI.

[Richard McIntosh @RMcIntoshMusic]

@BrankoMilan Knowledge with a cursive flair is a lost art.

[Richard McIntosh @RMcIntoshMusic]

@BobEUnlimited Sectors where AI is important are poorly measured (price deflators adjusted for quality).

And the graph includes government - which produces the productivity statistics with a lag.

[Richard McIntosh @RMcIntoshMusic]

@econcallum Not yet.

Public policies have largely promoted the employment rate at the expense of productivity growth.

AI will mostly increase the latter rather than the former.

[Richard McIntosh @RMcIntoshMusic]

@dlacalle_IA Have not heard anyone say this.

If profit margins expand without end, do not governments have any duty to regulate competition?!?

[Richard McIntosh @RMcIntoshMusic]

@BrianCAlbrecht Almost everything.

Do not forget terms of trade, especially during commodity price shocks.

[Richard McIntosh @RMcIntoshMusic]

@LizThomasStrat Redo graph and compare with China!

[Richard McIntosh @RMcIntoshMusic]

@JeffWeniger About 70% trade and 30% domestic demand.

A small open economy with housing troubles cannot borrow and spend its way to prosperity.

[Richard McIntosh @RMcIntoshMusic]

@mattyglesias Imagine if society (Social Security) had invested a small portion in stocks rather than bonds.

The hand-wringing would instantly cease.

[Richard McIntosh @RMcIntoshMusic]

@BullandBaird Management wants to reduce share count, if and when it is paid to do so.

[Richard McIntosh @RMcIntoshMusic]

@ojblanchard1 1) Comparing relative levels is not as important than growth rates for policy purposes.

2) There is no such thing as a homogeneous sector of non-tradable services for all of Europe - likeness is less likely (especially price inflation).

3) Torturing data is a very bad idea.

[Richard McIntosh @RMcIntoshMusic]

@elerianm Economists do not have the tools (methodological individualism) in order to understand geopolitics.

Geo-economics is ego-economics!

[Richard McIntosh @RMcIntoshMusic]

@greg_ip Distribution cannot be explained by economists, as they are the last people on Earth to understand politics.

[Richard McIntosh @RMcIntoshMusic]

@fallacyalarm Because the sample does not include high inflation and negative real rates during the 197Os.

[Richard McIntosh @RMcIntoshMusic]

@acemaxx @IMFNews Graph should be done since the 1920s - sample size is too short to infer causality.

[Richard McIntosh @RMcIntoshMusic]

@Schuldensuehner Max Zorin wins!