Tuesday, February 12, 2008

Bad Economic News

Should we be worried? The prototypical countercyclical industry - booze - just posted record profits.

The idea being, of course, is that people will drink just as much, if not more, during a recession to assuage the pain of being forced to listen to economists more than usual until the recession ends.

The other thing I've noticed is that I really dislike the development literature. Growth dynamics? Trade? Love it. Development? No. There's no elegance and I find it very subjective. Perhaps something better left to Rodrik's MPAIDs rather than academic economists. One lesson from the honours project, anyway. More on my dissatisfaction with its direction sometime later, probably if I finish writing it and still feel the same way.

ADDENDUM: Today's Globe (no free access) used the term 'crowding out' in an economic sense today, referencing the public investment in the 2010 games. Hadn't heard that term in the popular press before that I can recall.

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