"Please Stop Calling It A Recession"

[Solid_Choke]

@Inquisitor

He offers a general outline in that article I posted.

Praxeology is the foundation of all economics - it is not a tool, it is the discipline’s very basis. If, however, you can incorporate Keynesian insights that are not nonsensical, then all the better; there’s nothing wrong with that. Personally, I think the Austrians can gain far more from the Public Choice school, and that is where they should be directing fruitful discussion towards, and not the (neo-)Keynesians. Just so you’re aware, Reisman is an Austro-classical economist; he’s attempted a fusion of Austrian and classical economics, so he might interest you. Garrison has also written extensively on a possible Austrian macroeconomics (in his Time and Money), and I believe he demonstrates in which regards it is superior to competing alternatives, so be sure to pick it up if you’re interested.

I will. Thanks for the advice.

[user12]

Hi,

Certainly not an expert on economic statistics, but I can point some of you to an interesting article on the value of current government economic reporting. For those of you who haven’t seen Kevin Phillip’s recent Harper’s article on this subject, here is the online version of, “Numbers Racket: Why the Economy is Worse than We Know”.

http://www.tampabay.com/news/article473596.ece

Bottom line: Phillips follows the efforts of private economists (most notably, John Williams of Shadow Statistics) who have compiled their own data on GDP, inflation, and employment, and concluded that government reporting of economic numbers has become increasingly twisted and misleading over time.

As some have already mentioned, the nation’s economic growth, if measured in real terms (accounting for true inflation) would likely show a recession already underway.

See also, the related articles and links in this post:

http://financetrends.blogspot.com/2008/05/bloomberg-surviving-slowdown.html