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I live in Michigan. Let me assure you that this is not Ron Paul country.
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People work less now because they want to work less. Do you know anyone who wants to go back to working 80 hours a week?
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Hahaha, someone hasn't been getting enough love lately.
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I'll be sure to check out the book. And I'm not denying that incomes have been growing less than before, I think that's a fairly wide accepted fact with quite a few explanations. But looking at the actual data, the household income has been falling as individual income has risen due to falling household size - I have not yet seen any reliable
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Ohhh, I see. That's actually quite interesting. Are their many strains of bacteria cross-resistant to antibacterials and antibiotics?
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Income stagnation and falling incomes are two different things... which is it, Student? IIRC, household data frequently shows falling income - but this is because household size has shrinked (shrunk?) in recent years. Regarding stagnant, not falling income, I wouldn't be too surprised by that claim. International trade does have some redistributive
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Another problem with this whole "antibiotics are a market failure" idea is that individuals do face costs when they use antibiotics - they wipe out your gut flora, worsen your digestive tract, can actually weaken your immune system, etc. So this picture that some paint of everyone using antibiotics at all times is simply silly. The costs of
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I may have posted this question too soon... I believe I have found an answer using my superior google-fu: The real business cycle model regards fluctuations in factor productivity as the major source of fluctuations in economic activity. These fluctuations in total factor productivity, “the effectiveness with which workers and machinery generate
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This isn't a market failure at all - people have to use antibiotics in order to fight infections. In the course of things, eventually "superbugs" develop that are resistance to those antibiotics. The alternative is to allow a whole lot more infections, death, and lost time from work/etc. in order to prevent "superbugs" from arising
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Question to you guys who know a bit about both mainstream macroeconomics and Austrian school economics… Does the Solow residual explain the ABCT? Here’s my reasoning: The short-run fluctuations of the Solow residual match the short-run fluctuations in real GDP, and thus seem to indicate that business cycles aren’t caused by changing