Thursday, October 9, 2014

An Inclusive Economy: Where to Begin?

It's a question which seems all the more pertinent, given the fact that monetary policy is close to stabilization - at least for now. And, at a growth level which many who are sympathetic to market monetarism, are starting to accept. Now it's just a matter of crossing one's fingers and hoping the U.S. doesn't scrape bottom in the next recession. Here's David Glasner:
...at least in the US, the economy seems to have reached a sustainable growth path that seems likely to continue for the near to intermediate term. I think that monetary policy could be doing more to promote recovery, and I wish that it could, but unfortunately, the policy is what it is...Falling oil prices, because of increasing US oil output, suggest that growth may speed up slightly even as inflation stays low, possibly even falling to one percent or less. At least in the short term, the fall in inflation does not seem like a cause for concern.
How to think about this? For one thing, decreased reliance on credit formation could potentially become a positive for growth, were innovation already in place to allow more incremental forms of ownership. However, since that has not yet happened, limits in credit formation continue to be seen as a negative which consequently "must" hold back the economy. Various factions continue to blame one another for structural problems, and growth in aggregate is lost as a result.

One of the unfortunate aspects of this circumstance, is that dependence on credit based consumption exposes the commodity based core which even the central bankers of developed nations continue to rely upon, for monetary formation. Perceptions of a consumer led economy have been more responsible for the representation of individuals, than the actual potential of human capital in aggregate. In short, money has become more important than individual skills capacity, but the two cannot be so easily separated from the other.

As a result, the U.S. economy still relies on commodity factors which can make it difficult for central bankers not to overreact, should oil prices once again spiral. If that were not enough, the gradually declining role of oil in the economy over time, means uncertainty for the long run. Fortunately, a lot of uncertainty could be turned into confidence, should individuals gain the chance to arbitrage their own skills potential as primary wealth.

In order to generate a more inclusive economy, aggregate participation needs to become a more central component of economic - and social stability - than has been possible until now. The spatial densities that would be possible in knowledge use systems could gradually increase today's growth trajectory. What's more, closer densities for living and working can also gradually ease the dependence on oil, so that economic stability remains possible when oil capacity starts to dwindle.

An inclusive economy is not just desirable in terms of monetary stability, it also matters greatly for social and political stability. Approaching the concept in these terms can help to overcome many problems which otherwise seem insurmountable on their own. If there is a missing link between microeconomics and macroeconomics, it would be the measure of our time representation. Perhaps this missing piece of the puzzle, can eventually bring the larger picture into clear focus.

Wednesday, October 8, 2014

Some Notes on New Community Potential

Positive growth is too often relegated to the most desirable income equilibrium, which can create a one dimensional economy. These are the planned forms of housing and accompanying infrastructure which everyone takes for granted. And yet, some means of living and working in this equilibrium, do not match up well with the options that many actually have. As a result, further growth is constrained, or else takes the form of negative externalities such as privately owned prisons, "wars" on anything deemed "evil", and other unfortunate attempts at generating social and/or political stability.

Who doesn't want to be part of the "regular" equilibrium? That's perfectly normal. But why make life more difficult than necessary, for those who don't experience the same degree of success? Why should governments or private industry take advantage of the ones who don't have the income to "properly" belong?

Incomes are always going to vary wildly, yet too many rules and regulations pretend as though it were otherwise. This especially holds true for arbitrary services settings supposedly for "all", some of which look more like mini Taj Mahals than anything else. Far better, to have more than one "normal" equilibrium for services, businesses and asset flows, where human efforts to "belong" can actually remain within reach.

How to envision more positive forms of growth? A good way to bypass a lot of Nimbyism and exclusivity, is to start from scratch in ways that do not directly compete with the already existing equilibrium. This would allow innovative, desirable and respectable living and working options for lower income potential. Just the coordinated effort to build on existing aggregate income, is a strengthening factor. Nothing about the choices involved need be "flimsy" or of a temporary nature, and antifragile concepts can be integrated into the designs.

Doubtless, new community settings would not be completely welcome. After all, they would pose challenges for the reigning status quo which often says conform or somehow disappear. Even so, new settings would be far better than the limited economic growth realities of the present. Much of today's missing growth is also the marketplace which has been disallowed. No one needs to argue that existing systems are somehow blameworthy. Rather, it is about allowing alternative concepts to exist alongside them.

Communities which generate knowledge use structures, can create inclusive investment and services through internal means, as part of the process. In some instances these new communities could be located near the cities which otherwise have little room for lower income levels. Indeed, this nearby access could assist some municipalities in their struggles with higher income demands that are due to lack of local shelter. Some city businesses which need lower income level workers, might offer assistance in locating land outside cities for these new communities.

One advantage of allowing lower income levels to become a part of planning, is that they can assist in design for a variety of mobility patterns which do not require the use of automobiles on a daily basis for work needs. Just the fact of not needing to own a car, means that individuals would be able to set aside a greater proportion of income to commit to the transportation options which new local communities could generate. What's more, the fact that their transportation taxes are involved, would mean their direct votes for transportation options would be included as well.

A built in transportation tax budget could be a specific part of local taxation which makes more sense than - say - lifetime taxes for schools. Why? Because citizens will be utilizing local transportation patterns - whatever they consist of, even walking trails - for the full course of their lifetimes.

I'm not arguing against support of local education. However, I do think that education of all kinds needs to quit offering false promises regarding economic inclusion. False promises would not be so bad, if school attendance and its property taxation were not mandatory! If citizens are to stay committed to public education, education as a whole needs to complete the circle for local citizen participation on economic terms. Particularly since citizens are expected to pay school taxes for the full length of their lives. Apologies if I sound grouchy: the local school just flattened a decades old pecan grove walking trail two days ago, only weeks before the pecans were ready. Some of us old timers are really going to miss that pleasant spot.

Building components for new communities can start with a solid infrastructure core and grid. This grid could connect to the flexible components for living and working, which can also be taken down, reconfigured, bought and sold as needed. Hence an infrastructural core for both business and residential options might include solid cores to store valuables in the event of hurricanes and tornadoes, depending on location. Another necessary element would be lightning rods, throughout the grids,

While the solid building core could be traditional structures i.e. tornado shelters and the like, the flexible components which are part of the same grids, can be continually adapted to technological innovation. For instance, technology could readily provide spatial elements so that the portable walls become screens for whatever world one might imagine themselves to be in. During months of dreary weather, "armchair" travelers could become treadmill travelers, as interior walls become walking landscapes for whatever place one would travel if they could.

In terms of solidity, by far the greatest antifragile measures for new community settings, would be the knowledge systems for production and services formations. Because knowledge use would not be separated into single representations or "pretend use" settings, voluntary group efforts can eventually build cumulative wealth formations which would not be easily broken.

Doing so, could also provide more economic complexity, precisely where it is needed most. All too often, branches of knowledge which can seem so full in the right economic settings, can elsewhere seem as though sparse branches with scarcely any "leaves", at all. Perhaps knowledge use could be tended to as relatively small, yet unique trees in many local settings. The full sets of leaves which would be the result, would be worth far more than the stunted trunks and branches which too often comprise local offerings. Just because resources appear as though limited at local levels, does not mean they cannot be readily coordinated for more immersive experiences in sights, sounds and knowledge use than is now the case.

Midweek Market Monetarist Links and Summaries - 10/8/14

What an exciting week it has been for Scott Sumner! Out of the Dark Ages: The first step
Scott lists some of the initial donors, and "gets the ball rolling": Thank you
Working out the details...Why is it so expensive to to create an NGDP futures market?
Japan did an incredible amount of fiscal stimulus for 20 years and still got deflation: Men with two feet on the ground
...but how useful is it? A perplexing survey confirms all my priors

Some Econlog posts from Scott
Still no free lunch
Currency and lotteries: is there a free lunch?
Bill Woolsey responds to the "free lunch" posts: Sumner on Currency, Lotteries and Free Banking
(Scott) When does moderate redistribution make sense? Words and meaning (good theft and bad)

Lars Christensen acknowledges Leland Yeager's special day, and also provides links for other tributes from Free Banking: http://marketmonetarist.com/2014/10/04/leland-yeager-at-90-happy-birthday/
also, a great tribute from Bill Woolsey: Happy 90th to Leland Yeager
Why bother with LCMI when an NGDP level target would be so much better? http://marketmonetarist.com/2014/10/06/the-fed-was-targeting-the-labor-market-conditions-index-30-years-before-it-was-invented/

(Marcus Nunes) What were they thinking? http://thefaintofheart.wordpress.com/2014/10/01/a-case-in-which-economists-skepticism-proved-correct/
"In the EZ case, the Hydra is winning!" http://thefaintofheart.wordpress.com/2014/10/01/the-twelfe-labors-of-hercules/
More misplaced inflation fears: http://thefaintofheart.wordpress.com/2014/10/02/a-revival-of-the-cost-push-theory-of-inflation/
Marcus looks at the labor force participation rate over the last three cycles: http://thefaintofheart.wordpress.com/2014/10/04/is-there-an-alternative-less-painful-world/
James Bullard notes that central bankers have been patient with the economy as it prepares for liftoff...??!! http://thefaintofheart.wordpress.com/2014/10/04/11140/

There's too much reductionism (David Glasner) http://uneasymoney.com/2014/09/30/explaining-the-hegemony-of-new-classical-economics/
Walras's Law only goes so far...http://uneasymoney.com/2014/10/02/franklin-fisher-on-the-stability-of-general-equilibrium/

Would we recognize a central bank that was paying for government spending by printing money? (Nick Rowe) http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/10/gali-government-spending-and-goats.html
Nick provides a brief summary of his views: http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/10/g-ngdp-zlb.html
LMI forecasts? One equation is not enough. http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/10/how-to-test-whether-the-lmi-lmci-is-a-good-indicator.html

If only Obama would read this post...(Benjamin Cole) http://thefaintofheart.wordpress.com/2014/10/04/obamas-big-last-chance-the-president-if-clever-could-fill-four-fomc-seats/

Neither of our political parties is presently doing well with monetary policy roles (Bonnie Carr) http://dajeeps.wordpress.com/2014/10/05/paddling-upstream-my-big-dilemma/

"Like gold, credit is subject to laws of supply and demand." (James Caton) http://moneymarketsandmisperceptions.blogspot.com/2014/10/endogeneity-of-credit-expectations-and.html

World savers: from Treasuries...to housing? (Kevin Erdmann) http://idiosyncraticwhisk.blogspot.com/2014/10/the-aggregate-demand-problem-housing.html
Will investment growth mostly come from industry? http://idiosyncraticwhisk.blogspot.com/2014/10/young-adult-male-employment-and-housing.html

A good primer post from Sam Bowman at ASI: Nominal GDP targeting for dummies

Also of interest:

(James Pethokoukis) Why the 'most important chart you'll see this year' has big problems

The causal density relationship is apt: http://www.arnoldkling.com/blog/john-cochrane-on-inequality/

From Bruegel: http://www.bruegel.org/nc/blog/detail/article/1450-the-fed-and-the-secular-stagnation-hypothesis/

Monday, October 6, 2014

The Economy: Feel "Better" Yet? Hmm...

Who would have thought that an improved economy would still leave a feeling of muddling along, and yet this has been the case. Democrats aren't getting many accolades for "better" rhetoric, in spite of considerable gains on Obama's watch. Even as plenty of folk are uncomfortable with the "hard right turn" among Republicans, there's little enthusiasm to be had for Democrats, either. According to E.J. Dionne:
Democrats...have made their living as the party that lifts up the many and not just the privileged few. Republicans have traditionally said that growth is everything and if the rich get richer, their success will eventually work its way down to everyone else.
Interestingly, both of these "normal" perspectives have shifted somewhat. How many Republicans continue to promote growth?? Meanwhile, Democrats can scarcely continue to pursue policies which lift up "the many", which is why the middle class appears as though squeezed. Of course, the current fiscal definition for many needed services, does not help their case.

Services as fiscal in nature, is also problematic for Republicans - albeit for different reasons. Even though recent Republican arguments highlight the problems of the poor, the same service sector issues which plague the middle class, particularly plague the poor. For instance, cutting bloated programs in favor of a general income, does not get to the root of structural services limitations which remain in the system. So far, neither party has been willing to seriously consider the supply side problems which continue to stand in the way of economic access.

As a result, many Democrats and Republicans aren't willing to back substantial growth, in part because they desire growth on terms which satisfy their goals. If that were not bad enough, recent years of focus on economic dialogue has not even translated to a greater public understanding of monetary policy in general. As Bonnie Carr indicated:
This just goes to the point that almost no one is the wiser about macro than they were 8-10 years ago. We haven't had the public debate necessary to put all of the fallacious arguments about the origins of inflation to bed forever, leaving us vulnerable to inflation nutter talking heads and monetary policy that is in disarray.
She also spoke of a decline in blog traffic, which is indeed evident just from a quick perusal of comment sections for normally high traffic blogs. Often, there's more spam to be deleted, and less engagement with post authors. I believe that the public has become weary of discussions which seemingly go nowhere, hence are trying to get on with life as best as possible. Who can blame them!

All along, political factions have been too interested in making solutions about their own personal platforms, instead of engaging with the public to see what other visions of progress might actually exist. So even as the blogosphere succeeded in heightening the volume of the discussion for a time, the results often felt more political in nature, than anything else.

As Scott Sumner now reaches out to provide greater monetary definition with a futures market for NGDP...why aren't other private interests trying to do the same for the marketplace as a whole? Why aren't entrepreneurs going straight to the public to find out the infrastructure shifts they actually seek, instead of leaving this vital matter to Washington insiders? There is so much that could be gained, by looking beyond the political gridlock of the present. After all, Washington gridlock is of a nature that citizens might not feel better, for decades.

An unfortunate aspect of political realities is that too many people are paid - quite well - to "stay in line". Which in turn means brilliant minds that are exponentially smarter than my own, are not always free to voice their own ideas for progress. It's true: more inclusive ideas invariably step on the toes of someone within our economic, familial and social realm - whatever one's connection to the economy or lack of it. But without structures to meet changing realities, the "logical" standards not only become more distorted over time, but boring. Finally the same old same old wins the day. And yet...how long will the day remain "won"? One wonders.

Saturday, October 4, 2014

Paid Work: What Options Presently Exist?

...that is, in an overall sense across the U.S. After all, this is a very spread out country with equally spread out job opportunities - often thousands of miles apart. More paid work can be had than even recently, for those with the stamina and initiative to seek out flourishing areas. Certainly it can be done: indeed, my father needed to find work away from home for nearly two decades, before he was able to retire hence return to our hometown.

As unemployment statistics return to a (more) normal range, one hopes that all eyes will remain focused on actual labor participation in the marketplace. There is a strong cultural expectation for both sexes to remain at work as long as possible, which is not likely to change any time soon. How much does accessible work matter to populations in general? How much commuting - and living temporarily away from home - will remain the norm? Time will tell, particularly as populations adjust to the limits which the Fed has set on monetary conditions.

Fortunately I had several decades of productive (paid) work history, before my own working options became limited. Health concerns have made me more cautious than I used to be about solo out of state moves, after a new start - in an area distant from family - went awry. While still recovering from surgery, I began the "unpaid" work which gradually became a broader project for economic access.

At least there were many good years of friendships and a wealth of experience in the workplace to be glad for. Reflecting on those years still brings me benefit in the present. This is why I remain especially concerned for all who struggle to find good work options at the outset of their working lives. It's those formative work years that sets one's expectations and goal sets for the future. When that gets thwarted...what can one do? In a sense it's like being stuck in a neutral gear, instead of the normal "drive" which takes us down the road of life.

Today's paid work opportunities often exist at opposite ends of the income spectrum, That in turn means a different approach on the part of job seekers. While higher income positions remain relatively easy to move for (and travel for to seek out ahead of time), often this isn't the case for lower paying positions. These also tend to be the ones where employers understandably prefer that applicants already have a local address.

Hence some low skill positions may remain unfilled when not enough locals apply, while potential applicants from other states have an extra issue to consider. After all, getting a local address first can be a gamble, if no job opportunity actually pans out. The prospect of ending up homeless (when the money runs out) also frightens some job seekers, as local online forums can attest. Because of circumstance such as this, short term subsidies could assist with moving costs, to match up job seekers with hiring employers. At the very least, this political possibility is one that many could agree on.

Of course in the long run, better work options need to exist wherever we are, particularly if real economic growth is to occur. One of the benefits in that regard is that it would eventually be possible to reassess the disabilities that actually keep individuals out of the workplace. Chances are, if knowledge based services work is more broadly shared, only a fraction of today's disabled individuals would feel compelled to remain on the sidelines. And that would be a tremendous plus, as well.

Thursday, October 2, 2014

Governments...What Are They "Good For"?

According to some folk, governments are the end all be all of what the economy is about! Hence, some online conversations almost feel "doomed" from the start, if a participant believes that the government is responsible for all marketplace definition, while the other believes in free markets alongside limited interpretations for government roles. That was the case this week with a number of posts between Scott Sumner and Matt Bruenig. Even though Sumner's view of government roles is quite nuanced, Bruenig did not intend subtleties as a takeaway for the discussion - to put it politely.

Often, nuance does not get the chance it deserves in discussion, in part because of the degree of reductionism which is taken for granted in macro, in general. David Glasner posted about this "no exceptions allowed" mindset, and a commenter named Dan took the conversation in an interesting direction. With a few minor edits I'll include a portion of his comment:
How do microfoundations include "government" in their models - on a microfounded basis? Who is the representative agent for determining the needed allocation of resources to these functions of government seemingly everyone agrees are government necessary functions? (not to mention who gets to decide which functions are necessary?) On what microfounded basis?  
In general I have never seen an argument or explanation for how underlying structural levels of government should be optimized. Everyone seems to either hate the government or like the government or, tangentially accept the government's role in institutions. I haven't ever seen anyone just rigorously define the beast's role in the economy. 
Sometimes it almost seems as though the idea of government itself can get in the way of what people actually want to accomplish. Governments have important roles to play in society, but unfortunately too many of them are refusing to be the arbiters of cooperation that populations actually need. At least three conceptual themes in this regard, appear to be in disarray. First, there are widely divergent views regarding how economies function, Then, perceptions of monetary flows in said economic circumstance are muddled. Last, but certainly not least, views differ as to the actual importance of citizen participation.

Regular readers have a sense how I feel about government roles. Governments could realistically make themselves stronger - not weaker - by seeking to maximize the skills and knowledge use capacity of their own citizens. Far too much emphasis has been placed on education as a "worthy" gamble instead of an inherently useful tool, because education still has no platform to benefit aggregate time use at local levels.

Governments could particularly assist in coordinating infrastructure patterns which meet the needs of multiple income levels and lifestyle options. However, this is not the same thing as twentieth century bridges and roads infrastructure, which continues to dominate fiscal arguments. As Timothy Taylor noted:
I have a hard time believing that U.S. economic prosperity in the 21st century is going to be built on concrete and asphalt.
Today, infrastructure needs are also social. This means finding ways to turn services into local economic gains, so that austerity need not be a factor in slowing growth. Domestic summits would provide means by in which governments could gain better ideas regarding what citizens need, to regain control over their work and social realms. Importantly, this is not just about experts who are used to working and operating in the same equilibrium as governments in general. The point is to find different sets of assets to services flow structures which work for different income levels.

It makes little sense to allow further taxation to continue distorting monetary flows, and far more voices need to be considered for a wide variety of infrastructure options. Taxes make more sense, when they are capable of providing mechanisms that foster greater economic access. Services can be better met by making certain local education becomes integrated with actual needs in the local marketplace. To a degree, family formation will be limited until local economies are - once again - a greater part of the overall picture.

When a limited number of skills sets are expected to do the job for many, overall stress levels for operating efficiencies tend to be set primarily for normal circumstance. While that can work quite well in normal times, these are no longer normal times. It becomes apparent - as Brad Delong recently noted about the Ebola outbreak - that the problem becomes a shortage of people who can do the needed job - not money.

This is another reason why plenty of "duplicative" efforts for healthcare at local levels are needed, as the world becomes more interconnected. By the same token, greater flexibility in designated building structures should be a high priority for services needs as they evolve and change. While I fully expected any country with modern hospitals to be forced to turn people away in what could be pandemic conditions, I was still astonished when the first U.S. Ebola patient was turned away, on his first attempt to enter a Dallas hospital. Unfortunately that event will enter the history books, even if all goes well.

What is problematic in this regard is that sometimes a society is only as strong as its weakest links. Suddenly, what once may have seemed like adequate resources and experts for services designations, becomes woefully short. The most realistic means by which governments can provide for stressful times, is to make sure that all citizens have economic access along with the diverse kinds of infrastructures which can make that access reliable - in good times and in bad.

Wednesday, October 1, 2014

Midweek Market Monetarist Links and Summaries - 10/1/14

For every doubling of retirement years, "the rate of interest will halve" (Nick Rowe) http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/09/retirement-and-the-rate-of-interest.html
In Canada, there's a "messy" GAI which is reminiscent of  welfare: http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/09/dumb-questions-about-econometrics-and-gai.html
Nick provides a pdf link for Canada's Labor Market Indicator http://worthwhile.typepad.com/worthwhile_canadian_initi/2014/09/labour-market-slack-in-canada-and-the-us.html

Is it New Zealand? (Scott Sumner) Who has the best political system in the world?
20th century rules of thumb need not apply. Scott responds to Nick Rowe's 30 year bond yield post: Two big mysteries
24% poverty in the "market economy"? Progressive blind spots
If only this were as simple as it seems...Guaranteed Annual Income - Let's talk numbers
Slate hasn't been the same without Yglesias: Are Americans Maoists?
Krugman: economists drop models that suddenly disagree with political leanings...Krugman reviews Madrick
One can always legalize theft that "raises aggregate utility" Matt Bruenig trashes his fellow progressives 
And...know when to foldLast Reply to Matt Bruenig

Scott at Econlog:
Americans are still spending more on luxuries; Is the middle class being squeezed?
A closer look: What kind of great stagnation?
When it comes to the actual stance of U.S. monetary policy, we are still flying blind.

Nearly 3 out of 4 think the recession is still in progress (Marcus Nunes) http://thefaintofheart.wordpress.com/2014/09/23/the-wisdom-of-crowds-beats-the-fomc-anytime/
No one actually utilized the policies Lucas advocated... http://thefaintofheart.wordpress.com/2014/09/25/the-great-stagnation-sing-a-long/
Some misleading comments from the WSJ and Bloomberg: http://thefaintofheart.wordpress.com/2014/09/26/a-great-moderation-can-be-pernicious/
Continuing a discussion from a recent Britmouse post: http://thefaintofheart.wordpress.com/2014/09/27/the-barber-boom-was-more-like-a-barber-spike-aka-bs/
The demand shock did heavy damage to the supply side: http://thefaintofheart.wordpress.com/2014/09/28/the-degree-of-great-in-great-stagnation-is-a-choice-variable/
Perhaps the real mystery is that the Euro hasn't broken up: http://thefaintofheart.wordpress.com/2014/09/29/its-not-austerity-that-explains-the-relative-positions-of-the-ez-and-us/

Next recession: ZLB, here we come? (Ryan Avent) "Why is the Fed planning to fail?" http://www.economist.com/blogs/freeexchange/2014/09/monetary-policy

How to disentangle the cyclical and the structural? (Bonnie Carr) http://dajeeps.wordpress.com/2014/09/28/the-choice-variable-in-the-great-stagnation-is-monetary/

Are the hawks winning? (Lars Christensen) http://marketmonetarist.com/2014/09/25/the-dollar-rally-is-testing-the-feds-credibility/
Will the RBNZ jeopardize its inflation target? http://marketmonetarist.com/2014/09/29/when-central-banks-ignore-the-tinbergen-rule-the-case-of-rbnz/
Puerto Rico does not have a full fiscal union with the U.S. http://marketmonetarist.com/2014/09/29/did-scotland-avoid-a-puerto-rican-style-crisis-by-voting-no-to-independence/

...In which Brad Delong questions low growth policies (HT TravisV) http://equitablegrowth.org/2014/09/19/contractionary-federal-reserve-policies-2013-2014-friday-focus-september-19-2014/
http://equitablegrowth.org/2014/09/25/monetary-policy-thursday-focus-september-25-2014/

And Benjamin Cole points out Paul Krugman's arguments for growth as well: http://thefaintofheart.wordpress.com/2014/09/30/paul-krugman-is-right/

A history of FOMC dissents from the St. Louis Fed: http://research.stlouisfed.org/publications/review/2014/q3/thornton.pdf

When unemployment insurance is still the preferred course of action...(Kevin Erdmann) http://idiosyncraticwhisk.blogspot.com/2014/09/framing-is-everything-unemployment.html

Modern macro contains too much reductionism (David Glasner) http://uneasymoney.com/2014/09/30/explaining-the-hegemony-of-new-classical-economics/