[Right Brother]

Unemployment is still near 8% three years into the recovery

Stopped reading right there.

[EQAndyBuzz]

Obama is worse
Romney will win this Tuesday
Fare thee well sh*thead

I thought it was a Haiku thread. My bad.

[Tublecane]

“Stopped reading right there”

That’s not right. We are sometimes hamstrung by words, and in economics “recovery” has a different meaning than you’d like. All it need mean is that the e onomy is not shrinking anymore. If nothing else is true it is so that we do not have shrinkage—or “negative growth” like in ‘08.

I have long battled in my head against the “monopolistic competition” of equilibrium theory. The idea that we call whatever business that can effect demand a monopoly is insane, based as it is on the never in reality fulfilled assumption that all market participants have perfect knowledge of supply and demand. But that is, or at least was, accepted terminology. I don’t stop reading authors who employ it.