Professor Mark J. Perry's Blog for Economics and Finance
According to today's Bureau of Economic Analysis report, "Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 0.6% in the first quarter of 2008, according to advance estimates. In the fourth quarter, real GDP also increased 0.6%."
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
7 Comments:
You wouldn't know if from looking at the automobile traffic in my northern California community.
A few months ago traffic was normal with many cars on the road at all times of day and night.
Now you could literally shoot a cannon down some highways and city streets at 8:00 pm and not hit anyone.
But I don't understand. I thought we were in an economic crisis and we needed to write checks to everyone and their dog!
k t cat
http://mjperry.blogspot.com/2008/04/free-trade.html
Lawrence Summers describes public policy driven by "human interest stories" rather than economics which seems to sum up the present stimulus approach.
Have read articles that compare the present crisis to Stagflation of the 1970s, as well as the Great Depression predicting the most serious crisis in 50 years. Despite all of the hyperbole, the American economy seems to be managing to hang on and weathering the present problems. Reminds one of Mark Twain saying that the new reports of his death were premature.
Next predicted catastrophe would appear to be the "food crisis". Tyler Cowen has a good piece on this above.
No recession. Positive growth. Suck it.
I will say it again, people are using "recession" to mean "tough times for consumers". This is wrong, and politicians should not be suckered into this. Fuel prices have risen sharply lately, some food prices too. Doesn't mean recession, just means high fuel prices. For those that kept saying worse recession in the last million years because Bush is the worst guy since Hitler - suck it.
"No recession. Positive growth. Suck it"
If only I were the editor of a major U.S. newspaper. That would tomorrow's above-the-fold headline.
Enjoy your blog insights tremedously.
Anyone have some old newspapers around? Was the press screaming recession/depression back in 1994/95 when there were back-to-back quarters of sub 1% GDP growth?
Anyone have some old newspapers around? Was the press screaming recession/depression back in 1994/95 when there were back-to-back quarters of sub 1% GDP growth?
I did a little (very little) research. The NYT ran articles quoting economists correctly predicting a "soft landing" (i.e. slow growth but avoiding a recession) - the same situation we have today. Of course, Clinton was in the White House, and this was the NYT. The current administration does not receive the same treatment.
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