For a variety of reasons, Chinese economic policy makers resist pressures to allow the yuan (or renminbi) to rise against the dollar. On this side of the great pond (i.e., the Pacific Ocean), politicians (see H.R. 2378 Ryan-Murphy bill) and many economists clamor for explicit pressure that “forces” the Chinese to allow the yuan to … Continue reading The Yuan Also Rises?
In the paragraphs below, I attempt to both summarize McGraw’s description of Schumpeter’s contribution to business cycles and add a few comments as to where his reasoning might help us interpret a post 1950 world. For many years, Schumpeter focused his scholarly attention on understanding the ups and downs in the economy known as business … Continue reading Schumpeter and Business Cycles