The games we play!

I have been at pains for years now to explain to all who will listen the difference between budget and actual when it comes to government spending. Now from the New York Times   (January 30th, 2012) comes the fascinating revelation that the Pentagon has slashed its budget by $259 billion. But as the Times points out, all that it has done is to slash its BUDGET! Continue reading

Economics in the news

A number of items caught my eye this past week and will be the basis of some blogging in the next few days. Thomas Edsall’s Age of Austerity¬†makes the case that Americans will have to begin to choose. My problem is that there would not have been a discipline of economics without an assumption of scarcity. If everything is in infinite abundance, then why bother with economics? Continue reading