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	<title>Thought du Jour</title>
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	<link>http://larrywillmore.net/blog</link>
	<description>Semi-daily posts, related largely to economics and government policy</description>
	<lastBuildDate>Fri, 18 May 2012 08:57:06 +0000</lastBuildDate>
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		<title>Martin Wolf on leaving the euro</title>
		<link>http://larrywillmore.net/blog/2012/05/18/martin-wolf-on-leaving-the-euro/</link>
		<comments>http://larrywillmore.net/blog/2012/05/18/martin-wolf-on-leaving-the-euro/#comments</comments>
		<pubDate>Fri, 18 May 2012 08:55:16 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Political Economy]]></category>
		<category><![CDATA[exchange rates]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4268</guid>
		<description><![CDATA[FT columnist Martin Wolf fears the long-run consequences of Greek departure from the eurozone more than he fears contagion. The two dangers are related, however, because the eurozone either is an irrevocable currency union or it is not. If countries in difficulty leave, it is not. It is then an exceptionally rigid fixed-currency system. That [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>abandoning the euro</title>
		<link>http://larrywillmore.net/blog/2012/05/17/abandoning-the-euro/</link>
		<comments>http://larrywillmore.net/blog/2012/05/17/abandoning-the-euro/#comments</comments>
		<pubDate>Thu, 17 May 2012 17:59:58 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[exchange rates]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4263</guid>
		<description><![CDATA[Berkeley economist Barry Eichengreen acknowledges that rigid exchange rates &#8211; the gold standard &#8211; &#8220;was a key cause of the 1930’s depression, and that abandoning it opened the door to recovery&#8221;, yet he predicts that countries today are not likely to abandon the euro as they did the gold standard in the 1930&#8242;s, even though [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>the US in the 21st century</title>
		<link>http://larrywillmore.net/blog/2012/05/16/the-us-in-the-21st-century/</link>
		<comments>http://larrywillmore.net/blog/2012/05/16/the-us-in-the-21st-century/#comments</comments>
		<pubDate>Wed, 16 May 2012 11:31:02 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Development Economics]]></category>
		<category><![CDATA[Political Economy]]></category>
		<category><![CDATA[growth]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4261</guid>
		<description><![CDATA[Martin Wolf writes that, because it cannot control the actions of others, the United States will inevitably have a diminished international role in the 21st century. Internal reform could improve these prospects, &#8220;but this has become impossible, because of the exploding role of money in politics and the rising intransigence of the Republican party&#8221;. In [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>inequality and the politics of austerity</title>
		<link>http://larrywillmore.net/blog/2012/05/15/inequality-and-the-politics-of-austerity/</link>
		<comments>http://larrywillmore.net/blog/2012/05/15/inequality-and-the-politics-of-austerity/#comments</comments>
		<pubDate>Tue, 15 May 2012 10:17:40 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Keynes]]></category>
		<category><![CDATA[Paul Krugman]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4257</guid>
		<description><![CDATA[Paul Krugman and Robin Wells, in a recent essay, expand on their thesis that rising income inequality can explain why governments in general &#8211; and the US government in particular &#8211; chose to respond to the current financial crisis with policies of austerity rather than stimulus. In 2008 we suddenly found ourselves living in a [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>historical arguments for universal pensions</title>
		<link>http://larrywillmore.net/blog/2012/05/15/historical-arguments-for-universal-pensions/</link>
		<comments>http://larrywillmore.net/blog/2012/05/15/historical-arguments-for-universal-pensions/#comments</comments>
		<pubDate>Tue, 15 May 2012 09:32:49 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[History]]></category>
		<category><![CDATA[Pensions]]></category>
		<category><![CDATA[Universal Transfers]]></category>
		<category><![CDATA[targeting]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4252</guid>
		<description><![CDATA[[This] article looks at the arguments for establishing universal old age pension systems in three selected countries, all belonging to the group of pioneer countries in this respect: Canada, Mauritius and Norway. Historical arguments for universal pension systems in these countries are presented and compared. The ambition to reduce poverty was an important motivation in [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<title>the high cost of US healthcare</title>
		<link>http://larrywillmore.net/blog/2012/05/15/the-high-cost-of-us-healthcare/</link>
		<comments>http://larrywillmore.net/blog/2012/05/15/the-high-cost-of-us-healthcare/#comments</comments>
		<pubDate>Tue, 15 May 2012 08:38:26 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Health Economics]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4249</guid>
		<description><![CDATA[Timothy Taylor, managing editor of the Journal of Economic Perspectives, has posted a follow-up to my 7 May 2012 TdJ: Everyone knows that the U.S. spends far more on health care than other countries, but do you know how much more? In 2009, the U.S. spent 17.4% of GDP on health care (using OECD data). [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>origins of the Italian Mafia</title>
		<link>http://larrywillmore.net/blog/2012/05/13/origins-of-the-italian-mafia/</link>
		<comments>http://larrywillmore.net/blog/2012/05/13/origins-of-the-italian-mafia/#comments</comments>
		<pubDate>Sun, 13 May 2012 14:30:31 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[History]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4246</guid>
		<description><![CDATA[Three economists draw on &#8220;a parliamentary inquiry about the economic, social and moral conditions of Sicilian peasants in 1886&#8243; to examine the origins of the Mafia. Their research is a nice example of &#8216;cliometrics&#8217; (from Clio, the Muse of history in Greek mythology). If it were a business, the Mafia would be one of Italy’s [...]]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>on ending the current Depression</title>
		<link>http://larrywillmore.net/blog/2012/05/12/on-ending-the-current-depression/</link>
		<comments>http://larrywillmore.net/blog/2012/05/12/on-ending-the-current-depression/#comments</comments>
		<pubDate>Sat, 12 May 2012 13:47:55 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Finance]]></category>
		<category><![CDATA[Political Economy]]></category>
		<category><![CDATA[Paul Krugman]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4243</guid>
		<description><![CDATA[Robin Harding, US Economics Editor for the Financial Times, has written a mixed review of Paul Krugman&#8217;s book End this Depression Now! (Norton, 2012). Krugman’s basic argument runs like this. Millions of unemployed are suffering at terrible social cost in the US because the economy lacks demand. The government can create demand by spending; the Fed [...]]]></description>
		<wfw:commentRss>http://larrywillmore.net/blog/2012/05/12/on-ending-the-current-depression/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>sleep-deprived economists</title>
		<link>http://larrywillmore.net/blog/2012/05/10/sleep-deprived-economists/</link>
		<comments>http://larrywillmore.net/blog/2012/05/10/sleep-deprived-economists/#comments</comments>
		<pubDate>Thu, 10 May 2012 13:03:36 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4240</guid>
		<description><![CDATA[A New York Times blog reported, based on analysis of the National Health Interview Survey, that economists are the fifth most sleep-deprived of U.S. occupations, only beaten out by (in order) home health aides, lawyers, police officers, and physicians and paramedics. David Autor, &#8220;The Journal of Economic Perspectives at 100 (Issues)&#8220;, Journal of Economic Perspectives [...]]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>the Cobb-Douglas production function</title>
		<link>http://larrywillmore.net/blog/2012/05/10/the-cobb-douglas-production-function/</link>
		<comments>http://larrywillmore.net/blog/2012/05/10/the-cobb-douglas-production-function/#comments</comments>
		<pubDate>Thu, 10 May 2012 09:15:16 +0000</pubDate>
		<dc:creator>Larry Willmore</dc:creator>
				<category><![CDATA[Political Economy]]></category>
		<category><![CDATA[Paul Samuelson]]></category>
		<category><![CDATA[production functions]]></category>

		<guid isPermaLink="false">http://larrywillmore.net/blog/?p=4235</guid>
		<description><![CDATA[The current issue of the Journal of Economic Perspectives (open access) has a 14-page essay on the Cobb-Douglas regression, a popular form of aggregate production function. About time, I thought, that someone writing in a popular journal exposed this work-horse of econometrics for the fraud that it is. I accessed the essay with great anticipation, [...]]]></description>
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		<slash:comments>0</slash:comments>
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