{"id":267881,"date":"2024-12-31T20:51:52","date_gmt":"2024-12-31T20:51:52","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/12\/31\/year-in-review-2024-mendacity-and-economic-incompetence-equal-parts\/"},"modified":"2025-06-25T17:09:51","modified_gmt":"2025-06-25T17:09:51","slug":"year-in-review-2024-mendacity-and-economic-incompetence-equal-parts","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/12\/31\/year-in-review-2024-mendacity-and-economic-incompetence-equal-parts\/","title":{"rendered":"Year in Review, 2024: Mendacity and Economic Incompetence, Equal Parts"},"content":{"rendered":"

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I thought I was getting a little jaded, but the likes of Heritage Foundation’s EJ Antoni, the WisGOP, and Steve Kopits reaffirmed my faith in how much work remains.<\/p>\n

<\/span><\/p>\n

January:<\/strong><\/em><\/p>\n

WIsconsin GOP argues Wisconsin was in recession, using a 2 quarter rule (which is no longer applicable with revised data):<\/p>\n

\n

WisGOP Can’t Count<\/a><\/p>\n<\/blockquote>\n

For the gazilionth time, there’s a reason we don’t declare recessions on the basis of GDP.<\/p>\n

\"\"<\/a><\/p>\n

Figure 1:<\/strong> Wisconsin GDP, latest vintage (blue), and as of January 2024 (tan), both in bn.Ch.2017$ SAAR. Search: BEA.<\/em><\/p>\n

 <\/p>\n

February:<\/strong><\/em><\/p>\n

Zerohedge uses a very<\/em> specific definition of ex ante real interest rates.<\/p>\n

\n

ZeroHedge Goes Adaptive Expectations<\/a><\/p>\n<\/blockquote>\n

March:<\/strong><\/em><\/p>\n

Think before reporting startling numbers!<\/p>\n

\n

Math Is Hard!<\/a><\/p>\n<\/blockquote>\n

April:<\/strong><\/em><\/p>\n

The truth in black and white:<\/p>\n

\n

Best Proposed Amendment *Ever*<\/a><\/p>\n<\/blockquote>\n

May:<\/strong><\/em><\/p>\n

I can’t understand how some people can look at a graph, and “can’t see” the obvious.<\/p>\n

\n

“You have to look pretty hard to find the \u201ctrade war\u201d effect in the data”<\/a><\/p>\n<\/blockquote>\n

Bonus: Best graphic<\/p>\n

\n

Maury Obstfeld: “Trump\u2019s plans for the Fed and the dollar are a one-way ticket back to the inflationary chaos of the 1970s.”<\/a><\/p>\n<\/blockquote>\n

 <\/p>\n

June:<\/strong><\/em><\/p>\n

Grocery price assessments from somebody who’s probably never gone grocery shopping.<\/p>\n

\n

“Food costs doubled, tripled, quadrupled…”<\/a><\/p>\n<\/blockquote>\n

July:<\/strong><\/em><\/p>\n

What the heck is “QCES”? And, pay attention to the footnotes – is the series seasonally adjusted or not.<\/p>\n

https:\/\/econbrowser.com\/archives\/2024\/07\/maciver-institute-the-real-wisconsin-economy<\/a><\/p>\n

 <\/p>\n

August:<\/strong><\/em><\/p>\n

Nativism goes to economics as practiced by Heritage:<\/p>\n

\n

The Great Replacement “Theory” * Comes to Economics at Heritage<\/a><\/p>\n<\/blockquote>\n

September:<\/strong><\/em><\/p>\n

My first encounter with Oren Cass’s writing on trade…<\/p>\n

\n

“It’s almost as if you have no economics training at all…”<\/a><\/p>\n<\/blockquote>\n

October:<\/strong><\/em><\/p>\n

Ready for the Journal of Irreproducible Results<\/em>.<\/p>\n

\n

Recession since 2022? A Magic Asterisk-Mystery Meat-Special Sauce Approach to National Income Accounting<\/a><\/p>\n<\/blockquote>\n

Sequel:<\/p>\n

\n

Revised Paper: No, We Haven\u2019t Been in a Recession since 2022<\/a><\/p>\n<\/blockquote>\n

November:<\/strong><\/em><\/p>\n

I’m convinced!<\/p>\n

\n

Central Bank of Russia Telegram Account: \u201cEverything will be fine.\u201d<\/a><\/p>\n<\/blockquote>\n

 <\/p>\n

December:<\/strong><\/em><\/p>\n

Another installment in X-FIles – stats edition:<\/p>\n

\n

DiMartino Booth: “We know many government statisticians are very left leaning in nature…”<\/a><\/p>\n<\/blockquote>\n

 <\/p>\n

Looking forward to 2025, and Heritage, ZeroHedge, and more examples of bad analysis to use as case studies in my stats class.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

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 <\/p>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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