▽Worthwhile Canadian Initiative ●07/27 22:56 What explains the weak growth in total factor productivity in non-renewable resource extraction industries?McMaster University's Oliver Loertscher and Pau Pujolas have a recent article in the Canadian Journal of Economics entitled "Canadian productivity growth: Stuck in the oil sands". Here is the abstract:We study the behaviour of Canadian Total Factor Productivity (TFP) growth over the past 60
▽DeLong ●07/27 00:00 BRIEFLY NOTED: For 2021-05-11 TuThings that went whizzing by that I want to remember...First:Here we see a striking difference between Paul Krugman and Larry Summers. Krugman sees models as intuition pumps—and believes strongly, very strongly, that if you cannot make a simple model of it, it is probably wrong. Summers believes that our models are, at best, filing systems (and at worst tools for
