WASHINGTON - In 1868, Horatio Seymour ran for president as the nominee of the Democratic Party, or the "white man's party," as it was called. The Democratic heartland in those days was the "reconstructed" South.
Last Friday's disappointing U.S. jobs numbers came as less of a surprise to Ben Bernanke than to many others. The Federal Reserve chairman had warned that the earlier pace of improvement in the labor market might tail off.
WASHINGTON - When a scandal like the GSA's $823,000 trip to Las Vegas comes along, you see that it takes truly risible details, like an actual clown in attendance, to move the outrage dial in Washington.
Almost five years after a financial crash nearly thrust the world into depression, a peculiar paradigm still dominates economic thought.
Known as the neoclassical school, it aims to give Adam Smith's notion of the invisible hand its mathematical form.