How about quitting a failed currency regime?

"Here's leadership: Rajoy’s Cabinet approved a new tax on lottery winnings and a cut in ministries’ spending to shrink the euro area’s third- biggest budget deficit."

How about quitting a failed currency regime?

iphone demand

Gene Munster, an analyst at Piper Jaffray Cos. (PJC), had predicted Apple would sell as many as 10 million of the iPhone 5 during the opening weekend. Brian Marshall, an analyst at ISI Group, had anticipated sales of 6 million to 8 million phones.
Apple’s figure includes sales from wireless carriers, retail outlets, Apple stores and online orders that customers have received, Marshall said. It excludes early orders from Apple’s online store that haven’t been delivered, he said.5 million units of the iPhone 5 were sold in the first three days, surpassing a record set last year by the previous model, the iPhone 4S, Cupertino, California-based Apple said today in a statement. Demand for the new handset exceeded the initial supply, Apple said.

Marshall on Classical Economics

Marshall thought classical economics attempted to explain prices by the cost of production. He asserted that earlier marginalists went too far in correcting this imbalance by overemphasizing utility and demand. Marshall thought that "We might as reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper, as whether value is governed by utility or cost of production".

Rational Choice Theory

Rational choice theory uses a specific and narrower definition of "rationality" simply to mean that an individual acts as if balancing costs against benefits to arrive at action that maximizes personal advantage

What is Wrong with This?

What is wrong with this?

We don’t have high unemployment because Americans don’t want to work, and we don’t have high unemployment because workers lack the right skills. Instead, willing and able workers can’t find jobs because employers can’t sell enough to justify hiring them. And the solution is to find some way to increase overall spending so that the nation can get back to work.

Free Markets in Petroleum?

Norwegian oil professionals have annual pay checks averaging $180,300 -- more than double the global average, according to a study published by Hays Oil & Gas. A strike over pay and pensions at the end of June and beginning of July was ended by the government through forced arbitration as a total shutdown loomed. The strike disrupted 15 percent of oil production and 7 percent of gas output, according to Norway’s Oil Industry Association.

Class Conflict

Class conflict, frequently referred to as class warfare or class struggle, is the tension or antagonism which exists in society due to competing socioeconomic interests between people of different classes.

Class conflict can take many different forms: direct violence, such as wars fought for resources and cheap labor; indirect violence, such as deaths from poverty, starvation, illness or unsafe working conditions; coercion, such as the threat of losing a job or pulling an important investment; or ideology, either intentionally (as with books and articles promoting capitalism) or unintentionally (as with the promotion of consumerism through advertising). Additionally, political forms of class conflict exist; legally or illegally lobbying or bribing government leaders for passage of partisan desirable legislation including labor laws, tax codes, consumer laws, acts of congress or other sanction, injunction or tariff. The conflict can be open, as with a lockout aimed at destroying a labor union, or hidden, as with an informal slowdown in production protesting wages or perceived unfair labor practices.

Adam Smith

Adam Smith developed and published The Wealth of Nations, the starting point of modern economics. This famous study, which had an immediate impact on British economic policy, still frames 21st century discussions on globalisation and tariffs.