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FIND POSTS BY CATEGORY The Beginning of the Modern Global Economy:  The Economic Rise of England Before the Industrial Revolution The Beginning of the Industrial Revolution American History American Economic History Politics of the United States The Roman Republic and America - Differences and Some Possible Parallels China India The theme of the following five sections of the blog is that innovation, not price competition, is the basis for understanding economic growth, competition, and analysis. Basic Concepts and Theory Market Behavior and Structure Market Dynamics and Information:  How Markets Work Economic Theory and Markets Corporate Strategies Management There is beginning a historic change in future populations and their demographics. This will interact with other variables and have a serious, maybe profound, effect on future economic growth. Demographics, Population Projections and Economics The world seems to be in the midst of radical political and social change...
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America's 250th Birthday: Which side are we now?

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  As that great comic strip character Pogo said: We Have Met the Enemy and He Is Us.   Happy Birthday America! Democracy and individual liberties have survived for 250 years. Slavery was eliminated after a long and bloody civil war. The right to vote and civil liberties were extended to all Americans. America innovated the Industrial/Information Revolution and made the country the largest and most technologically-advanced economy in the world. In the 20 th  century, America opposed and helped defeat authoritarian and totalitarian regimes. America was an inspiration to all people who opposed tyranny and oppression. From 1607 onwards, America was a special country built by immigrants and their descendants.   This celebration should commemorate the 250 th  birthday of the signing of the Declaration of Independence, which stated the basic rights of Americans and denounced the “tyranny” of King George. The preamble is a statement of the ideals of individual liberties...
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Age and Class in America

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              As an economist, I define class in economic terms. In the past, income and income inequality were usually the main determinants. Now it is a combination of income and wealth (actual and potential). More income comes from wealth, less from working.   There are four classes in America:   1) seniors with assets (wealth) and their inheriting kids. Demographically, seniors are the fastest growing demographics group and class in America.           Total U.S. household and nonprofit net worth reached a record  $166.7 trillion  in the first quarter of 2026, according to the   Federal Reserve's Financial Accounts of the United States . This reflects the total value of all assets (like real estate, equities, and bank deposits) minus all liabilities (like mortgages and debt) across the nation.            ...
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