ECONOMICS

Obama Alters Panel of Economic Advisers

WASHINGTON (AP) — President Obama is restructuring his economic advisory board and naming Jeffrey Immelt, General Electric’s chief executive, as its new leader.

The new board, called the President’s Council on Jobs and Competitiveness, will replace the former Economic Recovery Advisory Board that had been overseen by the former Federal Reserve chairman, Paul A. Volcker.(via NY Times)

Smart move #2 in preparation of the midterms; the first being the placement of former J.P. Morgan partner Bill Daley as his new Chirf of Staff. Think the name switch of the board is also a wise move.  Will be interesting to watch the Obama Reelect get up and running.

Creative Destruction: A theory popularized by Austrian/Harvard economist Joseph Schumpeter. By Creative Destruction he meant “the endless process of replacing old products and services with new ones” which is fundamental to capitalism, generates enormous production quantities, and births the ultimate need of private industry for the state to manage their output.

J. Schumpeter

DISEQUILIBRIUM:

A state of note being in equilibrium. Forces may exist that will bring the system back into equilibrium, or the system may further diverge.

( paraphrased via MIT Dictionary of Modern Economics)