More than four years after the financial crisis began, the world’s major advanced economies remain deeply depressed, in a scene all too reminiscent of the 1930s. And the reason is simple: we are relying on the same ideas that governed policy in the 1930s. These ideas, long since disproved, involve profound errors both about the … Weiterlesen
Aaron Goldzimer – Stanford Graduate School of Business / Yale Law SchoolAlan Manning – London School of EconomicsAlan Maynard – University of YorkAlan S. Blinder – Princeton UniversityAlasdair Smith – University of SussexAlfonso Lasso de la Vega – Former Deputy Director in UNCTADAli Rattansi – Professor, City University, LondonAndrew Graham – Oxford UniversityBarbara Petrongolo – … Weiterlesen
The Burden of Government Debt The recent ‘exchange’ on this topic (see Nick Rowe here, here, here and here, and apparently on the other side Dean Baker, Brad DeLong, Paul Krugman and Noah Smith) may just have confused many, so here is my attempt to unconfuse. I’m doing this because (a) the issue is tricky … Weiterlesen
The ultimate objectives of economic policy are to create quality jobs and to increase per capita income. You are absolutely right that current austerity policies stifle economic growth and intensify long-term mass unemployment. I agree that in the current global recession, the immediate response needs to be a public policy that “acts as a stabilizing … Weiterlesen
More on multipliers: why does it matter? The IMF’s reassessment of the “fiscal multiplier” has sparked off multiple reactions in the economics blogosphere both in the US and UK. My initial reaction is here. Meanwhile, Chris Giles at the FT has weighed in, attempting to demonstrate that the IMF’s analysis is not robust. I’d like … Weiterlesen
This Manifesto for Economic Sense is clearly another excellent start toward the necessary global change in Economy Theory and Practice. The number, caliber and geographical distribution of signees all testify to that fact. However, as with all other “excellent starts” of all other worthwhile endeavors, this Manifesto leaves, not so much to be desired but, … Weiterlesen
Europe’s Austerity Madness So much for complacency. Just a few days ago, the conventional wisdom was that Europe finally had things under control. The European Central Bank, by promising to buy the bonds of troubled governments if necessary, had soothed markets. All that debtor nations had to do, the story went, was agree to more … Weiterlesen
This manifesto is a powerful wake-up call for three sets of people: IMF senior managers who despite their own researchers evidence insist on deep austerity now in return for puny (and expensive) short-term funding; U.S. Republicans who are both bent on destroying the Obama presidency and on shrinking further an already low U.S. public sector; … Weiterlesen
Im very happy with this manifesto. I try to influence the opion making in The Netherlands for years already. see my blog: www.pietkeizer.nl. I will discuss this manifesto on my blog, of course Piet Keizer Money is just bearer contracts for labour. http://allweneedismoney.blogspot.com.br/2012/06/what-is-money.htmlMonetary sovereign nations can create this money/contracts at will, up to the point … Weiterlesen
More on multipliers: why does it matter? The IMF’s reassessment of the “fiscal multiplier” has sparked off multiple reactions in the economics blogosphere both in the US and UK. My initial reaction is here. Meanwhile, Chris Giles at the FT has weighed in, attempting to demonstrate that the IMF’s analysis is not robust. I’d like … Weiterlesen