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John Maynard Keynes
Inequality, Source of Macroeconomic Instability – Keynes View
While Keynes rejected the view that over-saving could be a cause of slump, he recognized that it was more difficult to maintain continuous full employment in an economy in which wealth and income are highly unequal…. So what should governments do? Keynes suggested three expedients: they could either increase their own spending out of loans, … Continue reading
John Maynard Keynes shows us a way out crisis
The work of John Maynard Keynes shows us that counter-cyclical fiscal policy and an easing of austerity may offer a way out of Eurozone crisis Debates between ‘Hayekian’ and ‘Keynesian’ perspectives constitute one of the main conceptual fault-lines of the Eurozone crisis. In the second of two EUROPP articles covering this debate, Simon Wren-Lewis looks at how … Continue reading
Krugman – Macro 101 – Sticky Wages
A bit more methodology discussion. I’ve written quite a lot about sticky wages, aka downward nominal wage rigidity, which is one of those things that we can’t derive from first principles but is a glaringly obvious feature of the real world. But I keep running into comments along the lines of “Well, if you think … Continue reading
Listen to John Maynard Keynes’ voice on High Unemployment
When someone questions the effectiveness of Keynesian economics, the obvious reply is: Remember World War II? The British economist John Maynard Keynes argued that there is a role for government intervention when aggregate demand for goods and services drops, as it did during the Great Depression. Without increased public spending to make up for decreased … Continue reading
Keynes’ Economic Possibilities for our Grandchildren
As people in the developed world wonder how their countries will return to full employment after the Great Recession, it might benefit us to take a look at a visionary essay that John Maynard Keynes wrote in 1930, called “Economic Possibilities for our Grandchildren.”… Source: “Labor’s Paradise Lost” by Robert Skidelsky | Project Syndicate.
Structural Unemeployment | In the long run we are all dead and in the short run, there is a lot of pain
Krugman: So now we’re in another depression, not as bad as the last one, but bad enough. And, once again, authoritative-sounding figures insist that our problems are “structural,” that they can’t be fixed quickly. We must focus on the long run, such people say, believing that they are being responsible. But the reality is that … Continue reading
Industrial countries can act as if all is well or treat the crisis as a wake-up call
In August 2005, Raghuram Rajan, an economist at the University of Chicago’s Booth School of Business, predicted the financial crisis. And he did it at possibly the least friendly of venues: a conference of high-powered economists who had convened in part to honor Federal Reserve Chairman Alan Greenspan. Rajan presented a paper titled “Has Financial … Continue reading
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