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Keynes
Keynes argued that slumps can happen because of declining wage
‘New-Keynesian’ models use sticky prices and downward rigidity of nominal wages to get ‘Keynesian’ results: during slumps, low interest rates, money growth and additional expenditure (not necessarily government expenditure) can heal the economy and lower unemployment without inflationary consequences. The name ‘New-Keynesian’ is however a double travesty. Not because prices aren’t sticky (many are) or … Continue reading
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
Will the 15-hour week come as a consequence of unemployment ?
Machines were rapidly replacing human labour, holding out the prospect of vastly increased production at a fraction of the existing human effort. In fact, Keynes thought that by about now (the early twenty-first century) most people would have to work only 15 hours a week to produce all that they needed for subsistence and comfort. … 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.
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