Job Market Monitor
Keynesian economics
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
Sandy – Can a disaster leads to economic growth
The public relations propaganda campaign to convince the ignorant masses that Sandy’s impact on our economy will be minor and ultimately positive, as rebuilding boosts GDP, has begun. I’ve been hearing it on the corporate radio, seeing it on corporate TV and reading it in the corporate newspapers. There are stories in the press that … Continue reading
US – New federal and state laws have sharply eroded incentives for workers to seek and retain jobs, and for employers to create jobs or avoid layoffs writes Casey B. Mulligan
In his new book, Casey B. Mulligan explains how, in the matter of a few quarters of 2008 and 2009, new federal and state laws greatly enhanced the help given to the poor and unemployed – from expansion of food-stamp eligibility to enlargement of food-stamp benefits to payment of unemployment bonuses – sharply eroding (and, in some … 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
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
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