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Mike Norman Economics

Dirk Ehnts — Keynes on Savings and Investment

Geoff Tily in his paper on Keynes (pdf) has this quote (from the Collected Writings): S = I at all rates of investment. Y either definable as C+S or as C+I. S and I were opposite facets of the same phenomenon they did not need a rate of interest to bring them into equilibrium for they were at all times and in all conditions in equilibrium. (CW XXVII, pp 388–9) This is very enlightening. The “General Theory” also contained the issue of savings and investment, but the quote above nails it....

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Bill Mitchell — Reclaiming the State

On June 3, 1951, the Socialist International association was formed in London. It is still going. It is “a worldwide association of political parties, most of which seek to establish democratic socialism”. Its roots date back to the C19th (to the First International formed in 1864) when it was considered beneficial to unite national working class movements into a global force to overthrow Capitalism. Internal bickering among various factions led to various dissolutions and reformations over...

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Barry Ritholtz — Born-Again Fiscal Hawks Turn Into Doves

Funny how some folks stop caring about federal deficits after an election.… This sort of behavior is intellectually dishonest, hypocritical, economically counterproductive and, at times, even dangerous. It has been going on for too long.... But Ronald Reagan (and you thought I was referring to Barack Obama) ignored the critics. His deficit spending and tax cuts helped stimulate the economy and led to an economic recovery that lasted for the better part of a decade. 1 This is further...

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Pam and Russ Martens — Financial Relief Available to Texas Victims of Hurricane Harvey

According to insurance experts, approximately 80 percent of the homeowners impacted by flooding in Houston may not have flood insurance policies on their home. That’s because much of Houston falls outside of designated Special Flood Hazard Zones where mortgage holders are required to maintain flood insurance policies. Hoping to relieve some of the panic by homeowners rescued from water-logged homes in Texas who have no idea when they may be able to return to their home or where the money...

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Jeff Desjardins — The History of Consumer Credit in One Giant Infographic

Consumer credit may seem like a fairly new invention – but it’s actually been around for more than 5,000 years! In fact, many millennia before the credit score became ubiquitous, there is historical evidence that cultures around the world were borrowing for various reasons. From the writings in Hammurabi’s Code to the exchanges documented by the Ancient Romans, we know that credit was used for purposes such as getting enough silver to buy a property or for agricultural loans made to...

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Brad DeLong — Must-Read: Samuel Bowles, Alan Kirman, and Rajiv Sethi: Friedrich Hayek and the Market Algorithm

Does anyone else see a parallel between Hayek's view of markets as information systems that generate natural spontaneous order and intelligent design arguments in evolutionary theory, harkening back 18th century Deism?The point of the paper is that while Hayek was on to some good things, he let his liberal ideology run away with him, making claims that are not substantiated by his economic work.WCEG — The EquitablogMust-Read: Samuel Bowles, Alan Kirman, and Rajiv Sethi*: Friedrich Hayek...

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Michael Spence — The Global Economy’s New Rule-Maker

Good article on the rise of China without China bashing.Project SyndicateThe Global Economy’s New Rule-MakerMichael Spence | Nobel laureate in economics, is Professor of Economics at NYU’s Stern School of Business, Distinguished Visiting Fellow at the Council on Foreign Relations, Senior Fellow at the Hoover Institution at Stanford University, Advisory Board Co-Chair of the Asia Global Institute in Hong Kong, and Chair of the World Economic Forum Global Agenda Council on New Growth...

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