by Summary:
NIRP is quickly becoming a consensus policy within the economics establishment. This paper argues that consensus is dangerously wrong, resting on flawed theory and flawed policy assessment. Regarding theory, NIRP draws on fallacious pre-Keynesian economic logic that asserts interest rate adjustment can ensure full employment. That fallacious logic has been augmented by ZLB economics which [...]
Topics:
Thomas Palley considers the following as important: Economics, Europe, Political Economy, U.S. Policy
This could be interesting, too:
NIRP is quickly becoming a consensus policy within the economics establishment. This paper argues that consensus is dangerously wrong, resting on flawed theory and flawed policy assessment. Regarding theory, NIRP draws on fallacious pre-Keynesian economic logic that asserts interest rate adjustment can ensure full employment. That fallacious logic has been augmented by ZLB economics which [...]
NIRP is quickly becoming a consensus policy within the economics establishment. This paper argues that consensus is dangerously wrong, resting on flawed theory and flawed policy assessment. Regarding theory, NIRP draws on fallacious pre-Keynesian economic logic that asserts interest rate adjustment can ensure full employment. That fallacious logic has been augmented by ZLB economics which [...]
Topics:
Thomas Palley considers the following as important: Economics, Europe, Political Economy, U.S. Policy
This could be interesting, too:
tom writes The Ukraine war and Europe’s deepening march of folly
Lars Pålsson Syll writes Schuldenbremse bye bye
Lars Pålsson Syll writes What’s wrong with economics — a primer
Lars Pålsson Syll writes Krigskeynesianismens återkomst