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Tag Archives: keynesianism

‘Economic Crisis and the crisis of Economics: Political Economy as a realistic and credible alternative’ – video lecture by S.Mavroudeas

I have been invited by the ISEPA’19 conference (organised by the Dicle University) to speak atheir conference. Since I could not make it due to other obligations I was asked for a video lecture. Its subject is ‘Economic Crisis and the crisis of Economics: Political Economy as a realistic and credible alternative’ Nikos Zappas did an excellent job in recording and editing the video. The link for watching the video is below: The abstract of the lecture is the...

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Keynes Goes Global: Anticipating the Global Slowdown — Yaroslav Lissovolik

Overall, a fiscal stimulus coordinated across countries appears to be increasingly expedient as the intensity of the trade stand-off among the leading trading powers is showing further signs of escalation. Rather than an ad hoc response from a number of countries a decade ago a more comprehensive, rules-based and coordinated arrangement could be advanced in a way that renders this anti-crisis mechanism a systemic part of an effective use of the Global Financial Safety Net (GFSN). Indeed, in...

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The Great Paradox: Liberalism Destroys the Market Economy —Heiner Flassbeck

Another paradox of liberalism arising from equation of economic liberalism with capitalism and of economic liberalism as equatable with political liberalism as representative democracy. The rise of interest in social democracy now no accident of history but rather a logical progression of the historical dialectic?Flassbeck EconomicsThe Great Paradox: Liberalism Destroys the Market Economy Heiner Flassbeck

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Proto-Keynesians in the Last Years of Weimar Republic Germany

It is well known that the Great Depression hit Weimar Republic Germany particularly hard. There was severe unemployment, and the wage and price deflation was also severe, as can be seen in these graphs (with data from Mitchell 1992): Moreover, the wage and price deflation did not bring about a rapid or effective recovery. Austerity policies clearly failed in the Weimar Republic, and a number of German businessmen, bureaucrats, journalists, and unorthodox economists were driven to advocate...

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Brad DeLong — This is, I think, both right and wrong. China has an… interesting property-rights system—your property is secure not …

Beginning to figure out how China works and why Western expectations have been consistently wrong about China' stability and resilience. The post addresses much more than property rights.More evidence that the Chinese leadership groks the basics of MMT?Grasping RealityThis is, I think, both right and wrong. China has an... interesting property-rights system—your property is secure not ...Brad DeLong | Professor of Economics, UCAL Berkeley

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Michael Roberts — China’s ‘Keynesian’ policies

China’s policy in the Great Recession was not just ‘fiscal stimulus’ in the Keynesian sense, but outright government or state investment in the economy. It actually was ‘socialised investment’. Investment is the key here –as I have argued in many posts – not consumption or any form of spending by government.… As John Ross said on his blog at the time, “China is evidently the mirror image of the US …If the Great Recession in the US was caused by a precipitate fall in fixed investment,...

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Chris Dillow — Job Guarantee: Marxist or Keynesian?

Must-read. What we have there, then, are two different conceptions of a JG. On the one hand, it might be a policy which helps capitalism function better (Keynes). But on the other, it might be a form of transitional demand – a policy which whilst fulfilling human needs is one that cannot actually be sustainably adopted by capitalism and is instead a stepping stone towards socialism (Marx). I’m honestly not sure which it is. I would not put it in terms of capitalism and socialism but...

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Dirk Ehnts — A Post-Keynesian comment on “Marx’s “Capital”‘ (6th ed.) [by (Ben Fine and Alfredo Saad-Filho]

This debunks the idea by the authors (Ben Fine and Alfredo Saad-Filho) that “underlying Keynesianism is the idea that there is a natural or equilibrium full-employment interest rate”. Keynes quotes proving the point.econoblog 101A Post-Keynesian comment on “Marx’s “Capital”‘ (6th ed.)Dirk Ehnts | Lecturer at Bard College Berlin

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Brad DeLong — John Maynard Keynes: Essays In Biography

Brad rates this as a should-read. For anyone interested in Keynesianism, Post Keynesianism and MMT, the history of economics, or economic theory, it is a must-read. Conventional economists have apparently concluded that they don't need to read it if they even thought about, which most probably haven't, being under the spell of the "normal paradigm" in spite of its poor results empirically.Washington Center for Equitable GrowthJohn Maynard Keynes: Essays In Biography Brad DeLong Here...

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Trump the Keynesian causes Libertarian Heads to Explode

Right here. Except this libertarian idiot connects Keynesianism to Herbert Hoover, which demonstrates, if nothing else, how libertarians never seem to get anything right.Apparently Trump did an interview recently where he said this:“Mr. Trump himself said in a telephone interview last week that he believed more borrowing and spending would help lift economic growth, a departure from traditional Republican economics.‘It’s called priming the pump,’ Mr. Trump said. ‘Sometimes you have to do...

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