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Tag Archives: keynesian economics
Patrick Barron–My letter to the NY Times re: Typical Keynesian Whitewash
Patrick Barron–My letter to the NY Times re: Typical Keynesian Whitewash Dear Sirs: Fareed Zakaria’s review of the Adam Tooze book Crashed: How a Decade of Financial Crises Changed the World is a typical Keynesian whitewash of a deeply flawed monetary and regulatory system. Like Tooze, Zakaria sees the Federal Reserve Bank as the hero in “saving […]
Keynesian Economics Is an Artifact of Cheap Energy
Keynesian Economics Is an Artifact of Cheap Energy Printing / borrowing money to generate the unsustainable illusion of “growth” sets up the collapse of the entire Keynesian edifice. Of the many delusions of modern economics, perhaps the greatest is that the dominant Keynesian model reflects permanent dynamics of advanced economies. Economics, along with other social sciences, […]
Jerome Is The New Janet: Tie, Trousers And Same Old Keynesian Jabberwocky
Jerome Is The New Janet: Tie, Trousers And Same Old Keynesian Jabberwocky The election of 2016 was supposed to be the most disruptive break with the status quo in modern history, if ever. On the single most important decision of his tenure, however, the Donald has lined-up check-by-jowl with Barry and Dubya, too. That is to […]
Economists Who Push Inflation Stunned That Rising Home Prices Put Buyers Deeper Into Debt
Economists Who Push Inflation Stunned That Rising Home Prices Put Buyers Deeper Into Debt Once again, when the government intervenes – this time in housing – the left hand is starting a fire that the right hand is trying to put out.Rising prices for homes are once again pricing out prime borrowers and nobody can […]
Swan Song Of The Central Bankers, Part 4: The Folly Of 2.00% Inflation Targeting
Swan Song Of The Central Bankers, Part 4: The Folly Of 2.00% Inflation Targeting The dirty secret of Keynesian central banking is that under current circumstances its interventions have almost no impact on its famous dual mandate—-stable prices and full employment on main street. That’s because goods and services inflation is a melded consequence of global central […]
The return of the peasant: or, the history of the world in 10½ blog posts. 10. The current impasse
The return of the peasant: or, the history of the world in 10½ blog posts. 10. The current impasse I’ve just returned from a short but fascinating meeting in Nicaragua on small-scale farming, which I plan to write about soon. But first I want to finish my history of the world. Apologies if the latter […]
If Economists Are So Smart, Why Are They Always Wrong?
If Economists Are So Smart, Why Are They Always Wrong? When I took Econ 101 and 102 as a young college student back in antediluvian times the textbook we were assigned was Paul Samuelson’s Economics: An Introductory Analysis. This book is the all-time best selling economics textbook and is still around today (19th ed.). I had the 1961 […]
The Breaking Point & Death Of Keynes
The Breaking Point & Death Of Keynes You can almost hear the announcer for the movie trailer; “In a world stricken by financial crisis, a country plagued by spiraling deficits and cities on the verge of collapse – a war is being waged; gauntlet’s thrown down and at the heart of it all; two dead […]
State of Denial: The Economy No Longer Works As It Did in the Past
State of Denial: The Economy No Longer Works As It Did in the Past There’s no Plan B for a state-corporate form of central-planning capitalism that is no longer functioning. If there is one reality that is denied or obscured by the Status Quo, it is that the economy no longer works as it did […]
For Keynesians and Austrians, ‘Uncertainty’ Means Two Different Things
FOR KEYNESIANS AND AUSTRIANS, “UNCERTAINTY” MEANS TWO DIFFERENT THINGS Keynesian economics has witnessed a remarkable resurgence since the crisis of 2008. The inability of mainstream economics to predict or explain the crisis led many economists to become skeptical of its core macroeconomic tenets. Several have turned the clock back to the ideas of Keynes to […]
“Trickle Down” Has Failed; Wealth and Income Have “Trickled Up” to the Top .5%
“Trickle Down” Has Failed; Wealth and Income Have “Trickled Up” to the Top .5% Central bank policies have generated a truly unprecedented “trickle-up” of wealth and income to the top .5%. Over the past 20 years, central banks have run a gigantic real-world experiment called “trickle-down.” The basic idea is Keynesian (i.e. the mystical and comically […]
The Long Run Economics of Debt Based Stimulus
The Long Run Economics of Debt Based Stimulus Onward vs. Upward Something both unwanted and unexpected has tormented western economies in the 21st century. Gross domestic product (GDP) has moderated onward while government debt has spiked upward. Orthodox economists continue to be flummoxed by what has transpired. What happened to the miracle? The Keynesian wet […]
Arizona Challenges the Fed’s Money Monopoly
Arizona Challenges the Fed’s Money Monopoly History shows that, if individuals have the freedom to choose what to use as money, they will likely opt for gold or silver. Of course, modern politicians and their Keynesian enablers despise the gold or silver standard. This is because linking a currency to a precious metal limits the […]
Rationalizing ‘Rational’
RATIONALIZING ‘RATIONAL’ Walter W. Heller was said to have been an “educator of Presidents.” As an economist and Presidential advisor in the inner circles of DC, Heller worked with more candidates and officeholders than perhaps any other man. As he himself described, his influence went all the way back to Adlai Stevenson and kept on […]
