RedState Morning Briefing Oct 22, 2009
But in a centrally-planned system, where the government picks winners and losers, where dinosaur businesses are too big to fail, where investment in capital-wasting non-economic ventures (read: green jobs ) is actually encouraged, where labor unions are exalted and private property trod upon, where the government is expected to be the engine that drives job growth, and where John Maynard Keynes has been restored from the economic dustbin of history to be beatified, economic stagnation and high... (Human Events Online)
The Perils Of A Debtor Nation Oct 20, 2009
Americans should be hoping that the Chinese will be kinder to us than we were to the Brits after World War II. Readers of a certain age will remember, and the few younger ones who study history will have learned what creditor Uncle Sam did to debtor John Bull when Britain sent John Maynard Keynes to Washington to negotiate borrow the odd billion from us. Britain had spent blood and treasure to beat the Nazis, and was hoping or a gift of $3 billion, a credit line of $5 billion, and other... (CBS News)
The importance of transparency cannot be understated Oct 16, 2009
Loss of faith and trust on a national level, as the great economist John Maynard Keynes pointed out, leads to economic collapse. Loss of faith and trust is the major part of what creates recessions and depressions. (Triad Business Journal, NC)
Gold's true standard bearers Oct 15, 2009
In your e-mails I read many similar sentiments regarding the obsession of a fairly well-defined and formed sub-section of the American investor class seeking wealth with John Maynard Keynes' famed "barbarous yellow relic". The obvious question then, is why. (Asia Times Online)
Great expectations Oct 15, 2009
Most proposals follow John Maynard Keynes' suggestion in 1944 at Bretton Woods of a global issuing authority, such as the International Monetary Fund - which would issue a new IOU credit object he called a "bancor", which would serve both as a unit of measure and as a currency store of value that is globally acceptable in exchange. Fisk suggests that current high-level discussions envisage backing for such a currency with a combination of gold, and a basket of conventional currencies. (Asia Times Online)
* Recovery may be jobless and joyless Oct 7, 2009
The reluctance by countries running trade surpluses to change their behavior reflects a design flaw in the post-war international system identified by economist John Maynard Keynes: the onus falls on deficit countries to deflate rather than on surplus countries to reflate. Unless this is remedied, global rebalancing will be an uphill struggle. (Taipei Times, Taiwan -- World)
Opening Address to the 2009 Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund Oct 7, 2009
As John Maynard Keynes noted at the founding of the IMF, the hope was that the brotherhood of man will have become more than a phrase. We have a historic opportunity to reshape our post-crisis world and to make that phrase a reality. (IMF News)
Book Review Animal Spirits Akerlof ... Oct 7, 2009
Nobel prize-winning economist, George Akerlof and Yale Professor of Economics, Robert Shiller in their book, Animal Spirits How Human Psychology Drives the Economy and Why It Matters for Global Capitalism, set out to bring John Maynard Keynes buried theory of animal spirits back to the foreground of macroeconomic theory. Behavioural Economics. (Suite101.com)
Obama's permanent depression Oct 6, 2009
The first is that it is simply a matter of what John Maynard Keynes called the "marginal propensity to consume". Americans have saved almost nothing during the past 10 years, relying instead on home equity that now has vaporized. (Asia Times Online)
Recovery on the right track Oct 3, 2009
This element, which the late economist John Maynard Keynes termed as animal spirits, is essential in boosting domestic consumer spending. And that is exactly what we need, especially in times like these, to cushion the Malaysian economy from the external challenges. (The Star Online, Malaysia -- Business)
Is Keynes influencing today's politics? Oct 3, 2009
Two of Britain's leading historians have published books on what they say is the re-emergence of the great 20th century economist John Maynard Keynes. Peter Clarke and Robert Skidelsky spoke to BBC News about how they believe his economic philosophy is continuing to influence today's political scene. (BBC News -- Business)
Off with their blinkered heads Oct 1, 2009
Thomas Freidman said recently in the New York Times "Let's today step out of the normal boundaries of analysis of our economic crisis and ask a radical question: What if the crisis of 2008 represents something much more fundamental than a deep recession? What if it's telling us that the whole growth model we created over the last 50 years is simply unsustainable economically and ecologically and that 2008 was when we hit the wall - when Mother Nature and the market both said: 'No more'.It's... (Asia Times Online)
Why You Should Pile into the Stock Market Sep 30, 2009
Curiously, John Maynard Keynes -- who actually had a poor record as a speculator -- is the only economist of note who has ever even acknowledged the existence of speculation. In his "General Theory," Keynes famously likened playing the stock market to judging a beauty contest. (Human Events Online)
Economics focus: Much ado about multipliers Sep 26, 2009
This measure, first formalised in 1931 by Richard Kahn, a student of John Maynard Keynes, captures how effectively tax cuts or increases in government spending stimulate output. A multiplier of one means that a $1 billion increase in government spending will increase a country s GDP by $1 billion. (The Economist)
MIND Reviews: Neuro-Economic Boom Sep 26, 2009
Economists George Akerlof and Robert Shiller explore how animal spirits the term coined by economist John Maynard Keynes to describe levels of consumer confidence lie at the core of such questions as why there is unemployment and why minorities are often particularly poor. In (Portfolio, 2009), business consultant Charles S. Jacobs reveals that, contrary to popular belief, decisions in the business world are never purely based on facts and logic. (Scientific American)
Economic Stability, Economic Cooperation, and Peace—The Role of the IMF, Remarks by Dominique Strauss-Kahn, Managing Director, International Monetary Fund Sep 25, 2009
One of the people who saw this clearly was John Maynard Keynes, one of the founders of the IMF. He strongly condemned the policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, For he saw clearly the implications: If we aim deliberately at the impoverishment of central Europe, vengeance, I dare predict, will not limp. Nothing can then delay for long that final civil war between the forces of reaction and the despairing convulsions of... (IMF News)
Tobin taxes: The wrong tool for the job Sep 24, 2009
John Maynard Keynes, writing in the 1930s, was in favour of making it costly to switch into and out of investments. With just a trace of English snobbery, he wrote approvingly of the high fees and taxes levied on share transfers in the City of London, which he contrasted with the lower turnover costs on Wall Street. (The Economist)
* Can the dismal science admit happiness? Sep 23, 2009
It was John Maynard Keynes, the great 20th-century economist, who pushed for more detailed national accounts to guide governments seeking to manage their economies, at a time when reliable data was scarce. LOSING TOUCH. (Taipei Times, Taiwan -- Business)
The Joys of Failure Sep 23, 2009
John Maynard Keynes is the new op-ed page superhero. Michael Moore has another documentary out about the ills of capitalism. (Townhall.com)
Will the ringgit be drawn into the field of the yuan? Sep 22, 2009
IF Lord John Maynard Keynes were alive today he would be glowing. Not only have his views about fiscal spending become mainstreamed and widely adopted by policymakers since the arrival of the global financial crisis but even his less-accepted ideas about currencies are gaining, well, currency. (The Star Online, Malaysia -- Business)
The Redemption of Keynes Sep 19, 2009
And as the economy tentatively moves from contraction toward recovery, John Maynard Keynes ought to be named Man of the Year ... As N. Gregory Mankiw, a Harvard economics professor and adviser to President George W. Bush, put it: "If you were going to turn to only one economist to understand the problems facing the economy, there is little doubt that the economist would be John Maynard Keynes.". (BusinessWeek)
Carl's Jr: When in trouble, blame socialism Sep 18, 2009
And he proves, over and over again, that one of Krugman's central accusations -- that Chicago School economists have nothing but scorn and sneers to pile on John Maynard Keynes -- is absolutely correct. Instead, [Krugman] calls for a return to the eternal verities of a rather convoluted book written in the 1930s, as taught to our author in his undergraduate introductory courses. (Salon)
Scourge of commodityinflation returns Sep 18, 2009
John Maynard Keynes likened commodity and asset markets to a casino and introduced the concept of speculative demand for money to support speculative activities. Stock exchanges, futures markets, commodity exchanges, and exchange markets are dominated by speculators. (Asia Times Online)
Why capitalism fails Sep 13, 2009
The older belief in a self-regulating, self-stabilizing free market had selectively absorbed a few insights from John Maynard Keynes, the great economist of the 1930s who wrote extensively of the ways that capitalism might fail to maintain full employment. Most economists still believed that free-market capitalism was a fundamentally stable basis for an economy, though thanks to Keynes, some now acknowledged that government might under certain circumstances play a role in keeping the economy -... (Boston Globe)
Economics and psychology Sep 12, 2009
This alternative framework is an effort to reanimate the original vision of John Maynard Keynes. Post 1930s Great Depression, Keynes 1936 masterwork The General Theory of Employment, Interest and Money pointed out that market economies could suffer long periods of high unemployment and low output unless government stepped in to supply the necessary demand. (The Star Online, Malaysia -- Business)
Lessons from a virtual bank run Sep 8, 2009
Krugman has always been a proud follower of economist John Maynard Keynes, which means, even despite the respect he has always commanded from his colleagues, that the last few decades have been hard times psychologically. The rise of Milton Friedman and resurgence of neoclassical economics pushed Keynes to the side. (Salon)
Politics Today: Will Democrats use force to pass Obamacare? Sep 5, 2009
Alihandero wrote on Sep 4, 2009 6:12 AM:" Well Deb,I'm not sure what a liberal Democrat would know about Republican fear, but as an Independent I can only guess what that might be.I asked you before in another forum here what your solutions to this so-called health care crisis would be that is #1. economically and fiscally sound, and #2. would not pass that awful increased public debt onto our children.What would John Maynard Keynes say, Deb? Remember he too was very British, like Sir Winston... (Hanford Sentinal, CA)
Beyond the Crisis: Sustainable Growth and a Stable International Monetary System, Speech by Dominique Strauss-Kahn, Managing Director of the International Monetary Fund Sep 4, 2009
As early as the 1940s, John Maynard Keynes proposed the creation of a super-sovereign currency, the so-called bancor. More recent proposals call for the creation of a new world reserve currency, possibly based on the SDR the composite currency issued by the IMF. Another possibility, and perhaps the least unlikely alternative, is for a multi-reserve currency system to emerge, with currencies like the euro, the yen, and even the renminbi serving as co-equal anchors. (IMF News)
Capitalism, Socialism, and Schumpeter Sep 4, 2009
The spectacular contemporaneous success of John Maynard Keynes s General Theory made the failure of Business Cycles all the more poignant. In his last decade, Schumpeter labored in the omnipresent shadow of Keynes. (The American Conservative)
* Were only human Sep 3, 2009
Early writers such as John Maynard Keynes had an approach closer to what we now call behavioral economics. But after World War II economics started to become much more mathematical, and it turned out that the easiest mathematical models to create were those that characterized rational choice. (Taipei Times, Taiwan -- Sports)
Today's economic situation is ironic paradox Aug 30, 2009
They correctly saw that it was truly a Keynesian moment, named after John Maynard Keynes, the Great Depression-era economist who explained how government spending could save an economy. The bailout hasn't been well planned, nor was the money deployed efficiently, but these are quibbles. (Anchorage Daily News)
Road to Pittsburgh began in N.H. woods Aug 30, 2009
With them came John Maynard Keynes, the British economist who pioneered the theory of market controls and shifts in spending to stimulate moribund economies. With him was Henry Dexter White, a senior Treasury official. (Pittsburgh Post-Gazette, PA)
The Drama of Human Action Aug 26, 2009
The advance of economic theory in the 30s (advances related in particular to the work of Piero Sraffa and John Maynard Keynes, to theories of imperfect and monopolistic competition, to the theories of socialist economics, and to sophisticated advances in mathematical economics) seemed to have left the Austrians far behind. They were seen to have been defeated by Keynes (in regard to macroeconomic issues), by Frank Knight (in regard to capital theory), and by Oskar Lange and by Abba Lerner (on... (The American Conservative)
IMF adopts irrigationplan during a flood Aug 25, 2009
In 1943, John Maynard Keynes proposed the creation of world currency. In 1961, Jacques Rueff proposed a return to gold standard. (Asia Times Online)
Similes please Aug 22, 2009
The economist John Maynard Keynes said that financial markets could become a series of second guesses about other people's beliefs. The value of a share is not only what I think it's worth, but what I think someone else will think it's worth when I sell it on. (BBC News -- UK)
Letters to the Editor: On economics Aug 13, 2009
SIR John Maynard Keynes was the most important of the founders of macroeconomics, though, as you implied without quite saying, he never used the term. You said that the word did not appear in the journals until 1945, in an article by Jacob Marschak. (The Economist)
China's sleepless nights Aug 6, 2009
Zhou's proposal aimed essentially at reviving John Maynard Keynes' 1943 bancor currency, defined as a world currency based on a commodity basket formed of 30 commodities and issued by a world central bank. Although Zhou's proposal was intended for the G-20 meeting in London, it was simply ignored by all participants. (Asia Times Online)
Business.view: Clunky but effective Aug 5, 2009
The boost in demand that the rebates have brought about is exactly the sort of stimulus that is urgently needed to escape what John Maynard Keynes called a liquidity trap. According to his theory, consumers may become so worried about the economy that they cling to as much liquid wealth as possible, cutting their spending sharply and thereby triggering precisely the slump they feared. (The Economist)
More articles by Adele Horin Aug 1, 2009
As any student of John Maynard Keynes and the Great Depression knows well, government spending is essential in a recession, writes Adele Horin. Saturday February 21, 2009. (Sydney Morning Herald -- Opinion)
Generations of Debt Jul 31, 2009
And inflation's erosion of the currency will demonstrate the veracity of economist John Maynard Keynes' remarks a century earlier: "There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose.". So rejoining our hypothetical family: The original parent, now 96, is likely to see any... (Human Events Online)
The return of Thomas Mun Jul 29, 2009
"Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist" said John Maynard Keynes, but he probably didn't expect the economist to be almost 370 years defunct, nor the slavery quite so deferential. William Gladstone's Britain never followed Adam Smith's theories with such precision. (Asia Times Online)
Gold shines as dollar's days as lynchpin currency wane Jul 28, 2009
What is driving people to invest in a financial instrument that economist John Maynard Keynes famously described as a barbarous relic. Underlying the shift of sentiment towards gold is concern about governments generally abandoning fiscal and monetary discipline in an attempt to stabilise global economic conditions, and worries about the dollar as the world's reserve currency. (Business Report, South Africa)
Paying debt poses economic paradox Jul 27, 2009
"As there's an adjustment to higher savings, then there is a potential paradox of thrift," Johnson said, referring to economist John Maynard Keynes' theory that increased saving is good for individuals but bad for society as a whole because it reduces demand. "To some extent, the government can offset that" with fiscal stimulus, he said. (Honolulu Advertiser)
Cope and ANC can learn much from Keynesian view Jul 27, 2009
John Maynard Keynes wrote those words about 80 years ago, when Baldwin's Conservative Party was in the ascendant and upset the Liberals' long-term dominance of British politics. Keynes was a liberal who believed in certain state interventions but he was not fond of the working class, the Tories or communist dogma. (Business Report, South Africa)
Dividend-paying companies offer better returns in past 3 years Jul 25, 2009
They feel the mentality of most Indian investors regarding stock investments, even in the bear run, is still to benefit from capital appreciation, unlike in the US and the UK, where investors are increasingly heeding the philosophy of noted British economist John Maynard Keynes of buying quality companies that pay consistently high dividends and sticking to them across cycles. Analysts estimates suggest adopting Keynes investment philosophy in India may be far from practical. (India Times)
Herded by fear and greed Jul 25, 2009
Focus has returned to the ideas of the English economist John Maynard Keynes who, along with advocating government spending to stimulate economies, was also the first to document the "animal spirits" and "herd instincts" that drive human behaviour, compelling us to follow the crowd, be it in the direction of greed or fear. As Keynes wrote in 1936 during the Great Depression, people make their decisions "not as the outcome of a weighted average of quantitative benefits multiplied by quantitative... (Sydney Morning Herald -- Business)
Socialism And The Politics Of Fear Jul 24, 2009
But when the Republicans found themselves with nothing to say about how to shore-up an economy in free-fall, they deemed the stimulus bill socialist - even though the architect of such p 00004000 olicies, John Maynard Keynes, advocated a capitalist economic system. Republicans and their media allies never really define what they mean by socialism. (CBS News)
Ethiopia: The UN's Developmental State Farce Jul 23, 2009
Stiglitz, like John Maynard Keynes, believed in government involvement in development. Keynes, who emerged from the rubble of the post World War I economy, advocated increased government spending to boost economies. (allAfrica.com)
Shielding the system from shock Jul 22, 2009
Seventy years ago, John Maynard Keynes pointed out its fallacy. When shocks to the system occur, agents do not know what will happen next. (Sydney Morning Herald -- Business)
Kyoto and the Stern Review of Climate Change Jul 22, 2009
I would like to close by saying that the Stern Review may well be on its way to enjoying the same status as `The General Theory of Employment, Interest and Money' by John Maynard Keynes, or `The Theory of Games and Economic Behaviour' by John von Neuman and Oscar Morgenstern. These are famous books that everyone knows about, although very few have actually read them. (Energy Pulse, CO)
Goldman'sAtlas shrug Jul 21, 2009
Much like John Maynard Keynes himself, who famously misstated economic theories and laws that he then "disproved", Krugman is twisting facts here. While it is true that Goldman Sachs bet against the subprime mortgage-backed securities business, it was itself a minor player in the sector; indeed its short positions were used by bigger rivals to package new securities that were sold to European banks; a turn of events that left Goldman Sachs dangerously exposed to significant trading losses had... (Asia Times Online)
Keynes is not enough Jul 16, 2009
One of the most significant consequences of the collapse of neo-liberal economics, with its worship of the "self-regulating market", has been the revival of the great English economist John Maynard Keynes. Not only do his writings make Keynes very contemporary. (Asia Times Online)
Obama must bet the house Jul 15, 2009
John Maynard Keynes believed that it was better to hire unemployed workers to dig ditches and to then fill them up all day then to have people involved sit idly by in indolence. For the people, the argument that the ditch-diggers' paychecks went right into the economy and stimulated the economic demand that whatever event that caused the economic slowdown suppressed, smacked of government waste and perhaps cronyism. (Asia Times Online)
Krugman best taken in reverse Jul 14, 2009
John Maynard Keynes was wrong about nearly everything, but in not following a lot of his own advice managed to turn a quick penny now and then, he garnered an aura of success where none should have legitimately existed. As I wrote in a previous article, "the best thing about Keynes is that he is dead". (Asia Times Online)
Jays not trying to force Halladay deal Jul 13, 2009
"It's a John Maynard Keynes quote," Anthopoulos said. "'When the facts change, I change my mind.'". (MLB.com -- Toronto Blue Jays)
Loans for Economic Resuscitation: Where is NDC Job Creation Plan? Jul 12, 2009
John Maynard Keynes, a great economist and a most fascinating personality, once explained how the ideas of economists become widely applied. John stated, and I quote. (Ghana Web, Ghana)
"Stimulus" Money: Men (Not) At Work Jul 11, 2009
Consider that the godfather of deficit spending, John Maynard Keynes, supposedly suggested that to fight a recession, The government should pay people to dig holes in the ground and then fill them up. . (Townhall.com)
Attack Of The Son Of Stimulus Jul 10, 2009
(That reminded many of John Maynard Keynes, who famously said that government can improve the economy simply by burying bottles of money in coal mines and paying workers to dig them up. . (CBS News)
Philip Glaessner, World Bank economist; aided POWs in WWII with language skills Jul 9, 2009
A few years later, just before his final exams at Cambridge University, where he studied under John Maynard Keynes, he was imprisoned by the British. With 28,000 other men and women of enemy nationality, Mr. Glaessner was held outside London, then on the Isle of Man, and eventually was sent to Canada aboard a cargo ship. (Boston Globe)
World Economy Jul 5, 2009
The policies advocated in the past by John Maynard Keynes and being pursued today in numerous countries belong to the group of dismal failures. - Martin Hutchinson (May 5,'09). (Asia Times Online)
Can IMF be global banker? Jul 4, 2009
There was a famous debate between the economic advisor to the US Treasury, Harry White and Lord John Maynard Keynes, the most famous economist of his generation, who wanted a global central bank and a global development fund. In the end, the US Treasury view prevailed the power of money creation was too important to give to a global agency; it was retained in the hands of the sovereign powers, of which the US was the dominant power after two World Wars. (The Star Online, Malaysia -- Business)
Uganda: Traders Go Down As Prices Go Up Jul 2, 2009
com: Uganda: Traders Go Down As Prices Go Up (Page 1 of 1). Uganda: Traders Go Down As Prices Go Up. (allAfrica.com)
* EDITORIAL: Jobs and wages cant be neglected Jun 28, 2009
John Maynard Keynes theory of paradox of thrift states that the more money consumers save, the less demand exists and the more damage is inflicted on the economy X especially during a slowdown. This paradox can partially explain why the nations domestic economy X including the retail, wholesale and restaurant sectors X dropped 12. (Taipei Times, Taiwan -- Sports)
Is Steven Chu too much of a techno-geek? Jun 19, 2009
" The argument may be shallow, but I think there are far more legislators in Congress, and economic advisers in the White House, who are willing to wade in those shallow waters today, than was the case in 1932. Andrew Leonard Wednesday, June 17, 2009 15:19 PDT Are "rich liberals" who vote for Democrats and higher taxes for themselves displaying the same irrational behavior as working-class men and women who vote for Republicans and lower taxes... for the rich?Yes, says Derek Thompson, (which he... (Salon)
China's recovery won't drive up commodity prices Jun 18, 2009
Likening the market argument over inflation or deflation to the rivalry between Milton Friedman and John Maynard Keynes, Wang said that it was understandable for staunch followers of Friedman to think that credit and money supply growth would result in inflation sooner or later. This correlation would break down, however, based on Keynesian Theory, he said. (Xinhuanet, China)
