J. Bradford DeLong's Blog, page 2279
June 20, 2010
Mr. Hicks and "Mr Keynes and the 'Classics': A Suggested Interpretation": A Suggested Interpretation
In his "Mr. Keynes and the 'Classics': A Suggested Interpretation," John Hicks says that he is building a model of John Maynard Keynes's General Theory of Employment, Interest and Money. He is not. What he is actually doing is creating a framework that combines the monetarist theories of Irving Fisher, the financial-market insights of Knut Wicksell, and the multiplier insights of Richard Kahn into one package.
Irving Fisher had a model with two markets: a market for the flow of...
How an Economy Can Live Beyond Its Means on Its Wits
P.J. Grigg:
I distrust utterly those economists who have with great but deplorable ingenuity taught that it is not only possible but praiseworthy for a whole country to live beyond its mens on its wits and who in Mr. Shaw's description tech that it is possible to make a community rich by calling a penny two pence, in short who have sought to make economics a vade mecum for political spivs...
Confront economists' theories of depressions and what (if anything) the government...
Liveblogging World War II: June 20, 1940
Franklin Delano Rooevelt nominates 1936 Republican VP candidate Frank Knox to be Secretary of the Navy, nominates Republican former Secretary of War, Secretary of State, and Governor-General of the Philippines Henry Stimson to be Secretary of War once again.
June 19, 2010
Rajiv Sethi Misses a Point...
Mark Thoma sends us to Rajiv Sethi, who writes:
Rajiv Sethi: On Tail Risk and the Winner's Curse: [T:]hose with the most optimistic expectations will take the greatest risks and suffer the most severe losses when the low probability events that they have disregarded eventually come to pass. But tail risks are unlike auctions in one important respect: there can be a significant time lag between the acceptance of the risk and the realization of a catastrophic event. In the interim, those...
A Bad Habit Inherited from "Journalism": Edmund Andrews Plays "Balance"
Jay Rosen to the white courtesy phone please...
At Capital Gains and Games, Edmund Andrews wants to write:
Alan Greenspan is flat-out wrong in his demand for immediate fiscal contraction.
Alan Greenspan cannot find even a shred of evidence to support his claims.
In fact, we need not less but more fiscal stimulus--Andrews does write: "If I were king, the plan would allow for another round of stimulus spending but call for real belt-tightening around 2015..."
And then, sometime between 2015...
Expectation vs. Presumption
Robert Gavin:
Summers cites recovery, risks in view of economy: The US economy has probably begun a lasting recovery, but the outlook has become more uncertain in recent weeks.... [T:]he recovery still faces risks, from the premature withdrawal of federal spending aimed at stimulating the US economy to a financial meltdown in Europe to increased tensions in Korea.... [A:]fter expressing confidence that European policy makers would contain the government debt crisis and avoid another global...
Worth Reading: Stuart Butler of Heritage on ObamaCare Back in 2003
Stuart Butler:
Laying the Groundwork for Universal Health Care Coverage: Mr. Chairman, any observer of the American health care system is immediately struck by two of its central features. Gaps and unevenness in coverage. Despite the huge expenditures devoted to the system, there are enormous gaps in the degree in to which it covers Americans and there are wide difference in the level and type of benefits available to people of similar circumstances. Millions of Americans lack any...
J. Bradford DeLong's Blog
- J. Bradford DeLong's profile
- 90 followers
