Tag Archives: Keynesian school

What is it about money?

I was going to hold off blogging until the New Year, but irritation drove me to posting … In a recent article, Alan Kohler had this to say: The real war is between monetary policy and the Digital Revolution – between the world of finance trying to reduce the value of money and therefore debt, […]

The misbegotten birth of macro

As folks may have noted, I like graphs; they can be very useful illustrations, particularly of historical trends.  Consider this graph, taken from the 2012 US Federal Budget (via). What is striking is the long-run stability of economic growth in the US, apart from one episode which stands out fairly dramatically. Very dramatically (pdf) given that: […]

Debt, doom and despair

It is a matter of some comment that the public debt burden of the United States has recently increased somewhat. Upward, ever upward And that this surge in debt has come from increased spending A more elevated state More than from falling revenues. Buy now, pay later (The “negative deficits” in Truman’s and Clinton’s second terms meant the US […]

Put not your faith in labels: naming in the dismal science – guest post by Lorenzo

[SL: A frequent criticism of economics is that the ‘dismal science’ is now too big for its boots: it makes claims in rhetorical language that would do credit to a theologian or philosopher, and often appears to step far outside its remit. This criticism is particularly acute when some large rhetorical claim turns out to […]