Category: "history"

Finance and Growth: The Direction of Causality

January 21st, 2017
in history, macroeconomics

Recent research suggests a point beyond which the benefits of financial development diminish, and further development can even hurt growth. This column describes how a negative relationship between credit and growth emerged strongly after 1990 and was particularly pronounced in the Eurozone, consistent with the notion that an overgrown financial sector weakens economic growth potential. more »

Keynes’ Liquidity Preference Trumps Debt Deflation in 1931 and 2008

January 6th, 2017
in history, macroeconomics

I have pointed out before that the meaning of the term ‘liquidity trap’ has today become completely altered — with said alteration mainly coming from Paul Krugman’s bizarre redefinition which seems tied up with his idea about a natural rate of interest and the central bank being unable to hit this natural rate due to their coming up against the zero-lower bound. more »

Concordian Economics: An Overall View

January 2nd, 2017
in history, macroeconomics

Einstein said: "We cannot solve our problems with the same thinking we used when we created them." more »

John Hicks’ Book on Non-Ergodicity: A Forgotten Post-Keynesian Classic

December 30th, 2016
in history, macroeconomics

Lars Syll recently provided an interesting quote from John Hicks’ 1979 book Causality in Economics. I thought that what Hicks said made an awful lot of sense, so I got my hands on a copy of the book. I have only so far scanned the book but I think that it is something of a masterpiece and I hope that someone suggests more »

Bidding War: The Quantity Theory of Money and the Price Level

I was going to run a blog on Hans Albert’s critique of the quantity theory of money but it appears that Lord Keynes has gotten there ahead of me. I just wanted to pull out one point that he raised as it proved to be one of the most difficult I encountered when trying to formulate a general theory of pricing. more »




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