Category: "history"

I’m Pointing at the Moon, You’re Looking at My Finger: Janet Yellen on Post-Keynesian Economics

Here’s an interesting fact that I’ll bet many of you didn’t know: the current head of the Federal Reserve, Janet Yellen, wrote a short paper in 1980 examining the theories of the Post-Keynesians. You can find it here. more »

Hoarding and Scarcity: Applied Cambridge Economics

September 16th, 2017
in history, macroeconomics

Yesterday and today in the comments section to my blog there was a somewhat interesting discussion about hoarding and unemployment. One commenter claimed that hoarding only caused unemployment in a monetary economy. I have heard this a lot, but I have never thought it to be remotely true. more »

Is the Speculative or the Precautionary Demand for Money More Important in Real World Capital Markets?

In Keynes’ General Theory is is famously stated that the demand for money relies on three distinct functions. These are: the transactions demand for money; the precautionary demand for money; and the speculative demand for money. more »

Macroeconomics in Germany: The forgotten lesson of Hjalmar Schacht

September 6th, 2017
in history, macroeconomics, currency / money

Despite facing many of the same challenges, Germany’s current macroeconomic policy is substantially different to those of other countries, in part due to the economy legacy of Walter Eucken. more »

How Do Changes in Interest Rates Affect the Level of Economic Activity?

September 1st, 2017
in history, macroeconomics

Roy Harrod has some rather interesting opinions on the effectiveness of interest rates. As readers of this blog know I am rather skeptical of using interest rates to steer the economy. Basically this is because I think that using them on their own will only result in ever-diminishing returns. more »

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