Keynes’ Liquidity Preference Trumps Debt Deflation in 1931 and 2008

January 6th, 2017
in history, macroeconomics

by Philip Pilkington

Fixing the Economists Article of the Week

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.

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What Could Go Wrong?

January 3rd, 2017
in uncategorized

by John Mauldin, Thoughts from the Frontline

“Experience is simply the name we give our mistakes.”– Oscar Wilde

“Mistakes are the usual bridge between inexperience and wisdom.”– Phyllis Theroux

“Economists are often asked to predict what the economy is going to do. But economic predictions require predicting what politicians are going to do – and nothing is more unpredictable.”– Thomas Sowell

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Concordian Economics: An Overall View

January 2nd, 2017
in history, macroeconomics

Written by , The Somist Institute

Einstein said:

"We cannot solve our problems with the same thinking we used when we created them."

concordian.economics.logs

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President Trump Likely Will Deliver A More Robust Economy In 2017

Written by

One of my favorite mottos is: "It is better to be lucky than good." No matter you good you are at what you are doing - the unforeseen and unpredictable can occur spoiling your efforts. 

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

December 30th, 2016
in history, macroeconomics

by Philip Pilkington

Article of the Week from Fixing the Economists

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 reissuing it; it could easily be a standard textbook for Post-Keynesian methodology.

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