Why Thomas Piketty is Wrong About Inflation and Interest Rates

October 1st, 2017
in macroeconomics

by Philip Pilkington

I have pointed out on here recently that Thomas Piketty’s views on public sector debt are wholly un-Keynesian. Well, we should also point out that his view of inflation and interest rates are also fairly un-Keynesian.  Piketty basically thinks that the reason that governments have been able to run persistent government deficits is due to consistent inflation which erodes the real interest rates governments must pay on their debt.

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Consumer Spending is Driving Healthy Economic Growth

September 29th, 2017
in consumer metrics institute, gdp

by Rick Davis, Consumer Metrics Institute

September 28, 2017 - BEA Revises 2nd Quarter 2017 GDP Growth Slightly Upward to 3.06%:

In their third and final estimate of the US GDP for the second quarter of 2017, the Bureau of Economic Analysis (BEA) reported that the US economy was growing at a +3.06% annual rate, up +0.02% from their previous estimate and up +1.82% from the prior quarter.

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Brexit: Will It Ever Happen?

September 27th, 2017
in eurozone and euro, uk

by Elliott Morss, Morss Global Finance

Introduction

A United Kingdom (UK) departure from the European Union (EU) would generate important changes in global finance and trade. International financial markets do not as yet reflect these changes, suggesting they don’t think Brexit will happen. Will it ever really happen?

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

by Philip Pilkington

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.

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Pension Storm Warning

September 20th, 2017
in Business, Money and Banking, macroeconomics

by John Mauldin, Thoughts from the Frontline

This time is different are the four most dangerous words any economist or money manager can utter. We learn new things and invent new technologies. Players come and go. But in the big picture, this time is usually not fundamentally different, because fallible humans are still in charge. (Ken Rogoff and Carmen Reinhart wrote an important book called This Time Is Different on the 260-odd times that governments have defaulted on their debts; and on each occasion, up until the moment of collapse, investors kept telling themselves “This time is different.” It never was.)

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