The Great Debate©: Who Saw it Coming?

by John Lounsbury This edition of The Great Debate© is prompted by an essay from Brad DeLong today (30 June 2012) and a rebuttal from Steve Keen.  Before we present those two protagonists we will return to a paper published by Dutch economist Dirk Bezemer in 2009.  That paper was reviewed by this author when …

Stumbling Blocks to Spending Our Way to Prosperity

by Guest Author Edmund Phelps Editor’s note: These are Prof. Phelp’s opening remarks for the Keynes vs. Hayek debate produced by Reuters, 8 November 2011 at Columbia University.  James K. Galbraith led the Keynes team.  His opening remarks have been posted previously.  Pictured left is John Maynard Keynes; pictured right is Friedrich August Hayek. Keynes …

It’s Time for a New Measure of Economic Growth

Gross domestic product (GDP) is the most commonly used measure of economic growth. But GDP isn’t just inaccurate and misleading – it’s the contrivance of Keynesian economists seeking to push their own, big-government agenda. That’s right. GDP is a financial ruse – the biggest of the past half-century.