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The true meaning of “In the long run we are all dead” | Simon Taylor
"The long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again."

-- John Maynard Keynes
economics  keynes  quotes  blogs 
7 weeks ago by ianchanning
Europe’s socialist success story: the strange rebirth of the Portuguese left
The popularity of the government, Louçã says, “springs from relief” after the painful 2011 bailout (which led to the biggest public spending cuts in 50 years) and a deep recession. However, he also cautions that “relief is not a policy”. Though returning public sector wages and pensions to pre-bailout levels has helped promote economic growth, meeting EU fiscal targets has led to “a drastic reduction in public investment”.
portugal  politics  keynes 
10 weeks ago by yorksranter
The Radical Theory That the Government Has Unlimited Money - VICE
Everyone knows governments need to tax before they can spend. What Modern Monetary Theory presupposes is, maybe they don't.
neweconomics  monetarypolicy  keynes  public.finance 
12 weeks ago by zesteur
US-Konjunktur: Wird aus Donald Trump vielleicht doch noch ein genialer Konjunkturpolitiker?
Trump könnte dann so oder so ein (wahrscheinlich unbeabsichtigtes) Meisterstück der keynesianischen Konjunktursteuerung gelingen.
trump  keynes  economics 
12 weeks ago by yorksranter
Reimagining Britain by Justin Welby review – praiseworthy vision | Books | The Guardian
The last archbishop of Canterbury who had a real impact on the social wellbeing of our society was William Temple who, working with his fellow Christian, the economic historian RH Tawney, and their friend William Beveridge, helped to shape the intellectual and moral climate that bore political fruit in 1945.
god  attlee  keynes 
march 2018 by yorksranter
The Republican Fiscal Stimulus Could Be Bigger Than Obama’s - The New York Times
I kind of worry about this. I believe there is significant spare capacity and the US can borrow the money. Therefore I should believe this will generate substantial GDP growth. If you accept Keynesian principles you have to accept they work for bad people too.
keynes  trump  economics 
february 2018 by yorksranter
Episode 641: Why We Work So Much : Planet Money : NPR
KESTENBAUM: You could see this as a trap, as a sad thing. But Freeman does not. He's a big fan of John Maynard Keynes, but not on the 15 hour workweek thing. There's a nice bit of writing in Freeman's essay. I'm just going to read it here. (Reading) As members of a thinking species on a small planet in a giant universe, with no more than 80 to 90 years of life, I think it is wrong to sit on our haunches and enjoy economic well-being. We are, after all, in a great race for life against death, for knowledge against ignorance, for exploring and understanding the world around us before the big contraction or crash or whatever comes next. And hard work is the only way forward. Thank heavens Keynes was wrong about the strength of human devotion to work. We should not spend more than a dribble of time living as if we were in Eden.

Then there's one more line. Do you remember the last line of your piece?

FREEMAN: No.

KESTENBAUM: Grandchildren, keep trucking.

FREEMAN: Oh, that's great (laughter).
economics  keynes  labour 
february 2018 by gimber
Microsoft Word - Why-Do-We-Work-More-Keynes-Expected_for-Pecchi-Piga-VOL-4-07.doc
As members of a thinking species on a small planet in a giant universe with no more than 80-90 years of life, I think it is wrong to sit on our haunches and enjoy economic well-being. We are, after all, in a great race – for life against death, for knowledge against ignorance, for exploring and understanding the world around us before the Big Contraction or Crash or whatever comes next. And hard work is the only way forward. Evolution presumably imbued us with a work ethic for our survival and not for a Garden of Eden existence. That is fine with me..

Keynes ended his essay by telling us that we ought not overestimate the importance of the economic problem in the face of “other matters of greater and more permanent significance”, without specifying those “other matters”. He hoped that as economic scarcity diminished economists would become humble, competent people, on a level with dentists. Dentistry? Talk about dismal professions. My hope for us and for our grandchildren is quite different. If by working hard and devising new incentive and market forms and advancing our understanding of economic behavior, economists can get ourselves thought of as visionary creative social scientists, on a level with entrepreneurs or science fiction writers or jazz musicians, that would be splendid! And if we can’t be that cool, I’d rather be a sociologist than a dentist.

In short, thank heavens Keynes was wrong about the strength of human devotion to work. There is so much to learn and produce and improve that we should not spend more than a dribble of time living as if we were in Eden. Grand children, keep trucking.
economics  keynes  labour 
february 2018 by gimber
Retrospectives: John Maynard Keynes, Investment Innovator
An analysis of Keynes's performance as an institutional investor, and his invention (independent of Graham and Dodd) of value investing.
investment  finance  keynes  money 
january 2018 by robmiller
Years of austerity 'have left UK with same level of public spending as it had 10 years ago' says IFS | The Independent
Everything really comes down to this. The world turned out to be deeply Keynesian in that the govt can't achieve its planned savings because its income always falls short
austerity  keynes  economics 
november 2017 by yorksranter
Keynesian Economics Without the Phillips Curve — Roger E. A. Farmer
Our findings show that an agnostic economist who placed equal prior weight on both theories would conclude that the FM model knocks the NK model out of the ball park
keynes  economics  phillipscurve  rogerfarmer  animalspirits 
october 2017 by yorksranter

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