dunnettreader + friedman_milton   11

James Tobin - The Monetarist Counter-Revolution Today - An Appraisal (1981) | The Economic Journal on JSTOR
The Monetarist Counter-Revolution Today-An Appraisal
James Tobin
The Economic Journal
Vol. 91, No. 361 (Mar., 1981), pp. 29-42
Published by: Wiley on behalf of the Royal Economic Society
DOI: 10.2307/2231692
Stable URL: http://www.jstor.org/stable/2231692
Via Anne @ Thoma re Krugman returning to Tobin and seeing his counterblast as not the last feeble defense against the new kids on the block - Tobin was right!
Downloaded via iPhone to DBOX
RBC  20thC  downloaded  central_banks  Volker  article  social_sciences-post-WWII  wages  monetarism  Friedman_Milton  intellectual_history  economic_theory  monetary_policy  Tobin  inflation  interest_rates  oil_price  Fed  unemployment  post-WWII  Keynesianism 
september 2016 by dunnettreader
Robert Waldmann - DeLong on Hayek, Smith, and Smith - May 2016
Brad answers a question raised by Noah with thoughts on Friedrich and Adam. I totally lost all self control in his comments section and waste even more pixels…
Instapaper  economic_theory  macroeconomics  markets  market_fundamentalism  Hayek  Friedman_Milton  Keynes  Smith  emergence  knowledge  information-markets  prices  Popper  from instapaper
may 2016 by dunnettreader
Ben S. Bernanke, review - Charles P. Kindleberger, Jean-Pierre Laffargue eds, Financial Crises: Theory, History, and Policy | JSTOR Journal of Economic Literature (1983)
Journal of Economic Literature 21, No. 2 (Jun., 1983), pp. 574-575 -- delicious in retrospect -- he dings Minsky for inadequate formalism and thinks respondents showed data that punched holes in his approach,. He softly gives the nod to Solow’s defense of Lender of Last Resort as against Friedman and Harry Johnson that all you need is well run monetary policy. Though Solow also stressed the need to guard against people exploiting the implicit guarantee. Ben should have drawn a few stronger lessons before the financial crisis produced its Minsky moment, in part because Greenspan thought the market would provide the discipline Solow saw as necessary, and Ben became LLR for the globe. -- downloaded pdf to Note
books  reviews  financial_system  financial_regulation  financial_crisis  Minsky  Kindleberger  Solow  Friedman_Milton  Bernanke  central_banks  credit_booms  business_cycles  lender-of-last-resort  bubbles  financial_system-government_back-stop  downloaded 
september 2015 by dunnettreader
Brad DeLong - That Friedrich von Hayek Was Inconsistent and That Milton Friedman Was Running a Con on His Ideological Allies - August 2015 (replay)
That Friedrich von Hayek Was Inconsistent and That Milton Friedman Was Running a Con on His Ideological Allies Are Not to Their Benefit : Hoisted from the Archives from Two Years Ago
Hayek  Friedman_Milton  intellectual_history-distorted  Pocket  from pocket
august 2015 by dunnettreader
David Glaser - Exposed: Milton Friedman’s Cluelessness about the Insane Bank of France | Uneasy Money - July 2015
About a month ago, I started a series of posts about monetary policy in the 1920s, (about the Bank of France, Benjamin Strong, the difference between a… -- excellent post that gives helpful explanation of what and why the Vanque de France was doing vacuuming up the world's gold supply, and how Friedman’s reading office the memoirs of the head of the Banque de France was so distorted by his worldview that he totally missed what was said and, in the intro to the English translation, totally misrepresented or whizzed by the critical bits in the memoirs, which are quite clear on what the Banque de France was doing, which totally explodes Friedman’s interpretation of the world-wide Great Depression as the fault of the Fed to "follow the gold standard rules" -- though Friedman acknowledges that in re-reading the memoirs in translation he finds that the French shared some of the blame, (1) he misses that France's inporting of gold was an order of magnitude greater than the US, and (2) totally misunderstands the operation of the gold exchange standard. He's ssuming a vulgar version of the price-specie flow mechanism of under and over-valued, as measured solely by the US bilateral trade with the UK rather than price levels relative to the global gold price, (3) assumes that domestic prices were being adjusted by domestic monetary policy, whereas it was prices relative to the international price of gold, rather than the domestic quantity of money, that was doing the work -- so the global increase in gold price engineered primarily by the "insane Banque de France" (with the US Fed as only a minor accomplice) had globally catastrophic deflationary effects.
economic_history  entre_deux_guerres  Great_Depression  central_banks  gold_standard  monetary_policy  monetary_theory  Friedman_Milton  international_monetary_system  French_politics  from instapaper
july 2015 by dunnettreader
Andy Denis - A Century of Methodological Individualism - 2010 UK History of Economic Theory Conference
Draft -- He has been writing a series looking at what he describes as reductionist vs holistic ontologies, focusing on different usages of Methodological Individualism. Reductionists include Malthus (later writings), Ricardo, utilitarians, early marginalists, Menger (the "grand-daddy" though he didn't use the term), Schumpeter (who introduces the term in 1908), Mises, Friedman and Lucas et al. Holistic includes Smith, Keynes and Hayek. The full-blown reductionists make the heroic (but usually inexplicit) assumption that when each individual acts in his own interests ("properly understood" adds Mises) maximizing his own utility, that since society is nothing but the sum of individuals, the aggregate *social interests* will be maximized. Those who take a holistic view can't employ this sleight of hand, so they need another mechanism at the society level operating to ensure unintended consequences will be socially beneficial (Smith's invisible_hand, Hayek's evolutionary selection) Or their Keynes, facing the fact that there's no mechanism that ensures socially beneficial outcomes from the actions of self-interested individuals. Interesting bibliography as well as textual analysis. Note that Schumpeter embraces an atomistic version of MI for "pure theory" of economics, but following Weber would assign to other social sciences the links between individual behavior and social structures.
Scribd  social_theory  ontology-social  equilibrium  intellectual_history  18thC  19thC  20thC  Smith  Malthus  Ricardo  Menger  Austrian_economics  Schumpeter  Mises  Hayek  Friedman_Milton  Keynes  Weber  Marxist-analytical  individualism-methodology  emergence  bibliography 
april 2015 by dunnettreader
Steve Denning - From CEO 'Takers' To CEO 'Makers': The Great Transformation - Forbes - August 2014
CEOs, through the pervasive use of share buybacks, have become takers, not makers. Instead of creating value for their organizations and society, they are extracting value. Pervasive share buybacks are an economic, social and moral disaster: they contribute to loss of shareholder value, crippled capacity to innovate, runaway executive compensation, destruction of jobs, rapidly increasing inequality and sustained economic stagnation. Yet share buybacks have become “an unhealthy corporate obsession,” even “an addiction.” The situation is one of fundamental institutional failure. CEOs are extracting value from their firms. Business schools are teaching them how to do it. Institutional shareholders are complicit in what the CEOs are doing. Regulators pursue individuals but remain indifferent to systemic failure. Rating agencies reward malfeasance. Analysts applaud short-term gains and ignore obvious long-term rot. Politicians stand by and watch. In a great betrayal, the very leaders who should be fixing the system are complicit in its continuance. Unless our society reverses course, it is heading for a cataclysm. The solution to fundamental institutional failure goes beyond passing a few regulations or changing the behavior of a few CEOs. It involves changes in behavior in a whole set of institutions and actors: -- Change won’t happen merely by pointing out that shareholder primacy is a bad idea. Bad ideas don’t die just because they are bad. They hang around until a consensus forms around another idea that is better. Fortunately, a consensus is emerging around a better idea. The idea isn’t new. It’s Peter Drucker’s foundational insight of 1973: the only valid purpose of a firm is to create a customer. It’s through providing value to customers that firms justify their existence. Profits and share price increases are the result, not the goal of a firm’s activities
business  busisness-ethics  norms-business  corporate_governance  corporate_finance  investment  investors  management  financialization  finance_capital  capital_markets  inequality  1-percent  Drucker_Peter  Friedman_Milton  shareholder_value  profit 
august 2014 by dunnettreader
Robert M. Solow, review essay - Hayek, Friedman, and the Illusions of Conservative Economics | New Republic - Dec 2012
Review essay of The Great Persuasion: Reinventing Free Markets since the Depression By Angus Burgin -- starting in late 1930s - Good Hayek vs Bad Hayek and lots on Uncle Milton - Solow doesn't think much of the influence of the Mont Pèlerin Society and sees a lot of contingency in the political rise of Thatcher and Reagan -- but agrees re Friedman's effective sales job of anti-intellectual and anti-empirical extreme dogma
books  reviews  intellectual_history  political_history  20thC  entre_deux_guerres  post-WWII  conservatism  laisser-faire  right-wing  Hayek  Friedman_Milton  mixed_economy  capitalism  EF-add 
august 2014 by dunnettreader
Edmund Fawcett: Liberalism: The Life of an Idea | Princeton University Press
Using a broad idea of liberalism, the book discusses celebrated thinkers from Constant and Mill to Berlin, Hayek, and Rawls, as well as more neglected figures. Its twentieth-century politicians include Franklin D. Roosevelt, Lyndon Johnson, and Willy Brandt, but also Hoover, Reagan, and Kohl. The story tracks political liberalism from its beginnings in the 1830s to its long, grudging compromise with democracy, through a golden age after 1945 to the present mood of challenge and doubt. Focusing on the United States, Britain, France, and Germany, the book traces how the distinct traditions of these countries converged on the practice of liberal democracy. Although liberalism has many currents, Fawcett suggests that they are held together by shared commitments: resistance to power, faith in social progress, respect for people's chosen enterprises and beliefs, and acceptance that interests and faiths will always conflict. Edmund Fawcett worked at The Economist for more than three decades, serving as chief correspondent in Washington, Paris, and Berlin, as well as European and literary editor. - Introduction downloaded pdf to Note
books  kindle-available  intellectual_history  political_philosophy  liberalism  19thC  20thC  France  British_politics  US_politics  Germany  Mill  Constant  Gladstone  Hayek  Friedman_Milton  Berlin_Isaiah  Oakeshott  Reagan  Thatcher  Mitterand  political_economy  political_culture  franchise  political_participation  pluralism  downloaded  EF-add 
may 2014 by dunnettreader
Dan Monaco - Thinking Through the Savage Machinery: Peter Temin and Economic Crises | The Straddler Jan 2014
Long interview - though most focused on change in fashion of economic theory and what went wrong in Great Depression, the purpose of the interview is Temin's take on Kindleberger need for global economic hegemon to make coordination feasible. Monaco thinks through some of the links between economic and military hegemony. In Temin's Leaderless World, he marks US loss of hegemony in 2008,with winding down of disastrous wars and global financial crisis. So we're an inflection point in the international political economy regime - what will come next, and how are we going to get there. Temin using Tilly's nation-state theory sketches an approach to IR development from Hobbesian chaos, to kleptocracy that forged the state and monopoly on violence, and as the system stays stable with reduced violence, to better and less violent leadership that becomes possible to emerge. So maybe next shift of hegemony won't have to be based on military power? The interview is more interesting re the power of economic history to challenge conventional wisdom - see his early work on the financial crisis and depression in Jacksonian era (even in this early stage of capitalism, the laissez faire drawn from classical economics didn't work in reality), and comments on Friedman and Schwartz re monetary policy and Great Depression (they got only one factor in a collective worldview that couldn't cope, and to which the global plutocracy seems to be returning to in what's becoming class warfare waged from the top). One common theme to Temin's work in these areas is to put domestic economic factors and policies in context of the international system at the time.
books  economic_history  US_economy  economic_theory  macroeconomics  IR_theory  19thC  20thC  Kindleberger  international_political_economy  Great_Depression  Friedman_Milton  Keynes  Keynesianism  neoclassical_economics  laisser-faire  globalization  plutocracy  Tilly  gold_standard  austerity  rational_choice  behavioral_economics  EF-add 
january 2014 by dunnettreader

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