budget surplus private saving

Charles Brown said: Would it be possible to give bit more of the logic of why a budget surplus saps savings from the private sector ? Alex' comment: In a broadly aggregated economy (say, public vs private sector, omitting, for simplicity the external sector), one institution running a surplus

budget surplus private saving

Charles puts the finger on the critical issue of wealth distribution amongst private agents / factors of production. So far the dialogue was about the private sector as a whole vis-à-vis the public sector. In this case, profits, rents and wages are both but one single aggregate. Further

Monetary Policy

Jim wrote: is the G-S article on-line? where is your web-site? === Alex reaction: The Un-Godley private Sector Deficit was the central article of the US Economics Analyst , 27 July, which is produced by the 'GS Financial Workbench' and is distributed to *subscribers*. I guess that one

Monetary Policy

Quoting from Michael: I am seeing more and more stories doubting that a recovery is on the near horizon. Notice the quote below We think the economy has got real problems that won't be rectified quickly, said William Dudley, an economist with Goldman Sachs Co. in New York. We think monetary

Monetary Policy

with what I said at URPE or what is written in the paper. Alex Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Doug Henwood Sent: Wednesday, August 22, 2001 2:41 PM To: [EMAIL PROTECTED] Subject: [PEN-L:16180] Re: Monetary Policy Alex Izurieta wrote

crisis watch and labor

Michael wrote: Wouldn't it be fair to say that the United States is on relatively thin ice with respect to maintaining both financial stability and aggregate demand. Alex comment: Another way of looking at it is to think that financial systems are inherently unstable (Minsky). And that

Crisis watch

As to the slowing down of the US economy it is clear to me that a period of *negative growth* is forthcoming, unless drastic policy changes are implemented. In this respect, I am on Doug's side: a fiscal and monetary relaxation would help to revert the implosion. How effective? It would

saving (was: tax-cut expansion wealth effect)

Christian said, in reaction to a paragraph of mine (also quoted): Our point, in the Implosion... paper was not that debt/ income ratio is guiding consumers, but that such indicator ought to inform economists and policy-makers of the risk of letting things going this pace. So, in your view,

tax-cut expansion wealth effect

Hello, I am trying to contribute to two separate issues in one email; forgive me if this is not allowed. TAX CUTS and expansion / recession Thanks to Tom Walker remarks (and epilogue below). I broadly agree. We know one thing: business as usual ain't going to cut it. The probable is no longer

Jamie Galbraith

G'day also, Thanks to Rob for the summary of J. Galbraith' propositions. There are some parts that I sincerely do not understand very well (e.g. what Rob or James mean with Keynesian managed globalization -did such a thing ever existed?). Anyway, I do not feel obliged to 'interpret' or

Godley and Savings

Hello, I am sorry to insist, but I think this is a very important issue. Jim wrote (after a paragraph of mine): 3) The limit to borrow, in our opinion the binding constraint in the last resort, is set by the ratio of debts to *income*, because debts must be serviced by cash. The household

Godley and Savings (was current events)

Hello, there is one thing that I think is important enough to emphasise, in relation with our analysis and what is believed elsewhere. It is about the saving rate, and whether the private sector balance is sustainable or not. Quoting Jim Devine: It's not US _savings_ (i.e., assets) that are

protectionism

It seems very interesting what is going on in this discussion, and I am afraid that I can hardly follow. Anyway, let me clarifiy small points. A colleague wrote: Except the paper says _In the very last resort_, the United States should not forget that nondiscriminatory measures to control

godley and implosion in the US

folks, be polite! Thanks Jim (or was that meant for Wynne only?) It is nice to be back. As Michael said, I am working in association with Wynne since January. That means that I would not possibly have more answers at hand than many of you who know the work of Wynne from an earlier stage. AS TO

godley

As far as the ideas we put forward in the paper, the critical issue is that the current account deficit, as it stands, cannot be sustained. We mentioned that a sort of coordinated reflation would be a possible solution, at a global scale. A devaluation (if it was a policy instrument) may serve,

godley and implosion in the US

Yes, I agree with Rob Schaap's illustrative description of the tragedy of our non-competitive free market at both international and domestic levels. I would not be able to express it better. And I find it very appropriate to look at the IT sector, because it is usually shown as a factor of

trivia quiz - 2 (a bit harder!)

esults to "reproduce" the experiment in a classroom (such things should be public property, I guess...) Alex Izurieta Institute of Social Studies The Hague - The Netherlands Email: [EMAIL PROTECTED] Tel.31-70-4260480 Fax.31-70-4260799

[PEN-L:9636] Peru

948 (daytime, during workweek); FAX: 310/338-1950 "It takes a busload of faith to get by." -- Lou Reed. Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260.755 4260.799

[PEN-L:9638] Peru

Just received this through the A-infos list. I extracted the piece that touches upon the issues raised by Jim and myself. Alex ** Interview With Norma Velazco, European Spokeswoman For The Tupac Amaru Revolutionary Movement (MRTA) Q: How do you explain the fact that

[PEN-L:9588] LatAm Marxism

undo Marti, Jose Marti (Cuba), Ernesto (che) Guevara, and... Fidel. Pls. tell me if you find something in English over there. I am curious. Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260.755 4260.799

[PEN-L:7059] anti-intellectualism against and ...

to 'provocate' those newly appering 'fast track pomos' around. From your reaction, it seems it works well. Salud, Alex .. Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260.755 4260.799

[PEN-L:6988] Exploitation in progressive organisations

patronising and adopting the same values of the organisation, *then* the plain worker can be more independently minded. But that independence of mind is -for the very little I know- becoming more and more scarse... One more thing that adds to the challenge we have ahead. Salud, Alex. Alex

[PEN-L:6954] Redistributing jobs

lidario. Interlink Headline News TORRES Consulting ([EMAIL PROTECTED]) Home Page: http://www.torres-c.com/ Public FTP: ftp://ftp.torres-c.com/ ITALY Alex Izurieta E-mail:

[PEN-L:6908] Off Limits: USA

). And this worries me, be it for its present *and also* its long term impact... Now, looking forward for the rest of the day (including the 'rest overs' from those folks who went picnic!) Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague

[PEN-L:6911] the IFIs and the like

c.org ). I wonder why Australia does not have any 'representative' in the board... Now, have a nice evening, and a nice weekend. We will have to 'resist' a long time still... BTW, do not get enthusiastic about my spelling! It is just a 'colonized mixed'... Salud, A. Alex Izurieta E-ma

[PEN-L:6886] WB at the ISS: a non-objective report

with poverty, wanting to achieve results and inviting the agreement of civil society (NGOs) in order to avoid World chaos and increasing poverty. ~~~``` Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague

[PEN-L:6822] HELP! The WB is attacking us!!!

countries, that we can add to our 'panflet'? (Hey, Shawgi, is there something over there?, I am serious.) Other suggestions are also welcomed. ** That is it! Thanks, and keep going. Salud, Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502

[PEN-L:6602] Competitiveness

o the idea of a 'revolution'. Could you give us a 'hint', Michael, at least until we get hold of your books?? Thanks, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6613] Competitiveness

*proof*of one point or the other should be taken with care... Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6563] Why raise the minimum wage

abour are getting out of hands, they may make a net profit by moving abroad. Other assumption is that they start considering buying British beef (it is getting *really* cheap here around, you can imagine why...). Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. B

[PEN-L:6531] Confusion at the IMF

at an international scale... Sorry, it was longer than expected. Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6513] A new WB line re poverty?

in collaboration with NGOs, in order to know whether what we are doing is good or bad" Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6467] World Bank repudiates its history?

, in practice, apart from another 'delay' (of say another decade) in absorbing the 'new ideas', that the 'new ideas' will probably affect at the level of the discourse only, and not of the political practice. Any thoughts? Salud, Alex world Alex Izurieta E-mail: [EMAIL PROTECTED

[PEN-L:6386] Giffin

uying more of the basic stuff which prices suddenly begin to raise... En fin, good to think about. Salud Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6326] Giffen

a de facto continuosly moving market environment... Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6294] Giffin, stocks and FEX

.., unless that it is admitted that the exception becomes the rule and viceversa. Salud Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6295] Giffin, stocks and FEX: corrigendum

In general, all markets in which expectations of future prices play a more determinant role than actual prices, may act as "Giffen markets" if actual and expected price changes follow different directions... Sorry, both should have the same sign. Alex Alex Izurieta E-ma

[PEN-L:5748] The New York Times and Northen governments

t benefit" ??? Now take the example of trade relations, protectionism, effective monopolies, cartels through multinational corporations, etc, etc... En fin, issues to explore, and to know more about. But my overall feeling is that the NYT just reflects a pattern of Northen policy, *to a very large

[PEN-L:5713] 358 Billionaires = 2.7 Billion People

Shawgi, Impressive picture of 'freedom' brought about by capitalism!!! Freedom to climb up, freedom to ...slide down, ehh??? But, could you give us precise references? A United Nations report says that ... It might be useful to get hold of the report. Thanks, Alex Alex Izurieta

[PEN-L:4167] Cuba libre

ry. Of course, Ron or not Ron, for me the most important thing is that Cuba is still free ("libre") of many -if not most of- capitalist disgraces which increasingly generate misery in the rest of Latin America. Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. B

[PEN-L:3855] Re: stock market investment

y affairs, and invited me to reflect. Blair Sandler [EMAIL PROTECTED] Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:3829] Re: stock market investment

From: "Hugo Radice" [EMAIL PROTECTED] Subject: [PEN-L:3828] Re: stock market investment Peter Dorman: Could you give us a full citation for the book by Margaret Blair? Margaret Blair (1995) 'Ownership and Control", Brookings Institution, Washington. Greetings, Alex

[PEN-L:3427] Re: Protest Anti-Labor Purge at UC Berkeley

I must said that I fall quite far from your geographical settlement. That does not mean that your approach as a whole does not appeal to me. From the moment I subscribed to the list I only benefited from your insights and information. Keep up! With warm support, Alex Date: