Barney writes:
... the question is, does anyone still hoard? There are plenty
of virtually risk free, short term financial instruments. The municipal
bond market seems pretty damn liquid these days. And for those of us of
more modest means, there are interest bearing checking
accounts.
Keynes called this situation a liquidity trap and felt this
was a good argument for fiscal policy and government
investment programs. Unlike private firms, the federal
government can finance long-term projects with short-term
debt.
Ellen
How do you think the situation in Japan reflects
How do you think the situation in Japan reflects on Keynes' theory? Is it a
Well, Doug said that Japan confirms Marx rather than Keynes. I am not
exactly sure whether a protracted slump is a confirmation of Marx, while a
protracted expansion such as the one taking place in the USA is proof that
Well, Doug said that Japan confirms Marx rather than Keynes.
I didn't catch this. Doug, would you repost your comments?
Isn't there something more fundamental going on, namely
competition between nations based on the production of automobiles,
computers, and capital goods such as machine
Financial Times (London)
February 29, 2000, Tuesday Surveys FTA1
HEADLINE: SURVEY - FT AUTO: Difficult times as the going gets tougher:
JAPAN KOREA
by Alexandra Harney and John Burton: The car manufacturers in both
countries continue to feel the pinch with rationalisation on the cards
I think that we could say that Keynes was right as far as he went. Japan is
probably is good example of a liquidity trap as you can get.
The problem is that Keynes didn't go very far. The liquidity trap is fairly
reflection of the psychological state of investors. Unfortunately, he does not
http://www.pbs.org/wgbh/pages/frontline/shows/reaction/
At 10:16 AM 3/24/00 -0600, you wrote:
A friend of mine told me about a recent Frontline program on nuclear
power that supposedly was very pro-nuclear, but very convincing (my
friend is a talented physicist and felt that the arguments and
I don't really understand the situation in Japan, but
I found the article in the most recent New Left Review
by Taggart very interesting. Bill Tabb wrote a very illuminating
piece on Japan for Dollars and Sense last year, as
well. Taggart argued (I think) that the analytical categories
of
Pen-l's Brad deLong has a useful little article on Monetarism in the Winter
2000 issue of his journal, THE JOURNAL OF ECONOMIC PERSPECTIVES. He makes
the point I've made many times, i.e., that the "New Keynesian" school that
currently dominates macroeconomics is basically Monetarism without a
Title: Re: [PEN-L:17381] Re: Re: Re: Re: ? Rentier's hoarding ?
Re the relevance of Keynes's idea of the liquidity trap for an analysis of the current situation in Japan.
For reaons Keynes himself gives, the functioning of psychological factors in Japan is likely to differ in important ways
Title: Re: [PEN-L:17381] Re: Re: Re: Re: ? Rentier's hoarding ?
re: the relevance of Keynes's
liquidity trap for Japan:
Working Paper No. 298Krugman on the Liquidity Trap: Why Inflation
Won't Bring Recovery to JapanJan A. Kregelhttp://www.levy.org/docs/wrkpap/abstract/298ab.html
From "Capitalism in Asia at the End of the Millennium" by Prabhat Patnaik
July-August 1999 Monthly Review
http://www.monthlyreview.org/799pat.htm
The crisis in East and Southeast Asia is superimposed, however, on a deeper
phenomenon-the fact that the high growth rates once enjoyed by several
BLS DAILY REPORT, FRIDAY, MARCH 24, 2000
RELEASED TODAY: In January 2000, there were 1,936 mass layoff actions by
employers as measured by new filings for unemployment insurance benefits
during the month. Each action involved at least 50 persons from a single
establishment, and the number of
Christian writes:
There are also significant risks to this strategy, if taken seriously. If
such "restructuring" were to provoke a more general banking / financial
system crisis, Japanese would dump all those dollars, bonds, and
dollar-denominated assets that it holds, which could spell the end
Dave Richardson's always valuable report showed:
Women already account for more than 55 percent of both the bachelor's
and
master's degrees awarded by U.S. colleges, and they are rapidly closing
the
gender gap among newly minted PhDs. The National Opinion Research
Center at
the University of
The Nation, April 10, 2000
Shopping Till We Drop
by WILLIAM GREIDER
During the past two decades, as random financial crises visited various
fast-growing economies, we have become familiar, after the fact, with the
profile of a developing country that's headed for trouble. A booming,
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