So if in a decade Mexico, Brazil, Poland, Hungary, and the Czech
Republic are in the position that SK and Taiwan are now, you will
conclude... what?
Brad DeLong
Why wait a decade? Mexico and South Korea have roughly the same per capita GNP ($8300
for Mexico and $8500 for South Korea).
I cite the likes of Hyman, though, because lefties always overstay
the recession, and are among the last diehards clinging to recession.
Doug
---
Where can I get ahold of his stuff?
Christian
Michael wrote:
Also, interest rates are a very, very weak determinant of investment.
Are you speaking generally? If so, do you know of any good empirical stuff that
supports this?
Christian
[EMAIL PROTECTED] wrote:
Simplifying radically:
So if the multiplier is 1.5, must we advocate a $333 billion
stimulus on an annual basis to force unemployment down
to 4.5%?
mbs
Why would the spending multiplier be this low? If, simplifying very radically, it's
1/1-mpc+mpc(t)+mpm, and the tax
As a result of moral depreciation, the older means of production as
use values have not changed; nor has the concrete labor embodied
therein changed. What changes is the the aliquot of homogeneous,
social, and abstract labor time represented by those means. The key
here is the duality of
Rakesh,
Let me try this definition (open to revision of course):
Value is the socially necessary abstract labor time which potentially objectified in
a commodity has as its only and necessary form of appearance units of money.
This is what I meant yesterday by debt and wages as the terms of
Lou wrote
I take the question of development and statistics quite seriously. If Henwood wanted
to respond to what I wrote, he could have explained why the statistics instead
revealed some deeper truths about Nicaragua and Norway.
I am curious about the stats you chose. I guessed that you
The WSJ has pretty much dropped the ball on the MS investigation. The most they've
done is dribble stuff like below out a little at a time. I actually am surprised at
this--they are generally more conscientious and interesting about stuff like this.
AG's Probe Against Merrill Muddies
On Sat, 18 May 2002 12:55:57 -0700 Michael Perelman [EMAIL PROTECTED] wrote:
I thought that this essay was excellent. It made a simple point in a way that people
could understand without attacking their own motives and
behavior. I wish that more of us had the rhetorical skill exhibited
Michael Perelman wrote:
Doug does not belong on the list. He is not and has never been an economist.
Sure, he can write now, but what about after a deadening 7
years as an econ. grad student.
Do grad students take 7 years with econ degrees? I thought they were more efficient
and finished in
The fundamentalists that call for free markets don't call for the abolition
of the role of the Fed in manipulating financial relations. The Fed
constitutes the effective hub of the financial system. This means that the
state is the hub of the financial system. Free markets would mean taking the
To say that any money that is not backed by gold is also fictitious makes is
to stretch the entire notion of the fictitious notion.
Hey, don't blame me, I didn't make this stuff up. It _is_ ridiculous. But it's
also Marx.
By its very nature money in the form of medium of exchange is not
Here's my suggestion for Justin. Let's stipulate that everything you said so
far is true. Do you have anything to add -- something that you
have not already said? If not, the discussion is finished. If you have
something new to add, let's hear it.
This is pathetic, Michael. Having been on
David,
I don't know what list you've been reading, but I haven't seen any of the kind of
one-size-fits-all analyses that you refer to in your post. If you believe that the
market is a state of nature, perhaps it's disconcerting to read that the US' obnoxious
attempt to foist its version of
This is really interesting, although the take on Keynesianism in general and the 70's
don't seem right to me. In fact, military Keynesianism _did_ deliver, but it didn't
deliver in the late 70's b/c it wasn't tried. As Bob Eisner has shown, the US fiscal
position was in surplus for the late
Because the U.S. labor force fell by 485,000. Employment (in the
household survey) fell by about 252,000. The EPR fell by 0.1
percentage point to 63.9%, down from 64.5% in January. The
participation rate fell by 0.3 points.
What's the difference between the EPR and the participation rate?
Jim Devine wrote:
(2) it makes stuff denominated in greenbacks (like oil) cheaper;
for whom? not for those of us with US$.
Come again? Should we prefer to be using yen to buy gasoline?
Christian
Why does any government inflate the money supply? Debasing the currency is a favorite
hobby for governments going back to the Romans and beyond. Why would the good old USA
be any different? Once Nixon severed the link to gold in 1971, the money supply was
at the complete mercy of the
David wrote:
I specifically said that the money supply will fluctuate under a gold
standard in respond to liquidity demands. The point is that the
decision of increasing/decreasing the money supply will be made by the market, not
the idiosyncracies of the Fed governors.
In theory, this is
This highlights my point concerning the unequal access and cost of consumer credit;
refinancing is only available to homeowners with acceptable credit histories and/or
equity. Like stock ownership, the article ignores the strapped social groups that
are rentors and young households with
jbr wrote:
But, how does one commidify "trust" or
"community"?
Corporate "goodwill" is close to this, no? It is frequently understood to be the "good
name" of a company above and beyond the book value of its combined assets. It is
frequently recorded on balance sheets (and even depreciated),
I've never understood, given a certain set of assumptions, why endogenous growth
theory was more satisfactory than neoclassical theory. In the textbooks I've read, the
difference comes down to the role of technology (NCt doesn't really explain why this
is the limit of growth, or where it comes
[EMAIL PROTECTED] wrote:
Kurz starts with Solow's model, relating it to new growth theory NGT).
Interestingly, Kurz shows that while one of the common views is that the novelty of
NGT is incorporation of increasing returns, IR is not an essential ingredient--if this
assumption is abandoned,
This suggests that the Jesuits aren't really running a Catholic university -- and
there have been complaints by the faithful, who want more Catholic stuff.
The Jesuits' ecumenical sense has always been their best quality. A little Tibetan
Buddhism will do the faithful a lot of good.
It wasn't pleasant. It wasn't persuasive. And it seemed to indicate a very different
attitude--an immoral attitude--toward education and the diffusion of knowledge
compared to, say, what Charles Vest was able to get his faculty to agree to in their
Open Courseware Initiative:
You're comparing
Not to flog a dead horse, but to return to Ken Hanly's response to the uses and abuses
of GDP . . . The two options given were that the rich get $1 million and the poor 1c,
and the poor all get $100 and the rich loose $100. Is there something about Pareto
optimatlity that makes it impossible
Ken wrote:
P.S. My only interest in talking about Pareto optimality is that it is a key value
assumption in mainstream welfare economics. Actually an increase in GDP itself does
not entail Pareto Optiimality since some could be made worse off by the growth, but
presumably it would be a
nonetheless, the Fed cut rates in a seemingly panicked way. Is it possible that
they're freaking out about international events? or rising saving by consumers? or
what?
-- Jim Devine
There is a clear tone of consternation in the WSJ's front page account of the decision
to cut. AG has been
In the infamous memo, LP wrote:
I've always though that under-populated countries in Africa are vastly
UNDER-polluted, their air quality is probably vastly inefficiently low compared to
Los Angeles or Mexico City.
I don't understand this sentence. First, it's a comma splice (says the grammar
[EMAIL PROTECTED] wrote:
If you pull a dollar out of your mattress tomorrow, your decision to spend or save
could mean different levels of GDP for the period in question. If spending means
higher GDP than saving does, then it seems wrong to speak of savings or investment as
causing income
[EMAIL PROTECTED] wrote:
You can download it from
http://www.marxists.org/archive/marx/works/1857-gru/index.htm
I think that Lou underestimates the value of the Grundrisse.
Agreed. I think he also underestimates the textual tensions in Capital. And he
overestimates the threat posed to the
Jim Devine wrote:
Keynesian tax cuts -- including Dumbya's -- affect consumer spending much more than
(real) investment. That in turn could create the markets that businesses require if
they want to invest in new plant and equipment.
What's the theory behind this--ie tax cuts affect demand
I agree entirely. In fact, I've been spouting this view, for years. I'd be
interesteed to know whether anyone has any good arguments against it.
How 'bout that it's stupid and ahistorical? Or that it ignores straight or female
fashion designers --Hilfiger, Miyaki, Claiborne, Lauren? Or
This is too complicated for them to follow; oh, I forgot, they are marxists, so
probably they do have a formula for you specifying what's the correct political line
that you should follow. I am sure that even some gays would agree with me - those who
are proud enough to see
What do folks think of N. Gregory Mankiw's Macro book? It got raves on Amazon.
Christian
Thanks. Any you can recommend? (The Galbraith and Darity is out of print and not in my
library.)
-Christian
[EMAIL PROTECTED] wrote:
Christian,
Major vomitorium. This is the book by a "Keynesian"
that reduces Keynes to a few boxes in the back. It is
all pure New Classical growth
I'd like to see a copy, too.
Christian
[anyone know what they mean in the last
sentence, reduced supply of what? wider spreads with between corp bonds
and treasuries? I just read today that spreads had tightened. I assume this
announcement means the 30-yr will
be back pretty soon.]
Turning to the current state of financial
38 matches
Mail list logo
