Michael G. Heller, author of Capitalism, Institutions, and Economic Development, has taught Southeast Asian and Latin American political economy in the UK, Argentina, and Australia.
Michael G. Heller, author of Capitalism, Institutions, and Economic Development, has taught Southeast Asian and Latin American political economy in the UK, Argentina, and Australia.
It seems inevitable that any system set up to deal with risk in the end becomes a source of danger. Or risk. Or danger. What’s the differenc…
In 1934, shortly after Keynes’s breezy and confident letter to President Roosevelt which demanded the United States (a) control the dollar e…
In activist circles there is excitement that central bankers might rule the post-crisis economic world and exercise new powers with a bigger…
What happens in the OECD countries when as a group their general government expenditures have exceeded 50 percent of GDP, when government ex…
For most people -- arguably even for most economists -- all that mattered was the knowledge that countries with debt over 90 percent of GDP …
It's interesting to see the faces of two detached cloud cuckoo land leftwing bureaucrats whose phenomenally high UN salaries we support through taxation dollars. This utopian international bureaucracy has been a leech on the world for far too long. If they would update their outlooks and read a little outside of their internal memorandums, all to the good. Otherwise, what pressure can be exerted?
Craig, Allan Meltzer does offer the alternative here, but it’s implicit and hardly involves the Fed at all because instead of or in addition to monetary policy he's suggesting “policies for the real economy”, which above all are the policies to get the existing pools of money (currently ‘sensibly saved’ or ‘selfishly hoarded’ depending on your viewpoint) moving through the economy into investment, i.e. policy positions that are market-friendly, predictable, permanent and non-discretionary in order that investors, savers, tax payers will believe they remain true-for-the-future. The two books naturally are Meltzer’s own ‘Why Capitalism’, and also John B. Taylor’s ‘First Principles’.
21st Century Risk and Danger
Shane Beck: Or you can indulge in risky behavior and have the taxpayer bail the institution out as which happened in the GFC both in the US and Europe (admittedly in Europe it was whole countries that had to be b…
The End Of The Welfare State
Jim Dwyer: Living where I do in a small west european economy it certainly feels like we already live in a Welfare state. Generous social welfare coupled with weak activation measures (per the IMF) mean that the…