Friday, 15 August 2014

The Bundesbank is not demanding an increase in German demand

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Yesterday's very bad news that growth has stopped in the the Eurozone  reflects the  lack of a realistic demand model : the ECB and much...
Thursday, 7 August 2014

Draghi's duplicity on the relative importance of structural reform and demand for investment

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Mario Draghi once again cited the importance of structural reform at yesterday's ECB press conference , suggesting weaknesses in structu...
Monday, 28 July 2014

Competitiveness, unit labour costs, and the class struggle

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It's hard to spend much time reading about the Eurozone crisis without coming across the term "unit labour costs" (ULC).  Ther...
Thursday, 24 July 2014

Europe's missing demand model

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I. Keynes - the very quick version Keynes had lots of important insights, but I think the most crucial one is underplayed in my field of c...

Weidmann's deceit on Spanish export growth

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Bundesbank Chief Jens Weidmann gave a speech in Madrid on Monday.  He followed Draghi in putting lipstick on the PIIGS , or the S anyway: ...
Thursday, 10 July 2014

Why Draghi put lipstick on the PIIGS

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In London yesterday, Draghi made a speech  in which he advocated more centralised control over "structural reform" (liberalizing l...
Friday, 4 July 2014

Commons, Hale, Polanyi, and, naturally, Piketty

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I. Commons and Hale: Capitalism is a bargaining power economy in which coercion is omnipresent The great institutional economist John R. ...