Tuesday, 23 September 2014

Kalecki and the ECB

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In 1943, Michael Kalecki gave what has recently become a very influential analysis of why it was that capitalists might object to Keynes...
Thursday, 11 September 2014

Export orientation, supply-side thinking, and the theodicy of markets

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This blog has argued (hardly uniquely) that the focus of the German and Eurocrat policymaking establishment on exports and competitiveness...
Wednesday, 10 September 2014

Draghi and fiscal demand stimulus: he's not serious

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Mario Draghi's speech in Jackson Hole last month has been widely seen  (one more auf Deutsch ) as a bellwether, particularly for his d...
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...