21st December 2011
Before the crisis, there was broad agreement among macroeconomists and policymakers that short-run stabilization was almost exclusively the province of monetary policy. "We now know that this view was wrong." Brad Delong says we need fiscal tools for short-run stabilization. Brad DeLong
Matías Vernengo believes that China's growth is being driven by government spending and rising real wages, not because of a housing bubble. Naked Keynesianism
David F. Ruccio: "After a brief flirtation in the 1960s and 1970s, the grandees of the economics profession took it upon themselves to express openly their disdain and revulsion for the types of self-reflection practiced by ‘methodologists' and historians of economics." occasional links & commentary
Lord Keynes gives us an updated classification of free market libertarians: "It is obvious that not all free market libertarianism is derived from neoclassical theory. The Austrians and the cult of Rand are not really based on neoclassical theory." Social Democracy For The 21st Century
The North Korean government has made money by selling drugs and counterfeiting U.S. dollars. National Public Radio
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