Mariana Mazzucato takes aim at neoliberalism and its academic cousin, "public choice" theory.
Jim O'Neill warns that while growth since 2008 has been stronger than many realize, stormclouds are gathering.
Who Really Creates Value in an Economy? Mariana Mazzucato takes aim at neoliberalism and its academic cousin, "public choice" theory. The Global Economy Ten Years After
Jim O'Neill warns that while growth since 2008 has been stronger than many realize, stormclouds are gathering.
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The Makings of a 2020 Recession and Financial Crisis Nouriel Roubini and Brunello Rosa list ten factors all pointing toward an economic downturn that will be more severe than the last. The crisis next time
Carmen M. Reinhart and Vincent R. Reinhart | Foreign Affairs At the turn of this century, most economists in the developed world believed that major economic disasters were a thing of the past or at least relegated to volatile emerging markets. Financial systems in rich countries were too sophisticated to collapse, and recessions would remain short, shallow, and rare. There remains a central warning of 2008: Countries should never grow complacent about the risk of financial disaster. The next crisis will come, and the more the world forgets the lessons of the last one, the greater the damage will be. Nine Lessons from the Financial Crisis – Mohamed El-Erian, Bloomberg A Manifesto for Renewing Liberalism From The Economist: “In all sorts of ways, the liberal meritocracy is closed and self-sustaining. Conference on the 10th anniversary of the 2008 financial crisis Peter J. Wallison | AEI event Today at AEI, expert panelists will outline the principal reasons that have been advanced as causes of the financial 2008 crisis. They will discuss how conceptions about the causes of the crisis influenced the reforms that were ultimately adopted and whether these reforms have been or will be effective. Tune in for a special lunchtime discussion with House Committee on Financial Services Chairman Jeb Hensarling (R-TX). Public opinion 10 years after the financial crash Karlyn Bowman | American Enterprise Institute Using survey data collected before the 2008 financial crisis, Karlyn Bowman shows that Americans have long had doubts about Wall Street, banks, and financial institutions. The 2008 crash profoundly affected people’s views of Wall Street, the economy, and their family’s prospects. For example, in a November 2009 Gallup poll, the view that it was a good time to find a quality job dropped to its lowest level ever, 8 percent. There has been a small recovery in the major confidence-in-institutions indicators, and most Americans do not feel the economic system is more secure today than it was before the financial crisis. Government ignorance is no excuse for another dreadful financial crisis Peter J. Wallison | The Hill In light of the 10-year anniversary of the 2008 financial crash, Peter Wallison assesses the current state of the economy. He argues that without a halt in current government housing policies, there is likely to be another financial crisis, again caused by a government-dominated housing finance system. The system is functioning in substantially the way it functioned before the crisis. Wallison identifies rising housing prices and notes that of particular concern is that the highest rate of increase is occurring for the lowest price homes, exactly the opposite of what a sensible housing policy would produce. Lessons Not Learnt From The Global Financial Meltdown
quoting Raghuram Rajan via The Navhind Times Ten years ago, on September 15, 2008, Lehman Brothers filed for chapter 11 bankruptcy. The mayhem that followed led to the worst global financial crisis after the Great Depression. Like the latter, the 2008 financial crisis has been a matter of much discussion – from Congressional testimonies to saucy Hollywood productions leave alone the academic garbage that it generated. The Case for Monetary Policy Rules
Peter Ireland, E21 Speaking at last month’s economic policy symposium in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell described vividly the challenges that central bankers face in a world of constant change and uncertainty. These challenges make it impossible for the Fed to perfectly fine-tune the economy. Chair Powell’s preferred, gradual approach to raising interest rates is therefore justified. The Fed could meet these challenges even more effectively, however, by adopting and following a monetary policy rule. Read more here.... DIGITAL MEDIUMS UNDERWRITE NEW GROWTH, THE ECONOMICS OF THE FUTURE & THE FAILURE OF GLOBALISM9/7/2018 The Failures of Globalism
By Molly Dinneen, Strategy Bridge: “Globally, unemployment insecurities develop in parallel with technological improvements fostered by globalism that are expected to lead to factory workers losing their jobs to machines or because they lack the necessary technical education.”
17 Years Of Economic And Security Challenges
by John B. Taylor via Economics One Today we remember September 11, 2001 and all that has changed in the past 17 years. JOHN B. TAYLOR'S ADVICE FOR EMERGING ECONOMIES & NORMAN BAILEY ON THE GREAT DEPRESSION TODAY9/4/2018 Analysis: How Do Developed Economies Maintain Their Low Interest Rates?
quoting John B. Taylor via Hurriyet Daily News How do developed economies maintain their low interest rates? The Taylor rule is a mathematical formula developed by American economist John Taylor to help central banks set short-term interest rates based on economic conditions and inflation. Its aim is to help central bankers make rational monetary policy decisions. In this sense, it acts as an objective benchmark by setting the optimal rate that balances inflation and growth targets.
'Excessively High' Equity Prices Are Biggest Risk, Economist Martin Feldstein Says
interview with Martin Feldstein via Bloomberg Hoover Institution fellow Martin Feldstein discusses the outlook for Federal Reserve monetary policy.
Here's Why Stocks Are Focused Almost Exclusively On Trade, In One Chart
quoting Steven J. Davis via MarketWatch It’s no secret that trade policy has been a primary driver of activity in U.S. markets in 2018, responsible for both gains and losses in stocks and the dollar as investors assess the impact of tariffs or the likelihood of the situation escalating into a full-blown trade war. PROJECT SYNDICATE: The Zero-Sum Economy
Adair Turner explains why distributive activities are growing at the expense of creative activities.
The Myth of Secular Stagnation
Joseph Stiglitz argues that the concept was always merely a fig leaf for bad politics and flawed economic policies.
Stiglitz, Summers, Secular Stagnation, And The Supply Side
by John B. Taylor mentioning John F. Cogan via Economics One Joe Stiglitz recently published an attack, “The Myth of Secular Stagnation,” on Larry Summers’ hypothesis of secular stagnation, a revival of a term used by Alvin Hansen decades ago. Larry first presented his secular stagnation hypothesis at a conference jointly hosted by the Brookings Institution and the Hoover Institution on October 1, 2013, during the fifth anniversary of the financial crisis. It has gone viral since then.
The Market Is “Banning the Box”
Aaron Renn, City Journal The American economic expansion is finally accomplishing one of the country’s most needed social improvements: getting the long-term unemployed reattached to the labor market. Income inequality gets much of the press today, but as Harvard economist and Manhattan Institute senior fellow Ed Glaeser points out, long-term joblessness is the more serious problem. The unemployed face a heightened risk of serious ills ranging from physical maladies and mental health problems to divorce. Read more here....
New Release: Monetary Policy In An Uncertain World
quoting Kevin Warsh via Cato Institute Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. Who Profits? Anthony Esolen
My father was not an easy man to categorize when it came to politics. He was, like almost everybody else where I grew up, a registered Democrat. Republicans in New England and the middle Atlantic states were not fond of Catholic immigrants from Ireland, Italy, and Poland, and the immigrants were not fond of the […] John Taylor: Yield Curve Influenced By Global Factors Quite A Bit
interview with John B. Taylor via CNBC Hoover Institution fellow John Taylor discusses the Federal Reserve's monetary policy path and the the US economy. Trumponomics
Ramesh Ponnuru and Michael R. Strain | National Review Contrary to President Trump’s remarks, there is no reason to think that increased deficits will be a short-term phenomenon. Over time, the increase in the national debt will have a deleterious effect on the economy’s performance by crowding out private economic activity leading to a decrease in output, investment, and wages relative to what they would have been without the additional debt. How Cross Subsidies Hinder Economic Reforms
by John H. Cochrane via Chicago Booth Review Cross subsidies are an underappreciated original sin of economic stagnation. To transfer money from A to B, the government could simply raise taxes on A and provide vouchers or otherwise pay competitive suppliers on behalf of B. How Independent Is the Fed? – Robert Samuelson, Washington Post
NO Trump Rightly Calls Out Federal Reserve – Stephen Moore & Louis Woodhill, The Hill Fed Forecasts Favor Rules Over Discretion
Michael Belongia & Peter Ireland, E21 In his July 1986 Presidential Address to the Western Economic Association, Allan Meltzer noted that “the tradition in which many of us were raised is that policymakers should adjust policy actions based on forecasts of the future path of the economy and their best judgments.” Meltzer went on to show that Federal Reserve staff forecasts on economic performance were often so imprecise that predictions just one quarter into the future could not distinguish statistically between the likelihood of strong economic performance or a recession. Read more here.... Why Tax Rate Matters
by John H. Cochrane via PolicyEd Marginal tax rates – how much someone is taxed on the next dollar they earn – affect how much people work, save, and invest. Everyone is affected by their marginal tax rate, and lower marginal tax rates lead to more rapid economic growth. The quest for legitimacy in central banking and the regulatory state
Stan Veuger | AEIdeas Parts of the public sector are not under the direct control of elected representatives. Instead, judges, the military, and independent regulators exercise delegated power over a range of areas and activities. The response to the global financial crisis and the recession has brought central bankers into the limelight. |
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KEYNES VS. HAYEK RAP
KEYNES VS. HAYEK RAP ROUND 2
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