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Austerity and Demoralisation

Austerity and  Demoralisation

The high unemployment that we have today in Europe, the United States, and elsewhere is a tragedy, not just because of the aggregate output loss that it entails, but also because of the personal and emotional cost to the unemployed of not being a part of working society. Austerity, according to some of its promoters, […]

The Kreisky Forum

The Kreisky Forum

At the podium of the Kreisky Forum, British economist Lord Robert Skidelsky leans in as he addresses the audience; his explanations are patient, his words clear. More than eighty years ago, he tells us, the economist John Maynard Keynes predicted that we’d now be earning more, playing more, and working only three hours a day. […]

Austerity & the Lessons of 1919

Austerity & the Lessons of 1919

I’ve never liked the word “austerity”: It conjures up the world of Scrooge and Cruella Deville, of humourless Puritans and knuckle rapping schoolmarms determined to kill the least sign of enthusiasm before it gets out of hand. My childhood had its fair share of these characters, and I was familiar with the result. In the […]

Labour’s Paradise Lost

Labour’s Paradise Lost

As people in the developed world wonder how their countries will return to full employment after the Great Recession, it might benefit us to take a look at a visionary essay that John Maynard Keynes wrote in 1930, called “Economic Possibilities for our Grandchildren.” Keynes General Theory of Employment, Interest, and Money, published in 1936, […]

Book Review: Keynes Hayek, by Nicholas Wapshott

Book Review: Keynes Hayek, by Nicholas Wapshott

Keynes vs. Hayek: Live at the LSE! After 28 years of deregulation and dedicated free marketeering, the Bush Administration met the economic crisis of 2008, sometimes dubbed the Great Recession, with billions worth of economic stimulus, and by cutting interest rates and encouraging spending. Despite the trajectory of American economic policy since the era of […]

Democracy or Finance?

“Shorting” is a tactic well known among the financial cognoscenti. It means betting against an asset with borrowed money in the expectation of making a profit when its value goes down. Of course, a single short seller cannot “make” the price of an asset (unless he is George Soros, whose famous bet against the British […]

The Triumphant Return of Keynes

We are all Keynesians now. Even the right in the United States has joined the Keynesian camp with unbridled enthusiasm and on a scale that at one time would have been truly unimaginable. For those of us who claimed some connection to the Keynesian tradition, this is a moment of triumph, after having been left […]

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