A Twitter correspondent reminded me of this interview from two years ago in Ireland, where the topic was predominantly the Euro, the Maastricht Treaty, and the likelihood of a political break in Europe due to austerity.
The discussion has quite a bit of relevance to what is happening in Greece now–and what may happen in Spain later this year. Hence I thought it was worth re-posting it.
During the 1890s Depression, the businessman Jacob Coxey developed the idea that the unemployed should be hired by the government to work on the badly dilapidated roads. His idea culminated in a march on Washington by over 10,000 people, and his arrest for trampling Congress’s lawns. This 1994 documentary by the Massillon Museum tells his story.
Jacob Coxey was riding home one day and experienced the poor conditions of the road in the 1890s. He also saw many unemployed men walking the streets looking for work. He had the idea to put unemployed men to work towards problems like fixing roads. He took this idea and made the Good Roads Bill in 1892. He presented it to Congress, but that’s as far as it went. He teamed up with Carl Browne.
My talk at the “‘Economics With Justice” seminar series at the The School of Economic Science in Mandeville Place, London. I cover where the argument for austerity came from, a thought experiment about what will happen when a government runs a sustained surplus, and a model showing what happens when the government does run a surplus.
These are two lectures on endogenous money in macroeconomics from the Kingston University Political Economy Masters module “Economic Change and Ideas”, which I gave yesterday (Friday March 6th). I will wait till next year before posting the entire lecture series, since I’m giving them for the first time this year and they are a bit rough. But one student couldn’t make yesterday, and I had two lectures in one day to make up for my absence next week when I’m attending my niece’s wedding in Sydney. So these are posted for my absent student and anyone else who is interested.
I was invited by the Rethinking Economics student association at the London School of Economics to give a talk about Greece, Austerity, Post Keynesian Economics and anticipating the crisis. There was an excellent audience of around 150 for the talk, and a good discussion afterwards: the students there are keen (pardon the pun) to learn about non-Neoclassical approaches to economics, which are taught at Kingston University, but which they said they do not learn from their courses at the LSE itself.
I was interviewed last night on the BBC News Channel about the Greek crisis. Negotiations today seem to have bought some breathing space, but the issues raised here will now become dominant. Having garnered a 4 month extension and time to redefine the macroeconomic aspects of the EU package, Syriza will now have to carry the day with its constituency and political rivals back in Greece.
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