The European Stability and Growth Pact is based on the principle that stability and growth are enhanced when government deficits are either minimised or eliminated. I want you to dispassionately consider an argument that reaches a different conclusion. It may sound like something you have heard before from others and already dismissed. But bear with me.
I’ve spent the past two weeks in Europe, with speaking engagements in Italy, Greece and Austria. This was my first visit to Greece, and my first chance to get an admittedly superficial tourist’s view of what a country with Great Depression levels of unemployment looks like.
This is the talk I gave on this topic in Vienna yesterday. Once I have time, I’ll post the slides and the data.
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This is the talk I gave at the Finance, Mathematics and Philosophy seminar organized by the Department of Philosophy and the Department of Physics at Sapienza Universita de Roma. It was an extremely good conference, with the special bonus that I got to meet one of my heroes in nonlinear dynamics, Ping Chen.
Kingston University has advertised three fixed-term lecturer positions with a very tight deadlline of June 22nd, with interviews to be held on July 1st. Applications from economists with a research area in heterodox economics are welcome.
For queries please contact Julian Wells (J.Wells AT kingston.ac.uk), who is the Director of Studies.
Australia could have been the world leader in laptop computers — if we didn’t have a brain-dead financial sector.
Diversity — not specialisation — is the advantage.
When I was invited to speak at a conference in Bonn some years ago, my host insisted that I stay with him, rather than in the conference accommodation. I expected to find myself in a suburb of Bonn, but instead we drove to a tiny village with just 5,000 inhabitants 130km away.
It was an interesting experience to be part of the budget lock-up last week, but as I warned in my article, I could make mistakes under that time pressure — and I did. I’ll correct them below, but I want to open with a declaration that I never expected to make: that the best sense I heard spoken about the budget was uttered by neither Liberal nor Labor nor Green, but by Clive Palmer.
NOTE: I made an error in my arithmetic in this post which I’m fixing up after too little sleep last night thanks to the post-Budget lockup drinks: the basic logic is OK but the numbers are wrong. I’ll link nonetheless and amend the numbers tomorrow.
If the US economy was performing as well as the US stockmarket, even Walmart workers would be breaking out the champagne.
Since 2009, the S&P has risen over 250 per cent in nominal terms, and almost 230 per cent in inflation adjusted terms. In nominal figures, it is at its highest value ever, though when you adjust for inflation, it is still 10 per cent below its peak in 2000 (see Figure 1).