On January 31, we will bid goodbye to chairman Ben Bernanke and say hello to chairman Janet Yellen. Most commentary has focused on what Yellen’s ascendancy might mean for the Federal Reserve and the US economy, but today I’d like to consider how Bernanke’s legacy might he be regarded in future years — say, 70 years after the crisis we’re in now.
To support SourceForge’s Project of the Month featuring Minsky, here are some sample Minsky models. To download them, right click and choose “save as”–otherwise they will open in a separate browser window as XML files.
I’ve also made a playlist of 8 short videos showing some of the features of Minsky. Those videos are also linked at the bottom of this post.
SourceForge is one of the main development and repository sites for Open Source software, and late last year their community voted to make Minsky its Project of the Month for January 2014.
I was going to write a retrospective on Ben Bernanke this week, since his tenure as Federal Reserve chairman ends soon, and it’s time to look back on his period in office – as he himself did on his predecessors during the Great Depression. But a far more important departure occurred last week: the Italian economist Professor Augusto Graziani died at the age of 80.
I’m sorry, I couldn’t help it: when Larry Summers first made his secular stagnation speech at the IMF, and the American economics tribe heralded it as if it were the greatest (and latest) thing since sliced bread, my irony gene went into overload—and that showed in my first post on the topic. The argument that the West has been suffering from secular stagnation, and that only a series of financial bubbles have kept the illusion of prosperity going, has been part of non-orthodox economics for over three decades.
Blogging on economics and the ecology are not necessarily economic propositions, but many of those who do it commenced for philanthropic reasons, rather than financial. One of the pleasures of blogging for me has been meeting such people, and one of my favourites is Nicole Foss, who maintains the Automatic Earth site.
The following short interview has been posted on the “Economics in Debate” website in The Netherlands.
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(18 words, estimated 4 secs reading time)
Last week I visited the students who have started the Post Crash Economics Society at Manchester University, and took part in a debate on the topic of “Should (and could) economics have predicted the economic crisis?” with Peter Backus. The society will release a video of the talk at some point, but in the meantime here is my presentation.
Eight years ago, in December 2005, I began warning of an impending economic crisis that would commence when the rate of growth of private debt started to fall. My warnings hit a popular chord: journalists throughout the world picked it up and publicised my views – as well as similar arguments from Nouriel Roubini, Dean Baker, Ann Pettifor, Michael Hudson, Wynne Godley, and a few others.