Meta tags:
description= 15 posts published by Lars Syll during May 2023;
Headings (most frequently used words):
and, the, foucault, problem, with, of, wokeism, recent, comments, lars, syll, why, krugman, stiglitz, are, no, real, alternatives, to, mainstream, economics, det, dunkelt, sagda, anti, socialism, stefan, nilsson, 1955, 2023, neoliberalism, ricardiansk, ekvivalens, och, budgetunderskott, in, my, dreams, properties, arguments, validity, soundness, irrational, exuberance, robert, shiller, modern, classic, self, adjusting, markets, universalism, vs, tribalism, commodified, academic, industry, identity, politics, limited, epistemic, value, variation, analysis, posts, policy, reading, list, categories, archives,
Text of the page (most frequently used words):
the (282), and (126), that (95), och (86), att (66), new (50), not (49), share (46), opens (45), window (45), may (40), det (35), for (33), som (32), with (32), 2023 (30), bluesky (30), facebook (30), för (30), den (28), are (27), financial (25), #economics (24), comments (21), models (20), till (20), have (19), has (19), but (19), was (19), skuld (19), from (18), arbetslöshet (17), all (17), long (17), offentlig (17), this (16), mar (16), apr (16), jun (16), jan (16), inte (16), posted (16), about (16), more (16), one (16), real (16), mainstream (16), foucault (16), jul (15), aug (15), sep (15), oct (15), nov (15), dec (15), feb (15), variation (15), which (15), lönebildning (14), like (14), can (14), when (14), their (14), they (14), market (14), other (13), what (13), var (13), med (13), lars (12), 2012 (12), 2013 (12), 2014 (12), 2015 (12), 2016 (12), 2017 (12), 2018 (12), 2019 (12), 2020 (12), 2021 (12), 2022 (12), 2024 (12), 2025 (12), full (12), economists (12), his (12), problem (12), its (12), off (12), economy (12), shiller (12), genom (12), skulle (12), sina (12), har (12), economic (11), markets (11), eller (11), 2011 (10), ett (10), should (10), would (10), money (10), finansiering (10), skulden (10), men (10), science (9), politics (9), society (9), only (9), how (9), analysis (9), keynes (9), than (9), very (9), any (9), state (9), left (9), offentliga (9), skulder (9), sysselsättning (9), vara (9), theory (8), econometrics (8), time (8), much (8), modelling (8), social (8), such (8), without (8), however (8), short (8), krugman (8), crisis (8), mathematical (8), eftersom (8), sig (8), will (7), first (7), explanatory (7), there (7), variable (7), interest (7), place (7), enlightenment (7), most (7), our (7), american (7), world (7), run (7), you (7), make (7), måste (7), betala (7), obligationer (7), funktionell (7), kan (7), stiglitz (7), 2026 (6), does (6), matter (6), causal (6), explain (6), taken (6), cannot (6), after (6), variables (6), hypothesis (6), over (6), want (6), value (6), who (6), years (6), just (6), ideas (6), prices (6), reality (6), budgetunderskott (6), kommer (6), mer (6), under (6), inom (6), welfare (6), neoliberal (6), stefan (6), fred (5), nothing (5), same (5), research (5), itself (5), too (5), knowledge (5), means (5), influence (5), rate (5), according (5), role (5), well (5), given (5), kind (5), measure (5), power (5), squared (5), levels (5), those (5), been (5), were (5), system (5), economies (5), way (5), term (5), perspective (5), efficient (5), argument (5), validity (5), form (5), detta (5), ricardiansk (5), ekvivalens (5), skatter (5), vilket (5), göra (5), efterfrågan (5), lerner (5), minska (5), ansågs (5), investeringar (5), regeringen (5), kunde (5), neoliberalism (5), within (5), view (4), syll (4), already (4), varia (4), statistics (4), school (4), being (4), revolution (4), say (4), relevant (4), axiomatic (4), causes (4), use (4), second (4), little (4), period (4), somewhat (4), whether (4), always (4), almost (4), information (4), modern (4), based (4), both (4), self (4), often (4), them (4), explanation (4), themselves (4), although (4), different (4), makes (4), rather (4), variance (4), instead (4), because (4), while (4), many (4), even (4), wokeism (4), thought (4), last (4), through (4), simply (4), true (4), employment (4), price (4), risks (4), crises (4), idea (4), risk (4), investors (4), behavioural (4), finance (4), work (4), had (4), robert (4), things (4), assumptions (4), arguments (4), grund (4), utgifter (4), enligt (4), därför (4), staten (4), budget (4), gör (4), pengar (4), privata (4), mycket (4), särskilt (4), ekonomer (4), sätt (4), ingen (4), osv (4), musik (4), nilsson (4), dunkelt (4), sign (3), arbetslösheten (3), recent (3), limited (3), policy (3), why (3), democracy (3), model (3), guarantee (3), ekonomiska (3), these (3), variations (3), able (3), statistical (3), deductive (3), neoclassical (3), forget (3), deep (3), argued (3), seen (3), continue (3), best (3), practice (3), reason (3), question (3), really (3), during (3), profit (3), making (3), regression (3), changes (3), conclusion (3), understanding (3), per (3), certain (3), universal (3), dependent (3), kincaid (3), fundamental (3), two (3), each (3), cause (3), once (3), thus (3), might (3), exactly (3), basically (3), variances (3), here (3), measures (3), sample (3), reasons (3), some (3), either (3), predict (3), then (3), leads (3), having (3), thinkers (3), contemporary (3), must (3), universalism (3), claims (3), monetary (3), part (3), own (3), between (3), live (3), neutral (3), central (3), tendency (3), move (3), return (3), get (3), notion (3), also (3), paul (3), problems (3), again (3), argues (3), sound (3), good (3), rational (3), speculative (3), bubbles (3), less (3), emphasizes (3), solutions (3), housing (3), doing (3), costs (3), crash (3), take (3), understand (3), irrational (3), exuberance (3), poor (3), psychological (3), rethinking (3), where (3), cash (3), war (3), into (3), properties (3), found (3), bubble (3), book (3), valid (3), hand (3), soundness (3), strategy (3), using (3), varför (3), ränta (3), öka (3), högre (3), skatterna (3), framtiden (3), totala (3), sektorn (3), underskott (3), skattebetalarna (3), någon (3), effekter (3), ekonomin (3), denna (3), senare (3), betalas (3), använda (3), mindre (3), ökad (3), regeringar (3), också (3), leda (3), fanns (3), upprätthålla (3), alltid (3), bli (3), även (3), alla (3), individ (3), räntan (3), dem (3), sett (3), låg (3), negativa (3), vanligtvis (3), ekonomi (3), man (3), public (3), critiques (3), french (3), open (3), services (3), mästerverk (3), socialism (3), beyond (3), friedman (3), sagda (3), discipline (3), isn (3), required (2), comment (2), manage (2), log (2), subscribed (2), subscribe (2), wordpress (2), com (2), now (2), blog (2), methodology (2), education (2), reading (2), arbetslöshetsiffran (2), styr (2), follow (2), especially (2), irrelevant (2), professor (2), philosophy (2), stein (2), lesson (2), precision (2), love (2), stuff (2), next (2), foundation (2), never (2), structures (2), relations (2), getting (2), explanations (2), causation (2), effects (2), describe (2), possible (2), forgetting (2), anything (2), identify (2), strongly (2), causality (2), sciences (2), predictability (2), phenomena (2), requires (2), investment (2), actually (2), important (2), point (2), similar (2), back (2), analyses (2), haavelmo (2), play (2), rates (2), decisive (2), forces (2), simple (2), observed (2), least (2), working (2), event (2), provide (2), empirical (2), context (2), another (2), theoretical (2), fundamentally (2), usually (2), explicit (2), gain (2), considering (2), independent (2), elster (2), evident (2), events (2), turn (2), turnout (2), election (2), difference (2), data (2), theories (2), allow (2), aware (2), resort (2), better (2), explaining (2), shows (2), silent (2), epistemic (2), connection (2), predictive (2), entirely (2), across (2), identity (2), commodified (2), academic (2), industry (2), ignore (2), few (2), ago (2), called (2), something (2), invented (2), colonialism (2), soon (2), tribalism (2), production (2), plays (2), course (2), ought (2), matters (2), doesn (2), strong (2), towards (2), seriously (2), doubt (2), characterized (2), put (2), example (2), actively (2), contribute (2), regulation (2), costly (2), creates (2), unregulated (2), recurring (2), calls (2), extended (2), larger (2), parts (2), participants (2), basic (2), extensive (2), clearly (2), asset (2), fall (2), level (2), house (2), come (2), comes (2), assets (2), help (2), sustainable (2), alternatives (2), stand (2), spread (2), done (2), bear (2), foremost (2), economist (2), john (2), maynard (2), tax (2), stock (2), rise (2), pursuit (2), hurt (2), fluctuations (2), interact (2), need (2), difficult (2), result (2), deviate (2), essentially (2), established (2), values (2), foundations (2), field (2), neglecting (2), increasingly (2), psychology (2), adam (2), smith (2), could (2), representative (2), inevitably (2), people (2), end (2), underlying (2), credit (2), supply (2), becomes (2), banks (2), increase (2), developed (2), despite (2), published (2), since (2), era (2), led (2), classic (2), evidence (2), enough (2), premises (2), precise (2), rigorous (2), hard (2), single (2), recipe (2), formalism (2), standard (2), made (2), closed (2), stage (2), sure (2), transfer (2), gammal (2), dreams (2), innebär (2), botten (2), kunna (2), sin (2), nuvarande (2), från (2), vad (2), mot (2), finansierar (2), tillbaka (2), hade (2), främja (2), innebar (2), bra (2), uppnå (2), två (2), makroekonomiska (2), mål (2), balanserad (2), finansiera (2), möjlig (2), sikt (2), han (2), anta (2), tillämpningen (2), låna (2), tendens (2), nationella (2), stater (2), medborgare (2), egen (2), stora (2), emu (2), kunnat (2), dessa (2), redan (2), regering (2), överenskommelse (2), bara (2), där (2), verklig (2), institutionella (2), någonsin (2), princip (2), ekonomier (2), betydelsen (2), lerners (2), principer (2), tillräckligt (2), abba (2), finansiella (2), välstånd (2), nya (2), emittera (2), privat (2), grunden (2), själv (2), sidan (2), andra (2), grundläggande (2), mellan (2), försöker (2), lägre (2), talet (2), positiv (2), syn (2), självt (2), lån (2), vissa (2), samhället (2), slutändan (2), intergenerationella (2), bördan (2), kommande (2), generationer (2), våra (2), barn (2), barnbarn (2), david (2), hume (2), generellt (2), regeringens (2), framträdande (2), nationen (2), förstöra (2), kreditvärdigheten (2), frågan (2), ofta (2), handen (2), samförstånd (2), huruvida (2), när (2), gått (2), perioder (2), tiden (2), affinity (2), concrete (2), political (2), serious (2), elements (2), attractive (2), creating (2), dependency (2), opposed (2), 1955 (2), daniel (2), zamora (2), let (2), moment (2), alternative (2), post (2), did (2), vote (2), project (2), rights (2), toward (2), know (2), anti (2), destruction (2), free (2), milton (2), rich (2), analytical (2), atomistic (2), reductionist (2), agents (2), validly (2), deducing (2), plus (2), proliferation (2), though (2), methodological (2), considered (2), mirowski (2), attempt (2), website, name, email, write, loading, collapse, bar, subscriptions, site, reader, report, content, privacy, account, join, 606, subscribers, feeds, entries, 112, archives, 707, 542, 998, 390, 301, 168, categories, list, fredtorssander, wiklund, torssander, netiquette, anonymous, ones, pseudo, argumentations, abusive, language, links, please, remember, leaves, respond, outperforms, dictatorship, reification, randomisation, nancy, cartwright, contributions, sverige, randomness, representativeness, credible, credibility, statsskulden, problemet, välförtjänt, bottenrekord, audioholic, summer, paradox, unbiasedness, secret, finding, late, student, efter, studenten, personal, politiken, posts, page, reveal, brought, tie, actions, processes, detected, tend, accounting, bring, demands, subject, acquaintance, intricate, fabrics, contexts, primarily, patterns, associations, correlations, stuck, suggestions, treatise, probability, nonexcitation, importance, negligible, confirms, solely, inference, entails, depth, factual, potential, varied, testing, net, thereby, conclude, inefficient, autonomous, regulator, 1941, criticizing, treatment, tinbergen, coefficient, zero, sufficient, inferring, minor, activity, indirect, influencing, causally, effective, trygve, moreover, questionable, draw, wit, vital, causing, magnitude, answer, accounts, hence, criterion, forthcoming, undermined, absence, assuming, justification, impact, far, amenable, supplies, stanley, lieberson, count, constant, consider, elections, percentage, voters, out, explained, follows, automatically, product, bonus, identical, turnouts, accidental, due, differences, offset, procedure, demanding, available, engaging, jon, observation, harold, fare, influences, care, similarly, size, varies, find, large, effect, none, arbitrary, noncausal, useful, roles, measuring, appeal, common, rhetorical, device, tenuous, plausible, virtues, meant, merely, set, case, tell, predicts, mostly, fact, yet, lines, slopes, natural, furthermore, predicting, covariate, samples, obvious, susan, neiman, emerged, blasted, landscape, continent, soaked, blood, dismiss, naive, optimistic, writings, importantly, history, formed, background, held, responsible, misery, century, source, suffering, modernity, big, blame, bashing, begun, universities, reach, swept, culture, western, article, faith, sham, disguise, eurocentric, views, supported, heard, fifteen, flimsy, disappear, ungrounded, upside, down, critique, eurocentrism, attack, basis, universalist, 1933, desiderate, deal, affects, motives, decisions, operative, factors, situation, predicted, behaviour, mean, speak, happen, certainly, macroeconomic, classical, dichotomy, output, enable, depict, barter, tenets, automatic, impressed, catchwords, somewhere, along, correcting, dead, via, flexibility, differently, somehow, clear, fairly, keynesian, guys, repeatedly, hobby, horses, adjusting, provides, map, compass, proposals, together, stricter, reducing, reflexively, refuse, see, extent, helpless, looms, belief, shown, cake, eat, prone, periodically, forcefully, solution, sees, powerful, remedy, principles, encompass, access, expertise, avoiding, devastating, vitality, creativity, learn, insurable, institutional, improved, advice, increased, transparency, freely, accessible, databases, reduce, emerging, beneficial, corresponds, decrease, habitable, wheels, halt, consequences, distinguish, necessary, mitigate, declines, various, guarantees, fuel, paralyzing, uncertainty, engulfed, flames, sidelines, discuss, method, extinguish, fires, nasty, ability, minimize, future, evidently, generate, advocated, introduction, general, transaction, 1929, believed, instability, imbalances, disruptions, give, willing, unnecessary, lasting, damage, paying, bill, learned, demonstrates, significantly, higher, consistent, types, actors, expect, happens, try, behave, regard, demonstrate, depiction, reconcile, facts, drawn, seem, trade, noise, extrapolate, trends, sensitive, presented, revising, assessments, overreact, mood, swings, actual, irrationality, traditional, wisdom, states, correspond, eliminate, existence, fundamentals, times, realized, base, realistic, quickly, significant, particularly, dimensions, playing, hamlet, prince, denmark, young, closely, intertwined, disciplines, moral, philosophers, deliberately, sought, distance, build, relying, shaky, grounds, immature, unscientific, aspects, surprising, leading, predecessors, hyman, minsky, charles, kindleberger, feature, reevaluation, wealth, past, decades, perception, undergone, transformation, viewing, protestant, ethic, expecting, investments, today, hero, hardworking, industrial, labourer, smart, investor, whom, longer, heart, darkness, lies, prevent, final, tightened, lender, demanded, restore, confidence, arise, fails, pattern, shift, occurs, innovations, rules, cycle, companies, opportunities, demand, pulling, euphoria, involved, frenzy, tulip, bulbs, mortgages, sooner, later, someone, sells, profits, triggering, rush, liquidity, jump, carousel, convert, securities, emergency, arises, spreads, begin, decline, bankruptcies, accelerates, turning, panic, human, memory, concerns, reappeared, origins, 1997, 2006, falling, construction, rose, average, cent, ten, inflated, proven, right, months, usual, happened, burst, became, beginning, year, 2000, titled, nobel, laureate, warned, deregulation, thatcher, reagan, rapid, expansion, institutions, saw, skyrocketing, lending, gaining, shares, creditworthiness, checks, accepting, customer, relationships, above, stocks, disproportionately, high, lead, needs, builds, aiming, setting, aspiration, low, developing, realist, tries, cast, push, forward, iota, acid, test, relevance, target, proving, rigorously, interesting, export, warrants, empty, exercise, scientific, realm, lose, sight, proud, ever, growing, smorgasbord, cherry, pick, performing, deductions, matched, stringency, statements, every, holds, experimental, followed, confronting, indirectly, sudden, become, exceedingly, vague, imprecise, intellectual, force, invested, teach, formal, conclusions, hold, abstract, worlds, warrant, jag, åtta, favoritlåten, kärlek, rostar, aldrig, ekvivalent, skuldfinansiering, återbetalas, aktörer, utrustade, rationella, förväntningar, endast, sparandet, leder, förblir, oförändrade, tar, extra, förväntar, hypotesen, behöva, ökar, besparingar, minskar, konsumtion, resulterar, skiljer, hända, höjdes, idag, barro, 1974, försökte, påståendet, fast, teoretisk, argumentera, ersättningen, inverkan, beskattning, ekvivalenta, resonemang, förespråkare, teorin, hävdat, ovidkommande, utfärda, förr, höja, både, uppenbart, förmågan, stabil, prisnivå, borde, befogenheter, tvungen, tillfälligt, underbalansera, låt, varken, dåligt, medel, övergripande, prisstabilitet, heligt, oavsett, effekterna, målen, sund, åtstramning, balanserade, budgetar, destabiliserande, priser, överges, val, underskotten, följdskulderna, viktiga, expansivt, syftar, räntenivå, kort, hävdade, bestämt, anledning, balansera, budgeten, lång, garantin, permanent, attraktiva, följaktligen, större, behovet, kritiskt, beroende, beskatta, valuta, blev, tydligt, recessionen, införa, strukturer, hayek, konstaterade, 1939, kräver, agerar, områden, monetära, strukturen, osannolikt, säga, omöjligt, anpassas, verkar, haft, uppfattningen, idéerna, ingår, tillämpas, typer, erkände, arrangemang, forma, genomförbarheten, praktisk, implementering, inneboende, brist, tenderade, moderna, strukturella, långvariga, generera, ansvaret, uppnås, främsta, verktyget, öppna, marknadsoperationer, försäljning, köp, räntebärande, statsskuldväxlar, essä, functional, federal, debt, fastställer, vägledande, ansträngningar, åtgärder, kämpar, kroniska, bibehålla, hög, aggregerad, gamla, statsskuld, ena, går, obligationerna, skulderna, lånar, pengarna, keynesianskt, influerade, synen, skillnaden, blanda, samman, exempel, atomistiskt, felslut, sparparadox, spara, rationellt, resultatet, sammanlagd, 1900, alvin, hansen, återigen, inta, normalt, inget, frukta, finansierades, landet, utländska, gynnsamma, investerades, rätt, medlemmar, äga, tjäna, medan, skatten, finansierade, nettobörda, helhet, upphävde, grupperna, räntesats, minskas, utan, nödvändigtvis, ledde, starkt, inflationstryck, börda, grupp, faktiskt, nettovinnare, användes, lämpligt, naturligtvis, finnas, oönskade, fördelningsmässiga, sidoeffekter, mestadels, 1948, betalar, del, betalningar, göras, annan, klassiska, fotspåren, framförde, ricardo, jean, baptiste, åsikter, god, lånade, verksamheter, företag, trängdes, oförmögen, verkliga, huvudsak, falla, fick, oansvarighet, argumentationens, moraliska, karaktär, egenskap, antingen, 1752, tydlig, politisk, dimension, författare, medvetna, skuldsättning, politiskt, stabiliserande, effekt, investerare, egenintresse, stabila, riskpremie, instinktivt, lojala, merkantilismens, exempelvis, berkeley, melon, pinto, upprepades, 1800, adolf, wagner, lorenz, von, carl, dietzel, statens, huvudsakliga, kontrollera, fördela, nationens, resurser, regleringar, kraftfulla, statliga, ingripanden, följd, omsättningen, kredit, mängden, kapital, bidra, nationernas, betraktades, något, flyttades, högra, vänstra, behövde, helt, enkelt, stat, beredd, betydande, summor, värdepapper, skuldsatt, processen, fördelarna, nackdelarna, diskuterats, länge, fenomenet, funnits, trots, varit, möjligt, ens, enas, hur, bäst, hanterar, några, skälen, bristande, frågans, komplexitet, sammanblandningen, egenintressen, ideologi, psykologiska, rädslor, osäkerheten, vid, beräkning, uppskattning, historien, upp, ner, ökat, krig, förändringar, infrastruktur, teknologi, sedan, saker, ting, stabiliserats, människor, bryr, sektor, oroade, dra, paralleller, egna, hushållsekonomin, betraktas, indikation, nära, förestående, obestånd, därmed, källa, fördömelse, tvivla, politiska, råder, emellertid, enighet, bland, spelar, roll, ännu, vet, optimala, storleken, frågor, politik, diskuteras, förstås, lite, många, höjer, röster, uppmanar, förklarar, minskning, bättre, rättvisare, samhälle, dessutom, finns, inga, gränser, katastrofer, stor, förväntas, inflation, räntor, produktivitetstillväxt, ökade, bördor, mitchell, dean, intellectually, expresses, chicago, offers, principals, explores, technologies, negative, sourced, aligns, himself, specific, factions, borrowed, note, threefold, affirmative, relationship, denounce, indicate, engagement, liberalism, allowed, foucauldian, commentary, critical, reductive, features, ideal, programmatic, imagined, namely, envisages, outside, sovereign, disciplinary, biopolitical, forms, regulates, fabrication, subjectivities, manner, optimizes, tolerates, minority, groups, practices, showed, acceptance, diagnosis, current, unresponsive, offering, endorsement, reconstructions, health, series, finally, alignments, displays, statism, displayed, willingness, adopt, kjell, åke, anderssons, filmatisering, göran, tunströms, gudabenådad, juloratoriet, baserad, martin, andersen, nexös, episka, pelle, erobreren, bille, augusts, ingmar, bergmans, nilssons, vackraste, mest, suggestiva, filmmusikväg, gjorts, vila, frid, min, vän, tack, allt, skrev, sorts, glömskan, rår, vår, främste, filmmusikskapare, proper, governmentality, aside, socializing, legitimize, ways, non, mitterrand, 1981, revealed, suspicion, whole, 1945, philosopher, andre, glucksman, summarized, sensibility, master, endorsed
Text of the page (random words):
å egen hand och därför måste regeringen ta på sig ansvaret för att se till att full sysselsättning uppnås det främsta verktyget för att göra detta är öppna marknadsoperationer särskilt försäljning och köp av räntebärande statsskuldväxlar även om lerner verkar ha haft uppfattningen att idéerna som ingår i funktionell finansiering i princip kan tillämpas i alla typer av ekonomier erkände han också betydelsen av institutionella arrangemang för att forma genomförbarheten och praktisk implementering av det funktionell finansiering är kritiskt beroende av att nationella stater kan beskatta sina medborgare ha en egen valuta och obligationer som blev tydligt under den stora recessionen har emu inte kunnat införa dessa strukturer eftersom som hayek redan konstaterade 1939 en regering genom överenskommelse är bara möjlig om vi inte kräver att regeringen agerar inom områden där vi kan få verklig överenskommelse den monetära institutionella strukturen i emu gör det mycket osannolikt för att inte säga omöjligt att detta någonsin kommer att bli ett system där funktionell finansiering anpassas för funktionell finansiering var de val som regeringar gör för att finansiera de offentliga underskotten och följdskulderna viktiga eftersom finansiering med obligationer ansågs vara mer expansivt än att använda skatter också enligt lerner syftar offentlig skuld till att uppnå en räntenivå som gör att investeringar gör full sysselsättning möjlig på kort sikt kan detta leda till underskott men han hävdade bestämt att det inte fanns någon anledning att anta att tillämpningen av funktionell finansiering för att upprätthålla full sysselsättning innebar att regeringen alltid måste låna pengar och öka den offentliga skulden tillämpningen av funktionell finansiering skulle ha en tendens att balansera budgeten på lång sikt eftersom garantin för permanent full sysselsättning kommer att göra privata investeringar mycket mer attraktiva och följaktligen kommer större privata investeringar att minska behovet av underskott för både keynes och lerner var det uppenbart att staten hade förmågan att främja full sysselsättning och en stabil prisnivå och att den borde använda sina befogenheter för att göra det om det innebar att den var tvungen att ta på sig skulder och mer eller mindre tillfälligt underbalansera sin budget så låt det vara så offentlig skuld är varken bra eller dåligt det är ett medel för att uppnå två övergripande makroekonomiska mål full sysselsättning och prisstabilitet det som är heligt är inte att ha en balanserad budget eller minska den offentliga skulden per se oavsett effekterna på de makroekonomiska målen om sund finansiering åtstramning och balanserade budgetar innebär ökad arbetslöshet och destabiliserande priser måste de överges mot denna resonemang har förespråkare för teorin om ricardiansk ekvivalens hävdat att det är ovidkommande om den offentliga sektorn finansierar sina utgifter genom skatter eller genom att utfärda obligationer eftersom obligationer förr eller senare måste betalas tillbaka genom att höja skatterna i framtiden robert barro 1974 försökte ge påståendet en fast teoretisk grund genom att argumentera för att ersättningen av ett budgetunderskott med nuvarande skatter inte har någon inverkan på den totala efterfrågan och att budgetunderskott och beskattning har ekvivalenta effekter på ekonomin om den offentliga sektorn tar på sig extra utgifter genom underskott förväntar sig skattebetalarna enligt hypotesen att de kommer att behöva betala högre skatter i framtiden och ökar därför sina besparingar och minskar sin nuvarande konsumtion för att kunna göra det vilket resulterar i att den totala efterfrågan inte skiljer sig från vad som skulle hända om skatterna höjdes idag ricardiansk ekvivalens innebär i grund och botten att finansiering av offentliga utgifter genom skatter eller skulder är ekvivalent eftersom skuldfinansiering måste återbetalas med ränta och aktörer utrustade med rationella förväntningar skulle endast öka sparandet för att kunna betala de högre skatterna i framtiden vilket leder till att totala utgifter förblir oförändrade varför continue reading ricardiansk ekvivalens och budgetunderskott share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky in my dreams 25 may 2023 at 15 32 posted in varia comments off on in my dreams gammal kärlek rostar aldrig jag var åtta år gammal och detta var favoritlåten share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky properties of arguments validity and soundness 25 may 2023 at 10 14 posted in theory of science methodology comments off on properties of arguments validity and soundness using formal mathematical modelling mainstream economists sure can guarantee that the conclusions hold given the assumptions however the validity we get in abstract model worlds does not warrant transfer to real world economies validity may be good but it is not enough mainstream economists are proud of having an ever growing smorgasbord of models to cherry pick from as long as of course the models do not question the standard modelling strategy when performing their analyses the rigorous and precise deductions made in these closed models however are not in any way matched by a similar stringency or precision when it comes to what ought to be the most important stage of any economic research making statements and explaining things in real economies although almost every mainstream economist holds the view that thought experimental modelling has to be followed by confronting the models with reality which is what they indirectly want to predict explain understand using their models they then all of a sudden become exceedingly vague and imprecise it is as if all the intellectual force has been invested in the modelling stage and nothing is left for what really matters what exactly do these models teach us about real economies no matter how precise and rigorous the analysis and no matter how hard one tries to cast the argument in modern mathematical form they do not push economic science forward one single iota if they do not stand the acid test of relevance to the target proving things rigorously in mathematical models is not a good recipe for doing an interesting and relevant economic analysis forgetting to supply export warrants to the real world makes the analysis an empty exercise in formalism without real scientific value in the realm of true science it is of little or no value to simply make claims about a model and lose sight of reality to have valid evidence is not enough what economics needs is sound evidence the premises of a valid argument do not have to be true but a sound argument on the other hand is not only valid but builds on premises that are true aiming only for validity without soundness is setting the economics aspiration level too low for developing a realist and relevant science share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky irrational exuberance robert shiller s modern classic 24 may 2023 at 19 20 posted in economics 5 comments at the beginning of the year 2000 a book titled irrational exuberance was published the american economics professor and nobel laureate robert shiller warned that the extensive deregulation in the financial market that had taken place since the thatcher reagan era had led to a rapid credit expansion banks and financial institutions saw a skyrocketing increase in lending and the pursuit of gaining larger market shares led to neglecting creditworthiness checks and accepting poor customer relationships above all the values of it stocks were disproportionately high it would inevitably lead to a financial crisis shiller was proven right less than two months after the book was published the usual happened the bubble burst and the financial market crisis became a reality because human memory is short new concerns reappeared after a few years the crisis that the american economy once again found itself in had its origins in the speculative bubble that developed in the american housing market between 1997 and 2006 despite falling interest rates and construction costs housing prices rose by an average of 85 per cent over the ten years when the bubble was inflated the underlying pattern is the same in almost all financial crises for some reason a shift occurs war innovations new rules and more in the economic cycle that leads to changes in banks and companies profit opportunities demand and prices rise pulling more and more parts of the economy into a kind of euphoria more and more people get involved and soon speculative frenzy whether it s about tulip bulbs properties or mortgages becomes a reality sooner or later someone sells to cash in their profits triggering a rush for liquidity it s time to jump off the carousel and convert securities and other assets into cash a financial emergency arises and spreads prices begin to decline bankruptcies increase and the crisis accelerates turning into panic to prevent the final crash credit is tightened and calls for a lender of last resort who can guarantee the supply of the demanded cash and restore confidence arise if that fails the crash becomes a reality like his predecessors hyman minsky and charles kindleberger shiller emphasizes that bubbles are an inevitably recurring feature in an economy with essentially unregulated markets but shiller also argues that our contemporary reevaluation of work and wealth plays a role over the past decades people s perception of their role in the economy has undergone a decisive transformation from viewing work as the foundation of our well being based on a protestant work ethic the idea of expecting to make money through investments has spread increasingly today s hero is not the hardworking industrial labourer but the smart investor for whom money is no longer a means but an end in itself according to shiller this rethinking is the underlying cause of the crisis this is where the heart of darkness lies that shiller emphasizes the psychological aspects is not surprising considering that he is a leading representative of the research field in financial economics called behavioural finance as a young science economics was closely intertwined with other disciplines such as philosophy and psychology adam smith for example was one of the foremost moral philosophers of his time over time many economists deliberately sought to distance themselves from other sciences economic science would build on its own foundations instead of relying on the shaky grounds that immature and unscientific psychology could provide however in recent times more and more economists have realized the need to base their models on more realistic psychological foundations behavioural economics has quickly established itself as a sustainable part of the field of economics with significant influence particularly in financial economics neglecting the deep psychological dimensions of financial markets is increasingly seen as playing hamlet without the prince of denmark in traditional economic wisdom the hypothesis of efficient markets has long been central the hypothesis essentially states that the prices established in financial markets correspond to the fundamental values of the economy because all investors are rational and eliminate the existence of prices that deviate from fundamentals however behavioural finance has been able to demonstrate that the depiction of investors as rational is difficult to reconcile with facts drawn from real financial markets investors seem to trade based more on noise than information they extrapolate from short term trends are sensitive to how problems are presented are poor at revising their risk assessments and often overreact to mood swings as a result an asset s price and its actual value can deviate for an extended period irrationality is not irrelevant in financial markets in irrational exuberance shiller demonstrates based on his own empirical research on the fluctuations of the financial market that stock value fluctuations were significantly higher than what is consistent with the hypothesis of an efficient market and when different types of actors interact with each other we cannot always expect the market to be efficient to understand what happens in the financial market we need to try to gain knowledge of how real investors behave behavioural finance has already taken us a long way in that regard so what can be done to minimize the risk of future crises financial market participants evidently generate costs that they themselves do not bear when the foremost economist of our time john maynard keynes advocated for the introduction of a general financial transaction tax after the stock market crash in 1929 it was because he believed that the market should bear the costs that its instability imbalances and disruptions give rise to those who in their pursuit of profit are willing to take unnecessary risks and cause lasting damage to the economy must themselves contribute to paying the bill it should hurt and it should hurt if the lesson is to be learned shiller emphasizes just like keynes that when it comes to crisis solutions one must distinguish between the short and long term in the short term perspective it is necessary to mitigate the effects of price declines in housing and other assets through various measures there are no guarantees that it will help but fundamentally there are no sustainable alternatives doing nothing would only fuel an already somewhat paralyzing uncertainty when the house is engulfed in flames we cannot simply stand on the sidelines and discuss the best method to extinguish it fires like financial bubbles have a nasty ability to spread in the long term it is clearly beneficial for asset prices to fall back to a level that corresponds to their real value a decrease in the price of one s house does not make it less habitable however if the wheels of the economy were to come to a halt the consequences would be very real shiller argues forcefully for a solution he calls financial democracy which he sees as a powerful remedy sound financial principles should be extended to encompass larger parts of society it s not only financial market participants who should have access to good information and expertise instead of avoiding all risks which would be devastating to a society s vitality and creativity we should learn to manage insurable risks in a rational way the basic idea is that extensive institutional changes improved financial advice increased transparency freely accessible financial databases and more should reduce the long term risk of speculative bubbles emerging it is doubt not belief that creates new knowledge shiller s research has strongly shown that we cannot both have our cake and eat it too as long as we have an e...
|
