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ury by stephen a marglin at sciencedirect take jacob viner the great chicago and later princeton economist who had written in 1933 viner 1933 p 130 if the government were to employ men to dig ditches and fill them up again there would be nothing to show afterwards but nevertheless even these expenditures would be an indirect contribution to business recovery their major importance would not be in the public works or the unemployment relief which immediately resulted but in the possibility of hope that a substantial expenditure would act as a priming of the business pump would encourage business men by increased sales make them more optimistic lead them to increase the number of their employees and so on compare this with what keynes wrote in the general theory if the treasury were to fill old bottles with banknotes bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish and leave it private enterprise on well tried principles of laissez faire to dig the notes up again the right to do so being obtained of course by tendering for leases of the note bearing territory there need be no more unemployment and with the help of the repercussions the real income of the community and its capital wealth also would probably become a good deal greater than it actually is general theory p 129 the difference is not in the policy itself but in the fact that for viner the policy relies on the imperfections and rigidities that characterized the american economy in 1933 whereas for keynes the policy is the logical extension of his theory of employment i m not sure i see the difference marglin points out but i found his remark most interesting at july 26 2020 2 comments email this blogthis share to x share to facebook share to pinterest saturday july 25 2020 averages distort reality the problem with averages is that averages distort reality for example the average household has a net worth of approximately 710 000 you and i know that this is impossible based on common sense but simple math doesn t lie take the total household wealth in the us of 81 8 trillion according to the fed and divide by 115 226 802 us households according to the census bureau and you get 710 000 from the average saving rate by income wealth class by financial samurai at july 25 2020 2 comments email this blogthis share to x share to facebook share to pinterest thursday july 23 2020 integrity the article about coronavirus aggressive action was originally published by the center for public integrity a nonprofit newsroom based in washington d c from the center for public integrity exclusive white house privately warns 11 cities must take aggressive action against coronavirus dr deborah birx a leader of the white house coronavirus task force warned state and local leaders in a private phone call wednesday that 11 major cities are seeing increases in the percentage of tests coming back positive for covid 19 and should take aggressive steps to mitigate their outbreaks the cities she identified were baltimore cleveland columbus indianapolis las vegas miami minneapolis nashville new orleans pittsburgh and st louis the call was yet another private warning about the seriousness of the coronavirus outbreaks given to local officials but not the public at large it came less than a week after the center for public integrity revealed that the white house compiled a detailed report showing 18 states were in the red zone for coronavirus cases but did not release it publicly the article also notes it s unclear who heard the warnings and was invited to the call that dampened my outrage but it is good to see that the center for public integrity has integrity enough to include the bad news in its report i wish trump had that kind of integrity at july 23 2020 no comments email this blogthis share to x share to facebook share to pinterest flu deaths drop in australia from abc news australian broadcasting corporation flu deaths drop in australia as coronavirus restrictions save hundreds of lives hundreds of australian flu deaths have been avoided because of the lockdown measures used to prevent the spread of covid 19 experts say the latest national statistics obtained by the abc reveal from january to june 2020 there were just 36 deaths from the flu that compares to 430 deaths in the same period for 2019 what it s telling us is that many of the measures that are working to contain the spread of covid 19 within the community are also very effective at reducing transmission of influenza australia is in the peak of its normal influenza season but so are other countries like south africa new zealand chile and argentina professor barr said they ve all seen marked reductions in influenza cases so far this season at july 23 2020 no comments email this blogthis share to x share to facebook share to pinterest monday july 20 2020 comparing the us and china at july 20 2020 no comments email this blogthis share to x share to facebook share to pinterest tuesday july 14 2020 warning you can t have one economy if you don t have one government sadly this warning comes a little late but bill mitchell makes the same observation today all the prior studies of potential economic and monetary integration in europe like the 1970 werner report and the 1977 macdougall report had concluded that the only viable architecture for a common currency would require a substantial federal fiscal capacity legitimised politically by a properly constituted federal parliament at july 14 2020 no comments email this blogthis share to x share to facebook share to pinterest wednesday july 8 2020 trickle up economic recovery proceeding but virus promises to keep growth slow and uneven tim duy 6 july 2020 a wildcard in this whole situation is the expansiveness of the next fiscal support package the generally positive data flow could lead to a less expensive fiscal package such an inclination would be a mistake the expanded unemployment benefits in particular are providing critical support at the base of the economy and is almost certainly the reason retail sales and consumer confidence are holding up better than might be expected given the magnitude of the shock it allows workers to cover their fixed costs which includes paying the rent and mortgage think of it as trickle up policy as tim duy says a less expensive less expansive fiscal package would be a mistake at july 08 2020 no comments email this blogthis share to x share to facebook share to pinterest newer posts older posts home subscribe to posts atom federal debt is the measure of economic troubles in the private sector not the cause of them the cause is excessive private sector debt private debt is too big and too costly it slows the economy it slows income growth it makes decent jobs scarce we lost our greatness to excessive private sector debt we can regain american greatness by reducing private debt if we do so before china has all the greatness note that we have many policies to encourage the use of credit and no policies to encourage repayment of debt selected fred data free ebooks forever fadedpage levy institute publications art s old vigor page click folder tab to view contents quick quotes on debt sbt hover for the quote click for the source steve keen sbe thomas palley sbe palley again same source sbe arthurian spontaneous sbe arthurian sbe id a j toynbee a study of history unabridged vol 1 page 1 abridgement vol 1 thru 10 id mostly old cost push stuff 1937 the general theory of employment 1958 the phillips curve paper 1959 charles schultze recent inflation in the united states 1960 richard lipsey on the phillips curve 1960 samuelson and solow problem of achieving and maintaining a stable price level 1962 arthur okun potential gdp its measurement and significance 1968 friedman s presidential address the role of monetary policy or alt link 1970 milton friedman the counter revolution in monetary theory 1974 f a hayek prize lecture the pretense of knowledge 1977 thomas m humphrey on cost push theories of inflation in the pre war monetary literature id papers by johannes a schwarzer sbt samuelson and solow on the phillips curve and the menu of choice a retrospective 2013 sbe growth as an objective of economic policy in the early 1960s the role of aggregate demand 2014 sbe price stability versus full employment the phillips curve dilemma reconsidered 2016 sbe retrospectives cost push and demand pull inflation milton friedman and the cruel dilemma 2018 sbe id papers by norikazu takami 1950s cost push sbt baffling inflation cost push inflation theories in the late 1950s united states 2014 sbe the baffling new inflation how cost push inflation theories influenced policy debate in the late 1950s united states 2015 sbe id archive org links sbt archive org home sbe note at archive org the upper right corner search is for all of archive org to search the open book click the search icon on the left side of the window and use quotes around search phrases sbe historical statistics thru 1970 part 1 arrighi g the long twentieth century dalio r economic principles how the economic machine works delong h a profile of mathematical logic r c k ensor england 1870 1914 finley m i the ancient economy friedman m free to choose friedman m money mischief kissinger h the meaning of history reflections on spengler toynbee and kant leuchtenburg w franklin d roosevelt and the new deal leuchtenburg w the perils of prosperity lot ferdinand the end of the ancient world and the beginnings of the middle ages montagu a toynbee and history critical essays and reviews mullineux a w business cycles and financial crises quigley the evolution of civilizations rostovtzeff the social and economic history of the roman empire terborgh george the new economics tooke thomas an inquiry into the currency principle toynbee aj a study of history volumes i vi abridged wanniski jude the way the world works sbe id timelines industrial capitalism sbe mercantile capitalism sbe 10000 years of economy sbe id blog themes and on the pedestal these words appear my name is ozymandias king of kings look on my works ye mighty and despair nothing beside remains shelley toynbee maintained that the fate of civilizations is determined by their response to the challenges facing them stefan zenker the ideas of economists and political philosophers both when they are right and when they are wrong are more powerful than is commonly understood indeed the world is ruled by little else j m keynes economic policy encourages credit use and discourages the repayment of debt that s how we in the private sector got so indebted nathan becker attempts to describe complex interactions in the economy with overly simple adages can lead to incorrect conclusions meyer and tasci i remarked that a plurality of suffrages is no guarantee of truth where it is at all of difficult discovery as in such cases it is much more likely that it will be found by one than by many descartes i have thought it important not only to explain my own point of view but also to show in what respects it departs from the prevailing theory j m keynes blogthemes blog archive 2025 136 october 4 september 19 august 12 july 6 june 10 may 11 april 23 march 19 february 11 january 21 2024 100 december 15 november 9 october 14 september 10 august 7 july 12 june 7 may 3 march 13 february 7 january 3 2023 118 december 6 november 15 october 8 september 8 august 4 july 3 june 16 may 15 april 12 march 8 february 12 january 11 2022 159 december 22 november 17 october 13 september 6 august 4 july 9 june 12 may 4 april 11 march 22 february 15 january 24 2021 204 december 8 november 21 october 15 september 17 august 11 july 13 june 22 may 19 april 17 march 22 february 18 january 21 2020 139 december 20 november 20 october 8 september 11 august 13 july 8 herman cain the difference is not in the policy itself averages distort reality integrity flu deaths drop in australia comparing the us and china warning you can t have one economy if you don t h trickle up may 2 april 18 march 16 february 19 january 4 2019 202 december 9 november 13 october 18 september 15 august 16 july 20 june 18 may 15 april 27 march 25 february 12 january 14 2018 202 december 12 november 13 october 20 september 11 august 8 july 8 june 19 may 20 april 30 march 31 february 30 labels gothedistance 1966 3 inflation target 400k smoothing an alternative to the wage push inflation thesis apr13 arnold j toynbee attitude brooks adams civilization and decay calculating labor share civilization cmz cost pressure and the decline of civilization cycle of civilization debt and inequality debt ceiling 2023 debt service before 1980 debt to gdp companion economic concerns drive political action economic decline as the source of polarization equilibrium excessive finance fall of rome fallacy of composition finance before 1960 financial cost push financial cost push in the 1950s financialization in the 19th century fix the economy google s ai overview and units household debt in the long run we are all dead income inequality industrial productivity july 2021 keynes on civilization labor share levels labor share of personal income little piggies making use of the cycle of civ math ulc measuring profits milton fried man more debt than money is policy n2r nobody says this stuff but me but that doesn t make it wrong not falsifiable on average productivity profit v interest prosperity quigley evolution of civ real to real debt to gdp s s 1960 secular cycles slow growth terms of the times the 2021 inflation panic the continuing cost problem the cost push problem the end of life as we know it the plan the trump depression they think like bankers throwback too much opinion and not enough econ whack a mole what is political economy whelan s guide report abuse home search this blog this work is licensed under a creative commons attribution noncommercial noderivatives 4 0 international license for reference armstrongeconomics on ancient interest rates michael hudson on ancient interest rates schmelzing 700 years of real interest rates schmelzing the suprasecular stagnation schmelzing eight centuries of global real interest rates commentary on the long trend of interest rates and schmelzing s work at the daily reckoning when did sustained growth start europe s rise to riches voxeu harbingers of modernity monetary injections and european economic growth 1492 1790 from convergence to divergence portuguese economic growth 1527 1850 religious change preceded economic change in the 20th century economics of medieval guilds with links taking malthus seriously helps to explain the economic stagnation from the dark ages to the industrial revolution andy blunden s home page on ancient rome ancient rome s collapse is written into arctic ice at the atlantic via reddit also via reddit the ups downs of ancient rome s economy all 1 900 years at open culture see links at end of article capitalism without class...