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Please note that my book Keynes Hayek: The Clash That Shaped Modern Economics is published by W.W.Norton in October.
Professor John B.Taylor says that: “Nicholas Wapshott brings the Keynes-Hayek fight of the 20th century back to life, making the clash both entertaining and highly relevant for understanding economic crises of the 21st century.”
Read an extract at: sites.google.com/site/wapshottkeyneshayek/
Nicholas Wapshott
nhwapshott 8 months ago
I want to hear an actual Keynesian help me here. How does spending and artificial infusion of credit / monetary supply not result in destructive inflation? Aren't the Consumer Price Indexes going up? Aren't oil and gold and other commodities at all time highs? Can someone explain what increased spending will do but increase consumption and demand, not savings and production? I am an economics neophyte drawn more to Austrian economics, but want to hear the other side of the story fairly.
finarrykahn13 10 months ago
@finarrykahn13 Answer: Because it's very hard to get inflation in a depressed economy. We actually had deflation during in 2008. Inflation occurs (roughly) when the money supply exceeds the growth in GDP. Also, there is something called 'money multiplier' which is the ratio between the money supply and monetary base. If the multiplier is low one can increase the monetary base without causing inflation.
celer1ty2 5 months ago
@finarrykahn13 Answer 2: Gold plays no role in a modern economy. One reason why gold might be expensive right now is because the yield on government bonds is very low. It has nothing to do with fear of inflation.
celer1ty2 5 months ago
@finarrykahn13 Answer 3: Well, savings are already record high. People are paying off their huge mortgages created by the housing bubble. This means they buy less which in turn leads to reduced production (not enough demand). Investors decide not to invest because they see no reason - their factories have already full supply and there are no need to hire more employees. Spending money is a way of increasing aggregate demand. I hope this helps.
celer1ty2 5 months ago
@celer1ty2 Thanks for your help. I've been trying to learn more about economic and monetary theory more over the years. Do you have any suggestions for Keynesian books on economic theory generally (in readable laymen terms) as well as targeting the 2008 financial crisis?
finarrykahn13 1 day ago
Be fair, Economics Nobel Prize should be awarded to those Economists contributed best performance of economy to their countries, such as china,russia,brazil and india rather than those economist done bad job causing all financial crisis trouble in the world,like USA, UK and Europe 5 PIIGS. What the f is Nobel Economics prize means in these days. Always go to those economists coming from nations with poor performance economy. Their theories re bullshit & done no good to their countries!!!
TheMediator888 1 year ago
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Peer-reviewed study finds Keynesian Paul Krugman is the most partisan economist. Krugman was the only economist to "significantly" change his stances for partisan reasons. Krugman has even gone so far as to contradict his own findings to bash Republican politicians.
The peer-reviewed research was published in May 2010 issue of the Econ Journal Watch (EJW), edited by Daniel B. Klein.
Seven Nobel laureates are members of the EJW Advisory Council
islandmuffin 1 year ago
Paul Keynesian Krugman sucks.
return135 3 years ago
15 Feb 09
This guy is a proven economic genius.
WHY isn't he on the US governments 1st team?
Maybe he is~ FDCrab England UK
fabdrabcrab 3 years ago
One word: Balls.
Wrkoutguy08 3 years ago