Category Archives: European debt crisis

The Owl of Minerva takes flight at dusk:The anti-Keynesian era is drawing to a close

Posted on May 2, 2013 by

The Owl of Minerva takes flight at dusk: The anti-Keynesian era is drawing to a close By Harold R. Chorney, Professor of political economy, Concordia university, Montreal.( I originally submitted this to the New York Times as an op ed … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, European unemployment, fiscal policy, France politics+economy, full employment, Greek sovereign debt crisis, Italian debt crisis, J.M.Keynes, Keynesian multiplier, monetary policy, Uncategorized | Tagged , , | Leave a comment

Austerity backers in Europe in retreat ? Barroso calls for re-orientation to growth.

Posted on April 22, 2013 by

The head of the European Commission José Manuel Barroso has called for Europe to downgrade its austerity policies and re-emphasize policies which stimulate growth. He argues in a speech today , according to The Wall Street Journal,that austerity no longer … Continue reading →

Posted in austerity, European debt crisis, European unemployment, Uncategorized | Tagged , , | Leave a comment

Unemployment in Europe averages 12 % as of February 2013

Posted on April 2, 2013 by

The bitter fruits of austerity are on display in the latest unemployment report from Eurostat. Overall there are 26 million people out of work in Europe. unemployment averages 12 %. It is 10.8 % in France,7.7 % in the U.K., … Continue reading →

Posted in austerity, business cycles, deficit hysteria, European debt crisis, European unemployment, fiscal policy, France politics+economy, monetary policy, Spain, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

Robert Mundell, Columbia University economist criticizes overvalued euro which promotes unemployment and urges QE

Posted on March 25, 2013 by

Robert Mundell, a Nobel prize winning Canadian economist at Columbia University and a specialist on trade,exchange rates and currencies has wisely critiqued the European central bank for allowing an overvalued exchange rate on the euro which has harmed growth in … Continue reading →

Posted in austerity, balance of payments, business cycles, classical economics, European debt crisis, European unemployment, free trade and globalization, full employment, quantitative easing, unemployment | Tagged , , , | 4 Comments

Italian electorate rejects austerity by overwhelming margin

Posted on February 26, 2013 by

The Italian electorate has overwhelmingly rejected the austerity which its technocratic government led by Mario Monti with the backing of Germany had imposed on the country. Mr. Monti’s party according to La Repubblicca received a mere 10.5 % of the … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, fiscal policy, Italian debt crisis, J.M.Keynes, monetary policy, treasury view, Uncategorized, unemployment | Tagged , , | Leave a comment

Europe still mired in austerity, slow growth and possible recession and excessive unemployment

Posted on February 12, 2013 by

The situation in Europe continues to be worrisome and exasperating. The stubborn ideologically driven opposition to stimulating the economy through major infrastructure and employment creating investments and a supportive low interest monetary policy including where appropriate quantitative easing is long … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, France politics+economy, full employment, J.M.Keynes, Keynesian multiplier, labour market clearing, monetary policy, quantitative easing, Spain, treasury view, U.K. economy, Uncategorized, unemployment | Tagged , , | 2 Comments

Mark Carney chosen to head the Bank of England: Bold Decision Big Challenges Ahead

Posted on November 26, 2012 by

The Decision of the British government to appoint the Canadian central banker Mark Carney as the new Governor of the Bank of England , the crown jewel of central banks, is a bold decision by Chancellor George Osborne and PM … Continue reading →

Posted in austerity, Canada, European debt crisis, European unemployment, fiscal policy, monetary policy, quantitative easing, treasury view, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

The fall economic conversation: Hayek versus Keynes, Romney versus Obama, whither the global business cycle ?

Posted on September 18, 2012 by

Now that relative calm has  returned to Québec after the provincial election we can focus our attention on the broader economic issues that beset the global economy. The American election although currently focused on foreign policy appears set to return … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, Federal Reserve, fiscal policy, free trade and globalization, full employment, Hayek, treasury view, U.K. economy, U.S., Uncategorized, unemployment | Leave a comment

Poli 610:Macro-economic theory and policy after Keynes and the crash of 2008

Posted on September 6, 2012 by

Pol. 610  Macro-economic policy-making after Keynes Concordia University fall, 2012 Prof. H. Chorney tel. 848 2424 ext.2106  e mail Chorney@alcor.concordia.ca Office hours tba This course is an intensive examination of macro-economic policy-making and macro-economic theory in the light of recent … Continue reading →

Posted in austerity, business cycles, Canada, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, Federal Reserve, fiscal policy, France politics+economy, free trade and globalization, full employment, Hayek, J.M.Keynes, Keynesian multiplier, labour market clearing, Milton Friedman and NAIRU, monetary policy, natural rate of inflation, quantitative easing, quantity theory of money, Schumpeter, U.K. economy, U.S., Uncategorized, unemployment | Leave a comment

Spanish austerity misguided policy

Posted on July 11, 2012 by

The government of Spain despite its horrible 24 % plus unemployment rate continues to implement further austerity policies . This guarantees a deeper and profound recession that damages the life chances of  a quarter or more of the Spanish population. … Continue reading →

Posted in austerity, classical economics, deficit hysteria, European debt crisis, European unemployment, Spain, treasury view, Uncategorized | 1 Comment