Monthly Archives: September 2011

Multipliers, stimulus and jobs

One of the components of a Keynesian strategy is the concept of the investment multiplier first introduced by R.F. Kahn in 1931( there were also several other economists in this era who developed a comparable concept around the same time … Continue reading

Posted in austerity, business cycles, classical economics, fiscal policy, full employment, J.M.Keynes, Keynesian multiplier, labour market clearing, U.S., Uncategorized, unemployment | Leave a comment

In search of the Non Walrasian Labour Market Model in the Age of Globalization

In Search of the non Walrasian labour market model in the era of Globalization by Harold R.Chorney, Professor, graduate program in public policy and public administration; Concordia university, Montreal, Quebec                      … Continue reading

Posted in business cycles, Canada, classical economics, fiscal policy, full employment, J.M.Keynes, labour market clearing, Milton Friedman and NAIRU, monetary policy, natural rate of inflation, U.S., Uncategorized, unemployment | Leave a comment

Restoring full Employment: The Natural Rate of Inflation versus the Natural rate of Unemployment

RESTORING FULL EMPLOYMENT:THE NATURAL RATE OF INFLATION VERSUS THE NATURAL RATE OF UNEMPLOYMENT by     HAROLD CHORNEY,GRADUATE  PROGRAM IN PUBLIC POLICY AND PUBLICADMINISTRATION,DEPT. OF POLITICAL SCIENCE , CONCORDIA UNIVERSITY, MONTREAL Paper presented to the Conference on Social Policy as if … Continue reading

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The Theory of the Business Cycle in Hayek, Keynes and Schumpeter

The paper below is a preliminary version of a chapter in my forthcoming book. I first presented this at a conference of Heterodox Economics in London ,  U.K. in 2001. The tech crash was in the air and unemployment had … Continue reading

Posted in austerity, business cycles, Canada, classical economics, J.M.Keynes, monetary policy, Schumpeter, U.S., Uncategorized, unemployment | Tagged , | 2 Comments

European debt crisis continues slow response of the ECB and European politicians at the heart of the problem.

Paul Krugman in today’s New York Times has an excellent column criticizing the European Central bank for its mishandling of the sovereign debt crisis. I totally agree with him and I commented as follows below. ”Prof. Krugman is quite correct … Continue reading

Posted in austerity, business cycles, deficits and debt, European debt crisis, Uncategorized | Leave a comment

U.S. Unemployment over the past decade

This has been a remarkable decade. At the beginning of the decade the American economy was experiencing the lowest unemployment that it had had in many decades.By the end of the decade the unemployment rate had skyrocketed to over 10 … Continue reading

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September 11 2011

It is a sombre day of remembrance for people all over the world who were affected by September 11th, 2001. Close to 3000 people were killed in the barbaric terrorist attack on New York and Washington. Most were Americans but … Continue reading

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President Obama’s Job Plan: a step in the right direction

The above table  originates with The Economic Policy Institute in a piece by John Irons.(http://www.epi.org/blog/quick-job-impact-president’s-proposals/) It is an informed statistical  attempt to estimate the employment impact of the new initiatives announced by President Obama in his special address to the … Continue reading

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The roots of the American Federal Reserve and the Progressive era:Useful history to guide us in the current crisis

Among the few 1000 books in my library is a blue covered paperback with a green and black business cycle imposed on it with a photo of President Woodrow Wilson in the last peak to trough. I bought this book … Continue reading

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The Long ”Recession” Deepens:American job creation at a standstill

The alarm bells should be ringing at the White House and in the halls of Congress at the latest economic numbers in the painful prolonged battle to restore prosperity to America. We are now a full two years since the … Continue reading

Posted in austerity, business cycles, deficits and debt, fiscal policy, J.M.Keynes, U.S., unemployment | Leave a comment