Monthly Archives: February 2013

Italian electorate rejects austerity by overwhelming margin

Posted on February 26, 2013 by haroldchorneyeconomist

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

Oscars reflect and influence changing American culture

Posted on February 25, 2013 by haroldchorneyeconomist

I have watched the Oscars for many years, not just because like hundreds of millions I love the movies but also because I think they are a cultural artifact which can help us understand the direction American and our own … Continue reading →

Posted in cinema, Uncategorized | 3 Comments

Canadian inflation falls to 0.5% in January compared to January 2012. Further evidence of slowdown ?

Posted on February 23, 2013 by haroldchorneyeconomist

The latest inflation data for Canada adds further evidence that the Canadian economy is slowing and perhaps even teetering on the edge of deflation.The trend in inflation has been persistently in a downward direction over the past year. Year to … Continue reading →

Posted in Uncategorized | 1 Comment

American Recovery Act and stimulus program has a multiplier of more than 2: hence it was a very effective program

Posted on February 20, 2013 by haroldchorneyeconomist

There have been a lot of false claims made about the ineffectiveness of the American Recovery act and the stimulus that it administered. But if one actually examines the data and calculates the rise in the GDP over the years … Continue reading →

Posted in business cycles, deficit hysteria, fiscal policy, Keynesian multiplier, treasury view, U.S., 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 haroldchorneyeconomist

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

German American economist N.Johannsen and impair savings:important clue to current slow recovery

Posted on February 10, 2013 by haroldchorneyeconomist

The German American amateur economist Nicholas Johannsen (1844-1928) published a work in 1908 entitled A Neglected Point in Connection with Crises in which he developed the notion of ”impair savings” He used this notion to point out that crises originated … Continue reading →

Posted in business cycles, classical economics, fiscal policy, full employment, J.M.Keynes, monetary policy, Uncategorized, unemployment | Tagged , , | 1 Comment

Canadian employment falls by 21,900 but headline unemployment rate falls to 7.0 %

Posted on February 8, 2013 by haroldchorneyeconomist

Statistics Canada has released its latest Labour force survey for the month of January. It shows that unemployment has fallen to 7.0 % but there are 21,900 fewer people employed and the fall in the headline rate is due to … Continue reading →

Posted in Alberta, austerity, business cycles, Canada, fiscal policy, full employment, J.M.Keynes, labour market clearing, monetary policy, Québec, Uncategorized, unemployment | Tagged , , | 1 Comment

U.S. jobs report January 2013 unemployment 7.9% 157,000 jobs added:clear need for further fiscal stimulus

Posted on February 1, 2013 by haroldchorneyeconomist

The U.S. Bureau of Labour Statistics has released the employment report for January . It shows that unemployment rose slightly to 7.9 %, 157,000 new jobs were added and there were significant upward revisions to employment numbers for last November … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, Federal Reserve, fiscal policy, full employment, monetary policy, quantitative easing, U.S. | Tagged , , | Leave a comment