Monthly Archives: May 2013

European obsession with austerity and inefficient job search repeats error of the 1930s

There was discussion in the financial press today and yesterday about the fact that the EU has extended the deadline by which they expect countries like France, Spain and Italy to meet the 3% deficit to GDP targets which the … Continue reading

Posted in austerity, classical economics, deficit hysteria, European unemployment, France politics+economy, full employment, Greek sovereign debt crisis, quantitative easing, Spain, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

Stock market jitters focus on false fears about end of Quantitative Easing

A lot of old shibboleths have bit the dust in recent years. Deficits were supposed to destroy the economy by crowding out investment and ushering in inflation. They have not done so. Inflation remains extremely subdued and if there is … Continue reading

Posted in business cycles, quantitative easing, quantity theory of money, U.S., Uncategorized | Tagged , , | Leave a comment

The Perils of Polling: B.C. election delivers rude surprise to pollsters

The recent B.C. provincial election which delivered a shocking Liberal party victory of 50 seats(44.5% of vote) and a fourth consecutive term to just 33 seats 39.5 % of the vote) for the New Democrats should send pollsters back to … Continue reading

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Canadian unemployment stable at 7.2 % inflation falls to -0.4 % seasonally adjusted annual rate.

The last report on unemployment in Canada from the Labour force survey showed that unemployment in April was unchanged at 7.2 %. Quebec at 7.8 % and Ontario at 7.7 %  still show signs of slow growth and excessive unemployment. … Continue reading

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U.S. unemployment falls to 7.5 % U6, the broad definition is 13.4 %

The United States continues to make slow but steady progress on lowering its unemployment rate. Total unemployment was 7.5% down from 7.6 % last month. A total of 165, 000 were added to payroll employment and there were substantial upward … Continue reading

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

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