Author Archives: haroldchorneyeconomist

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About haroldchorneyeconomist

I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.

Anna Schwartz co-author with Milton Friedman of A monetary history of the United States dies at 96

One of the great economists of the past century Anna Schwartz(Jacobson) author of many influential books and studies has passed away after a long and enriching life at 96. Along with Milton Friedman she wrote the monumental study A monetary … Continue reading

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Canadian inflation rate falls to 1.2 %:core inflation 1.8 %

Statistics Canada announce the most recent  inflation rate . It shows that in May the rate overall fell on an annualized basis to 1.2 % . There is clearly absolutely no reason to increase interest rates. Core inflation which strips … Continue reading

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Greek politicians form new government;Germany may agree to extend austerity timetable.

New Democracy leader Antonis Samaras has been sworn in as the new Prime Minister of Greece. His government will receive the backing of Pasok and the Democratic left giving it a clear parliamentary majority of 179 seats out of 300. … Continue reading

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Final Greek Results Reveal Very Close Election

With 99.83 % of the votes counted here are the results of the Greek election. New Democracy received 29.66% of the vote and will get 128 seats because of the 50 seat bonus for finishing first. Its total vote was … Continue reading

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New exit poll New Democracy 28-30 %slightly ahead of Syrizia 27-28.5 %:partial official results show similar trend

It looks increasingly like New Democracy will finish a narrow first over Syriza with 28-30 % of the vote ,Pasok far behind  at 13 % and the other small parties including the right wing extremist party, New Dawn at under … Continue reading

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Greek election a dead heat New Democracy and Syriza neck and neck in exit polls

Exit polls which sample 80 % of those who voted show New Democracy at 27-30.5 % and Syriza at 27-30 %. Pasok is at 10-12 %. The other parties including the extremist right wing party New Dawn, the communists, the … Continue reading

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The Greek election, the euro and the necessity to escape austerity

We are on the eve of the second election in Greece and many establishment voices in a co-ordinated campaign are raising the prospect of total disaster should the Greek electorate choose the left wing coalition Syriza which while committed to … Continue reading

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Spanish banks bail out, French parliamentary elections, Unemployment rises in Europe,Canadian unemployment stable but still too elevated.

A lot of information to process. Most of it not good. The best although mixed news comes from France where the first round of the parliamentary elections showed a strong showing by Francois Hollande’s socialist party which garnered about 29.35% … Continue reading

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Alvin Hansen, the right amount of money, deficit finance and the search for full employment.

Alvin  Hansen establishes early in his work, Monetary Theory and Fiscal policy that the power to create money is a force to be reckoned with. In the nineteenth century in the U.S.the private banks at the behest of their business … Continue reading

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, Federal Reserve, fiscal policy, full employment, monetary policy, quantitative easing, quantity theory of money, treasury view, U.S., Uncategorized | Tagged , , , , | 4 Comments

Monetary theory and fiscal policy:the insights of Alvin Hansen

One of the greatest interpreters of J.M.Keynes was the American economist Alvin Hansen whose A Guide to Keynes became a staple for beginning macro students during the 1950s and sixties. Hansen made several important errors of interpretation and the IS LM … Continue reading

Posted in austerity, business cycles, classical economics, Federal Reserve, fiscal policy, full employment, J.M.Keynes, Milton Friedman and NAIRU, monetary policy, quantity theory of money, U.S., Uncategorized | 2 Comments