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.

Currency unions and balance of payments: what lies behind the Greek predicament

One of the relatively unexplored aspects of the Greek debt crisis involves balance of payments issues that are buried beneath the terms of trade upon which Greece entered the European union. Much has been said and written about failure to … Continue reading

Posted in austerity, balance of payments, classical economics, deficit hysteria, deficits and debt, European debt crisis, fiscal policy, full employment, Greek sovereign debt crisis, J.M.Keynes, monetary policy, quantity theory of money, Uncategorized | Leave a comment

Papandreou to resign and new coalition government involving Pasok, New Democracy and two conservative minor parties to take his place under new PM

The latest news from Greece suggests that a new coalition government involving the Greek socialist party, Pasok, the principal opposition party New Democracy led by Antonis Samoras, and two conservative minor parties  is to replace the Government of George Papandreou. … Continue reading

Posted in austerity, classical economics, deficit hysteria, European debt crisis, Greek sovereign debt crisis, J.M.Keynes, Uncategorized | Leave a comment

George Papandreou has won the non confidence vote

Prime Minister George Papandreou has won the vote of non confidence in the Greek Parliament by a margin of 153 to 145  votes .Papandreou will now seek to form some sort of cross party government to broaden the base of … Continue reading

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, Greek sovereign debt crisis, Mr.Papandreou and democracy, Uncategorized | Leave a comment

Keynes versus the monetarists 2

 Originally posted  SUNDAY, SEPTEMBER 19, 2010 Keynes versus monetarists 2 Some additional distinctions : Keynes&monetaristsKeynes’ theory of investment depends upon what he calls the marginal efficiency of capital. He defines the mec as follows: that rate of discount from a … Continue reading

Posted in classical economics, deficits and debt, full employment, J.M.Keynes, labour market clearing, Milton Friedman and NAIRU, monetary policy, quantity theory of money, Schumpeter, unemployment | Leave a comment

Keynes versus the monetarists 1

Keynes versus the monetarists 1 A Quick Guide to Keynes and the monetarists  originally posted Dec 2, 2005 on my blogspot blog.Keynes: 1. Rejects Say’s law of markets that supply creates its own demand; he also doesn’t accept Walras’s law … Continue reading

Posted in business cycles, classical economics, deficits and debt, full employment, J.M.Keynes, Keynesian multiplier, labour market clearing, Milton Friedman and NAIRU, monetary policy, unemployment | Leave a comment

Papandreou reverses position:no referendum, confidence vote takes place this evening

Premier George Papandreou after coming under heavy pressure from European leaders and the perhaps temporary desertion of several of his Parliamentary colleagues  reversed his position on holding a referendum. In exchange, he may have persuaded some of the opposition party … Continue reading

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, Greek sovereign debt crisis, J.M.Keynes, monetary policy, quantitative easing, treasury view, Uncategorized, unemployment | Tagged | Leave a comment

Greek Government seeks referendum approval of latest measures:panic among some lenders at prospect of democracy

Prime Minister Papandreou has apparently shocked some European leaders by announcing that he and his cabinet have decided to submit the latest bail-out and austerity package to a democratic referendum. In the crucible of democracy this seems wholly appropriate since … Continue reading

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, Greek sovereign debt crisis, Mr.Papandreou and democracy, Uncategorized, unemployment | Leave a comment

MF Global brokerage goes bankrupt :Excessive leverage and overexposure to European debt seem factors

MF global a U.S. brokerage house headed by Jon Corzine, a former executive with Goldman Sachs, a former U.S.Senator and former Governor of New Jersey has declared bankruptcy in New York, apparently a victim of excessive leverage and over exposure … Continue reading

Posted in Uncategorized | Leave a comment

European solution seems on track for the moment:Falling financial dominoes to be shored up.

While the financial markets wait with keen anticipation it does seem from studying the entrails of reports emanating from Brussels that the long awaited made in Europe solution to the sovereign debt crisis triggered by the spectre of the failure … Continue reading

Posted in Uncategorized | 2 Comments

Keynes:Alive and Well

Way back in 1996 I wrote an op ed piece for the business pages of the Toronto Globe and Mail in response to the anti-Keynesian musings of Terence Corcoran a business columnist for the Globe and Mail who was convinced … Continue reading

Posted in austerity, Canada, classical economics, deficit hysteria, deficits and debt, fiscal policy, full employment, J.M.Keynes, labour market clearing, treasury view, Uncategorized, unemployment | 1 Comment