Category Archives: austerity

Obama wins decisive but narrow victory in both popular vote and electoral college.

Posted on November 11, 2012 by haroldchorneyeconomist

This past week’s American election marks an important historical turning point. A broadly based multi-cultural multi-lingual diverse lifestyle progressive 21st century  coalition won a narrow but decisive victory over a much more conservative traditional 20th century coalition. Both sides worked … Continue reading →

Posted in American Presidential election, austerity, business cycles, fiscal policy, full employment, U.S. | Tagged , , | Leave a comment

This U.S. recession’s recovery in comparison to 7 earlier ones:unemployment 45 months after its peak

Posted on October 17, 2012 by haroldchorneyeconomist

One critical way of guaging the severity of a recession, the impact of policy and the changing circumstances of the gobal economy is to examine the behaviour of unemployment during and after a recession. Fortunately we have excellent monthly data … Continue reading →

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U.S. Unemployment drops to 7.8%. excellent news, Obama on right track;Canadian unemployment rises.

Posted on October 5, 2012 by haroldchorneyeconomist

The U.S. Bureau of Labour Statistics has released the latest unemployment numbers for September and they are good ones. They show a long awaited (and as I have been arguing) fall in the unemployment rate to below 8 % , … Continue reading →

Posted in austerity, Canada, classical economics, deficit hysteria, deficits and debt, full employment, labour market clearing, Uncategorized | Tagged , | Leave a comment

The fall economic conversation: Hayek versus Keynes, Romney versus Obama, whither the global business cycle ?

Posted on September 18, 2012 by haroldchorneyeconomist

Now that relative calm has  returned to Québec after the provincial election we can focus our attention on the broader economic issues that beset the global economy. The American election although currently focused on foreign policy appears set to return … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, Federal Reserve, fiscal policy, free trade and globalization, full employment, Hayek, treasury view, U.K. economy, U.S., Uncategorized, unemployment | Leave a comment

Poli 610:Macro-economic theory and policy after Keynes and the crash of 2008

Posted on September 6, 2012 by haroldchorneyeconomist

Pol. 610  Macro-economic policy-making after Keynes Concordia University fall, 2012 Prof. H. Chorney tel. 848 2424 ext.2106  e mail Chorney@alcor.concordia.ca Office hours tba This course is an intensive examination of macro-economic policy-making and macro-economic theory in the light of recent … Continue reading →

Posted in austerity, business cycles, Canada, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, Federal Reserve, fiscal policy, France politics+economy, free trade and globalization, full employment, Hayek, J.M.Keynes, Keynesian multiplier, labour market clearing, Milton Friedman and NAIRU, monetary policy, natural rate of inflation, quantitative easing, quantity theory of money, Schumpeter, U.K. economy, U.S., Uncategorized, unemployment | Leave a comment

President Obama has smallest increase in government spending compared to Reagan, Bush 1,Clinton or Bush 2 according to Wall Street Journal.

Posted on August 15, 2012 by haroldchorneyeconomist

The Wall Street Journal in its Marketwatch section has pointed out that contrary to the tea party claims President Obama has had the smallest increase in government spending of Presidents going all the way back to Ronald Reagan. Here are … Continue reading →

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UK growth negative for second quarter 2012:more evidence austerity does not work

Posted on July 25, 2012 by haroldchorneyeconomist

The U.K. office of national statistics has released its latest numbers on the declining GDP in Britain. As I expected they continue to be starkly negative. The UK economy continues to shrink so that Britain has now experienced a clear … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, U.K. economy, Uncategorized, unemployment | Leave a comment

Spanish austerity misguided policy

Posted on July 11, 2012 by haroldchorneyeconomist

The government of Spain despite its horrible 24 % plus unemployment rate continues to implement further austerity policies . This guarantees a deeper and profound recession that damages the life chances of  a quarter or more of the Spanish population. … Continue reading →

Posted in austerity, classical economics, deficit hysteria, European debt crisis, European unemployment, Spain, treasury view, Uncategorized | 1 Comment

Eurozone unemployment rises to 11.1 %.A major stimulus is required.

Posted on July 2, 2012 by haroldchorneyeconomist

Eurostat has released their latest unemployment data and it is ugly. Unemployment has risen again to 11.1 % overall for the Eurozone led by a rise in Spain as well as a small rise in France. Only a major co-ordinated … Continue reading →

Posted in austerity, business cycles, deficit hysteria, deficits and debt, European debt crisis, European unemployment, France politics+economy, Greek sovereign debt crisis, Italian debt crisis, Spain, Uncategorized, unemployment | 1 Comment

Eurozone allows stabilization fund to inject capital into private banks: Spain, Italy and France win partial victory

Posted on June 29, 2012 by haroldchorneyeconomist

After late night negotiations it has been decided to permit the European stability fund to purchase directly the assets offered by banks in Spain and and Italian sovereign bonds and by so doing permit European funds to be injected directly … Continue reading →

Posted in austerity, deficit hysteria, deficits and debt, European debt crisis, European financial stability fund, European unemployment, France politics+economy, Greek sovereign debt crisis, quantitative easing, Spain, Uncategorized | 1 Comment