Category Archives: business cycles

U.S. 4th quarter GDP shrinks by 0.1 percent: No time to cut spending

The news came as a surprise to many but the 4th quarter of 2012 experienced a slowdown in growth that resulted in a very marginal but nonethess a negative growth rate for the GDP. The source of the problem was … Continue reading

Posted in austerity, business cycles, deficit hysteria, deficits and debt, fiscal policy, full employment, U.S., Uncategorized, unemployment | Tagged , , | 1 Comment

Boris Backs Britain Away From Austerity

The colourful Tory mayor of London, Boris Johnson has come out forcefully in opposition to the disasterous austerity policies that are at the centre of  Chancellor of the Exchequer George Osborne’s economic strategy. Following in the tradition of British Conservative … Continue reading

Posted in austerity, business cycles, deficit hysteria, full employment, J.M.Keynes, progressives, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

Keynes’s Fundamental Equations From The Treatise on Money

The symbols used in A Treatise on Money are somewhat different from the General Theory  and for those who are familiar with GT but not the Treatise are a little confusing at first. See both Keynes’s A Treatise on Money vol.1 ch.10 … Continue reading

Posted in austerity, business cycles, classical economics, European unemployment, fiscal policy, full employment, J.M.Keynes, monetary policy, treasury view, U.K. economy, U.S., Uncategorized, unemployment | Tagged , , | Leave a comment

US Unemployment Rate Falls to 7.7% from 7.9%:Positive trend continues

  The latest U.S. unemployment rate shows a continuation of the positive trend of lower unemployment and a gradually healing eeconomy. The headline rate for November 2012 dropped two tenths of a percentage point to 7.7 % from its October … Continue reading

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Hoarding, speculation and the problem of unemployment

The classical school of economics always argued that wages would adjust to clear gluts of unemployed workers over a reasonably short period of time and that cash would not be hoarded but used to purchase bonds or otherwise spent on … Continue reading

Posted in business cycles, classical economics, deficit hysteria, European unemployment, free trade and globalization, Greek sovereign debt crisis, monetary policy, treasury view, U.K. economy, Uncategorized, unemployment | Tagged , , | Leave a comment

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

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

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

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

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

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

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

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