Category Archives: business cycles

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

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

Posted on June 1, 2012 by haroldchorneyeconomist

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

Posted on May 22, 2012 by haroldchorneyeconomist

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

Triple witching hour for austerity:Hollande wins in France, Labour in Britain, anti-austerity in Greece.

Posted on May 6, 2012 by haroldchorneyeconomist

A small but significant earthquake has occurred over the past few days in Europe. The victory of the Socialist party in the Presidential race combined with the election results in Greece along with the drubbing of the Conservative and Liberal … Continue reading →

Posted in austerity, business cycles, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, France politics+economy, Greek sovereign debt crisis, Mr.Papandreou and democracy, progressives, treasury view, UK local elections, Uncategorized, unemployment | Leave a comment

American unemployment rate drops to 8.2 % but job creation still unsatisfactory

Posted on April 9, 2012 by haroldchorneyeconomist

The U.S. Bureau of Labour Statistics reported last week that the unemployment rate fell to 8.2 % . But the total number of new jobs added was a disappointing 83,000 below what the market had been expecting so bearish sentiment … Continue reading →

Posted in austerity, business cycles, fiscal policy, full employment, U.S., Uncategorized, unemployment | Leave a comment

Robert Reich has an excellent op ed in Financial Times: U.S.Recovery so far Benefits largely go to top 10 %.

Posted on April 2, 2012 by haroldchorneyeconomist

Robert Reich who throughout this crash and crisis has produced a steady stream of excellent articles on the origins of the crisis and appropriate policies to get out of it and critiques of anti-Keynesian thinking has an excellent article in … Continue reading →

Posted in business cycles, U.S., Uncategorized | Leave a comment

Eurozone Unemployment rises to 10.8%, 17.134 million unemployed.

Posted on April 2, 2012 by haroldchorneyeconomist

Eurostat has released the latest unemployment data for the Eurozone 17. It does not make for pleasant reading. Because of the foolish contractionary  austerity policies being implemented there, as expected unemployment is rising. It is now  10 % in France, … Continue reading →

Posted in austerity, business cycles, deficit hysteria, European unemployment, full employment, Uncategorized, unemployment | Leave a comment

The euro sovereign debt crisis and the irrationality of the bond markets:the need for a lender of last resort

Posted on November 24, 2011 by haroldchorneyeconomist

Throughout the history of the capitalist system the markets have played a pivotal role. Of course, the Walrasian conception of markets that inevitably clear temporary gluts and misallocations through the process of tatonnement and the invisible auctioneer is obviously a … Continue reading →

Posted in business cycles, classical economics, European debt crisis, European financial stability fund, J.M.Keynes, labour market clearing | Tagged | Leave a comment

Keynes versus the monetarists 1

Posted on November 4, 2011 by haroldchorneyeconomist

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

Posted on November 4, 2011 by haroldchorneyeconomist

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