Category Archives: deficit hysteria

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

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

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

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 ?

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

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

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

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

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.

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