Category Archives: quantity theory of money

Keynes A monetary theory of production

Posted on August 4, 2020 by haroldchorneyeconomist

One of the major mistakes of some Keynesian interpreters and followers has been to underestimate the extent to which Keynes believed that monetary policy along side fiscal policy was and remains important. It is a necessary but not sufficient mechanism … Continue reading →

Posted in fiscal policy, J.M.Keynes, Keynesian policy, monetary policy and Keynes, public infrastructure investment, quantitative easing and Keynes, quantity theory of money, Uncategorized | Leave a comment

After the Crash:Rediscovering Keynes and the origins of quantitative easing (2nd posting)

Posted on September 9, 2016 by haroldchorneyeconomist

By Harold R.Chorney Professor of Political economy, Concordia University Montréal, Québec Preface: More than twenty five years ago I began to write about problems of public finance.( Chorney, 1984) At the time that I began to do so, I never … Continue reading →

Posted in austerity, business cycles, Canada, China and europe, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, Federal Reserve, fiscal policy, France politics+economy, full employment, Greek sovereign debt crisis, Hayek, Italian debt crisis, J.M.Keynes, Japanese unemployment, Keynesian multiplier, monetary policy, quantitative easing, quantity theory of money, treasury view, U.K. economy, U.S., Uncategorized | Tagged , , | Leave a comment

The Passing of Abe Rotstein a Polanyi pioneer and leading member of the U of Toronto nationalist political economy school: Britain enters deflation

Posted on May 20, 2015 by haroldchorneyeconomist

Abe Rotstein one of Canada’s outstanding political economists and a leading founder of the Canadian nationalist school of political economy centred in Toronto  passed away last month at the age of 86. The Globe and Mail had a full page … Continue reading →

Posted in austerity, J.M.Keynes, Milton Friedman and NAIRU, monetary policy, quantitative easing and Keynes, quantity theory of money, U.K. economy | Tagged , , | Leave a comment

Stock market jitters focus on false fears about end of Quantitative Easing

Posted on May 24, 2013 by haroldchorneyeconomist

A lot of old shibboleths have bit the dust in recent years. Deficits were supposed to destroy the economy by crowding out investment and ushering in inflation. They have not done so. Inflation remains extremely subdued and if there is … Continue reading →

Posted in business cycles, quantitative easing, quantity theory of money, U.S., Uncategorized | Tagged , , | 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

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

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

Posted on November 7, 2011 by haroldchorneyeconomist

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

Keynes versus the monetarists 2

Posted on November 4, 2011 by haroldchorneyeconomist

 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

After the Crash:Rediscovering Keynes and the origins of quantitative easing (2nd posting)

Posted on June 3, 2011 by haroldchorneyeconomist

By Harold R.Chorney Professor of Political economy, Concordia University Montréal, Québec Preface: More than twenty five years ago I began to write about problems of public finance.( Chorney, 1984) At the time that I began to do so, I never … Continue reading →

Posted in austerity, business cycles, Canada, China and europe, classical economics, deficit hysteria, deficits and debt, European debt crisis, European unemployment, Federal Reserve, fiscal policy, France politics+economy, full employment, Greek sovereign debt crisis, Hayek, Italian debt crisis, J.M.Keynes, Japanese unemployment, Keynesian multiplier, monetary policy, quantitative easing, quantity theory of money, treasury view, U.K. economy, U.S., Uncategorized | Tagged , , | 4 Comments