Category Archives: U.S.

President Obama leans across finish line just ahead of Romney

I have followed American Presidential politics and elections ever since as a young boy I lamented the defeat of Adlai Stevenson by Dwight D.Eisenhower in 1956.American elections despite their blemishes remain vibrant and exciting . American democracy despite the corruption … Continue reading

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Unemployment and the Battleground states in the American election

The unemployment rate has played a large role in this election. The Republicans have claimed that unemployment and the slow rate of economic growth are the fault of President Obama and his stimulus policies. I have indicated in an earlier … 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

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

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

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

US unemployment rate falls to 8.1 %, U6 unchanged at 14.5 %

The U.S. created 115,000 net new jobs in April and the unemployment rate fell to 8.1 % from 8.2 % But the total number of people in the work force also declined, perhaps because of increasing retirement. The broader definition … Continue reading

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Schiller talks of negative impact of ‘new age of austerity’:Spain contracts again GDP falls 0.3%

Yale university economist Robert Schiller is featured on CNBC’s Squawk Box Europe arguing that house prices may not yet have hit bottom and the new age of austerity was promoting recessionary lack of confidence. Schiller who is a very creative … Continue reading

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