tag:blogger.com,1999:blog-1527766217650773141.comments2023-07-12T06:12:30.772-07:00Demand Side TranscriptAlanhttp://www.blogger.com/profile/07323700324276425194noreply@blogger.comBlogger296125tag:blogger.com,1999:blog-1527766217650773141.post-4800560338943756402014-02-06T22:14:42.896-08:002014-02-06T22:14:42.896-08:00We'll miss you!We'll miss you!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-51297903425919080102014-02-03T08:30:40.336-08:002014-02-03T08:30:40.336-08:00Very sorry to see the end of this podcast, and abo...Very sorry to see the end of this podcast, and about your troubles with your domain name. I had thought you dropped out somehow. Good luck with future endeavors!Jacob Leehttp://jacoblee.netnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-91529023682225207422013-10-22T03:49:20.735-07:002013-10-22T03:49:20.735-07:00Much more can be made if they control the informat...Much more can be made if they control the information, create products only they understand, and market in opaque venues. So they are fighting it. Much more, it seems, than they are fighting the intrusive big brother Fed approach. Here are Simon Johnson and James Kwak. <a href="http://www.arthayantra.com" rel="nofollow">financial planning india</a><br />Elizabeth J. Nealhttps://www.blogger.com/profile/01824134730760179008noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-88244085016307652862013-10-18T14:48:32.563-07:002013-10-18T14:48:32.563-07:00Lot of frustration over the awarding of these Sver...Lot of frustration over the awarding of these Sveriges Riksbank Prizes. Proponents of three baseless concepts: rational expectations, real business cycle theory and now efficient market hypothesis will ensure that ivory tower orthodoxy remains irrelevant when it comes to the economy. A nice RWER post (hat tip to Ramanan) http://www.paecon.net/PAEReview/issue56/GuerrienGun56.pdf that critiques Fama's EMH.Anonymoushttps://www.blogger.com/profile/07857616719536009725noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-995283667057369082013-08-08T08:47:16.615-07:002013-08-08T08:47:16.615-07:00Congratulations on getting married!Congratulations on getting married!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-61028472665935521492013-06-10T01:25:12.811-07:002013-06-10T01:25:12.811-07:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-86444291427100512352013-06-05T19:51:53.898-07:002013-06-05T19:51:53.898-07:00First you see which leads the other, which comes f...First you see which leads the other, which comes first. Then you make up stories about what might be causal factors. And you will find it is not so perfectly clear. For example, in the current situation, unemployment is driving people into school for which they are borrowing. The unemployment is driving the debt. In previous times, the big mortgage borrowing and spending out of home equity loans buoyed the economy. Alanhttps://www.blogger.com/profile/07323700324276425194noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-28297568859000611292013-06-05T18:25:16.090-07:002013-06-05T18:25:16.090-07:00I see that unemployment and private debt are tight...I see that unemployment and private debt are tightly correlated, but how do I know which way the causation goes?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-17598606832044543902013-05-25T19:48:31.532-07:002013-05-25T19:48:31.532-07:00As ever Mr Keen nails it...As ever Mr Keen nails it...Anonymoushttps://www.blogger.com/profile/01565690568643272397noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-74997101103875732222013-04-28T14:20:28.399-07:002013-04-28T14:20:28.399-07:00Excellent articles or web pages I save to my speci...Excellent articles or web pages I save to my special reading list. And the best I print out to read and highlight several times... I am printing this one. Again thanks for your blog and podcast. I have learned much and I feel like I owe you....oh.. just saw the donate button. I am on it. Please have a nice dinner with a significant other or buy a new book on me. Thanks again.<br />muirgeohttps://www.blogger.com/profile/05609654136937145746noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-70295911391218843042013-04-18T06:21:10.991-07:002013-04-18T06:21:10.991-07:00Very helpful...I had to listen to that more than o...Very helpful...I had to listen to that more than once.<br /><br />I don't know your hosting costs, but if you had a PayPal donation button like Naked Capitalism does, I'd donate.Jacobhttp://jacoblee.netnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-51929218747492544362013-03-31T18:58:29.353-07:002013-03-31T18:58:29.353-07:00excellent!excellent!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-87052899482719012532013-03-26T15:11:26.526-07:002013-03-26T15:11:26.526-07:00Great stuff alan, a supplemental reading list fro...Great stuff alan, a supplemental reading list from time to time would be great too. You have introduced many top people to me here and appreciate that. Getting down to the money matters is the heart of it and while positive money isnt the full mmt it has some good people.<br />Bryan VNhttps://www.blogger.com/profile/11354369198483271635noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-83185671295583642182013-03-25T13:27:23.395-07:002013-03-25T13:27:23.395-07:00I'll put that up right now. It promises to ov...I'll put that up right now. It promises to overwhelm this month's bandwidth quota on Demand Side, but will be there in its entirety on demandside (two different feeds).Alanhttps://www.blogger.com/profile/07323700324276425194noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-9448645100371932032013-03-25T07:37:08.319-07:002013-03-25T07:37:08.319-07:00Any way I can get to the entire audio of the Victo...Any way I can get to the entire audio of the Victoria Chick lecture?<br /><br />btw, tried to post a comment via my iphone, but the web template did not permit me to type in a name and url after selecting a profile. So I moved to my mac.Jacobhttp://deadvoles.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-78268396690940489412013-03-09T18:16:51.317-08:002013-03-09T18:16:51.317-08:00Well said.
There is also the fact of no leadershi...Well said.<br /><br />There is also the fact of no leadership. Chris Hedges, who I mentioned in the podcast, wrote the book "Death of the Liberal Class," which identifies the co-opting and neutering of the liberal class and the consequent absence of opposition to the rise of the corporate state as the necessary condition for complete collapse.<br /><br />I think his book is free online. It's a difficult read, not because it is obscure, but because it is so plain and convincing and uncompromising in its pessimism.Alanhttps://www.blogger.com/profile/07323700324276425194noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-51928989828863252032013-03-09T18:15:21.995-08:002013-03-09T18:15:21.995-08:00You continue to do good work and I look forward to...You continue to do good work and I look forward to your podcasts.<br /> <br />Call me paranoid if you want, but I tend to think that easy money, low interest, and an incredible absence of critical thinking on behalf of the general public, are a perfect recipe for disaster. If money is made so easy to get that people can rack up Tens of Thousands of dollars of personal debt for purchases of such things as Flat Screen TV’s, flashy cars, and over priced houses... Well... Then what are they going to do?<br /> <br />I can tell you what they’re NOT going to do. They will NOT speak out or march in the streets for fear of losing their all too precious job. Without that income they will lose everything... never realizing they never really “had” it in the first place. They will be sooooo stressed out all the time that they won’t think clearly, they won’t be able to solve complex problems, and they are likely to fall into depression.<br /> <br />Talk about “Killing them with Sugar”. What better way is there to CONTROL a population? <br /> <br />My wife is from Brazil and she’s asked me more than once, “If you guys are so mad about this, why don’t you take to the streets until something is done to fix it?” <br />The best reason I can give her is that people are tired, stressed, and in fear of losing everything they’ve ever worked for. On top of that, the majority of them don’t take the time to educate themselves on much of anything... afterall, if they did (educate themselves and think critically), they wouldn’t be in this position right now.<br /> <br />Irresponsible citizens + Irresponsible ‘leaders’ + Too much easy money. <br /> <br />What else can we expect but a world run by the 1%. I pretty much think the 1% has been at this for a very long time and they are getting better and better at it. <br /> <br />If you’ve ever travelled around the world and seen how MOST people live (in extremely humble, if not outright impoverished conditions) then you have seen the future. <br />Every time I get in an airplane and fly to Brazil, I always think of the plane as a “Time Machine” that shoots me into the future... America has no idea what it’s doing to itself, and it doesn’t seem to care. <br /> <br />Enter the barbarians.<br /><br />I.B.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-41114929337174279932012-12-22T21:03:51.684-08:002012-12-22T21:03:51.684-08:00Imagine “if universities continued to use for nucl...Imagine “if universities continued to use for nuclear engineering a textbook by an engineer who had headed a team managing a nuclear power plant that without external causes exploded creating a huge devastation, there would be a public outcry” (Fullbrook 2009, p. 22). <br /><br />Or imagine the outbreak of a disease, an epidemic, that caught the medical profession unaware, with most of the profession (and textbooks) fastidiously denying the epidemic’s possibility. Wouldn’t there be public outrage? An enraged demand to hold the profession accountable?<br /><br />Why is such a similar situation tolerated in economics? Why isn’t there a public effort to disbar economists who continue to teach such failed policies? Why isn’t there an effort to de-commission the universities that grant such degrees? Why isn’t there a detailed public hearing to ascertain what is taught in economics courses and published in economics textbooks?Alanhttps://www.blogger.com/profile/07323700324276425194noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-83203673670649305092012-12-22T21:00:49.361-08:002012-12-22T21:00:49.361-08:00A good question. Here is a piece which asks simila...A good question. Here is a piece which asks similar questions and looks at reform of economics education. <br />http://www.paecon.net/PAEReview/issue62/Reardon62.pdfAlanhttps://www.blogger.com/profile/07323700324276425194noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-73518928987280526702012-12-21T14:35:15.038-08:002012-12-21T14:35:15.038-08:00Why in the world are business schools so focused o...Why in the world are business schools so focused on teaching Supply Side thinking? And when asked, why do so many professors figure out ways to dodge the issue? (In my experience, of course)<br />ericbnoreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-22520675659855874662012-11-18T12:25:29.034-08:002012-11-18T12:25:29.034-08:00The best econ podcast too many people are listenin...The best econ podcast too many people are listening to (according to itunes).<br /><br />Invisible Backhandhttp://invisiblebackhand.wordpress.com/noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-78774133061902777012012-10-02T08:13:14.698-07:002012-10-02T08:13:14.698-07:00David Lazarus writes:
The figure that really woul...David Lazarus writes:<br /><br />The figure that really would show a floor in the market is price to income. If you use price to rent that could be higher than necessary because people are still adjusting to the lower incomes and rents might be taking a higher share of income, which does not bode well for recovery. With real wages falling because of people taking much lower paid jobs the sustainability of house prices is even weaker. So while rents may be stable the share of income devoted to rent increases, which weakens the economy overall. It will only be a matter of time before either rents have to fall or those rentals are back on the market.Alanhttps://www.blogger.com/profile/07323700324276425194noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-20192823525987299452012-09-18T11:27:26.544-07:002012-09-18T11:27:26.544-07:00David Lazarus writes:
Personally I do not think ...David Lazarus writes:<br /><br /><br />Personally I do not think that the housing market has really reached the bottom yet. So bouncing along the bottom is not quite accurate. I do think that there is another 10 to 20% to fall, if not a lot more. Housing is still massively overpriced, especially if you compare it to median wages. If economies were to revert to that measure then housing would have a lot further to fall.<br /><br />As for the banks, especially in Europe they are still over-leveraged, and all the efforts by the ECB has been to recapitalize them without the public becoming aware of the process. Ultimately Europe's politicians have to decide who to save, The Euro or the banks. If they save the banks the euro becomes unworkable, as banks will have to be recapitalized at the tax payers expense. This is what has been done up till now. The back door bailouts of the banks has not worked. It has lead to a silent run on the periphery's banks for months. The money has been turning up in Germany and in the London property market. Last year the Greeks were the big buyers now it is the Italians.<br /><br />The problem is that since so many "supply-siders"/neo-classical economists are entrenched in the big institutions that decide policy that the world is doomed to another depression because they do not understand what they are dealing with. All the so called Keynesian stimulus packages have been too small and badly designed to be very effective. In fact the best that can be said is that all they have done is stop the rebalancing of the economy.<br /><br />One major difference between now and the thirties was that the bulk of the writedowns had been achieved before the New Deal had started. So unlike this time it was not all siphoned off to maintain asset bubbles. This time the Fed are siphoning off all the support to maintain those asset bubbles to save the banks. It still has not been a massive success. The banks are no stronger than they were as they have maintained big bonuses and not really changed their business models.Alanhttps://www.blogger.com/profile/07323700324276425194noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-7733783237641272262012-09-06T17:06:18.218-07:002012-09-06T17:06:18.218-07:00you can't understand the demand side without a...you can't understand the demand side without a strong consumer theory. Alex Gheg has a new framework that formalizes quantity, quality, variety and convenience in one equation. Imagine a scale that measures hidden thoughts. http://www.youtube.com/watch?v=u6tFLGpcOpEMrIlirhttps://www.blogger.com/profile/11613313452071283534noreply@blogger.comtag:blogger.com,1999:blog-1527766217650773141.post-42667871489018754772012-05-30T15:07:42.801-07:002012-05-30T15:07:42.801-07:00Thank you for this comment. I still want to press...Thank you for this comment. I still want to press the point that however well it may work in logic, the practice of it will be demagogued to death by those currently in control, and they don't even have to lie. They believe their stuff to the bone. Then you have the spectacle of a fringe new theory trying to take over from the old boys who are saying "This is the end of civilization as we know it." <br /><br />There need to be institutions, if only symbolic, that replicate what people understand, "federally sponsored infrastructure bonds," "guaranteed federal bonds," that for instance, may attract participation from private people at very low rates, but place the granite columns of respectability in front of the operation. My point is that economic policy is political policy, and so needs to be politically, not just logically defensible. I don't think we're going to get anywhere by leafleting Times Square and convincing people one at a time. It has to be done, work, and then be able to be pointed at. This works. This is how it worked.<br /><br />That said, I cede your points on its utility. I see we need to resurrect taxation as a moral exercise, though. You ask for a lot.Alanhttps://www.blogger.com/profile/07323700324276425194noreply@blogger.com