Each time Rob Johnson introduces us to another one of his "counter culture, economic rockstar" colleagues, I feel like I've been treated to something very special.
it took the mainstream community this long to wake up!! Just think about it, men who have spent their whole career in academics, in their 70s begin to figure out that, yeeeah u know what ...it was all wrong. lets start with money again. Thanks you luminaries.
Reminds me of professor Stephen Keen, he's been using private sector debt / credit supply in his macro modelling for decades. He got mocked when he called the GFC before it happened... from all accounts we're there again.
The key is to define correctly the term Effective Demand as Keynes tried to hammer it out. The term Aggregate Demand is different than Effective Demand. Economists keep trying to define Aggregate Demand when in truth, they are defining Effective Demand.
Aggregate demand is the demand that we see. However, effective demand is the limit of aggregate demand where firms will not increase utilization of capacity (production). Effective demand can be calculated separately from aggregate demand. This has been my research. You can find my research by searching for my blog with the words - "effective demand at typepad". @@eor42
Money does matter. George Selgin (Cato Institute) has a new book out. Title: FLOORED!: How a Misguided Fed Experiment Deepened and Prolonged the Great Recession. Would be appreciated an interview with him.
The cato institute is a Koch brothers backed think tank that is only about spreading libertarianism...which does not work. Sounds good but their policies and theories will not work and would crash the country in less than a year id bet. Ron Paul contradicts himself all the time. State control is no different than Fed govt control. The southern states didnt wanna end slavery. That sounds reasonable to you? Cross one state and get kidnapped and chained because their laws says it's legal. End the EPA? Nonsense. Leave your car running in the garage and inhale the sweet smell of death then come back and tell us how you feel. A total free market would collapse the economy in a month. They are for the rule of the aristocracy and plutocrats or you can just combine them and say oligarchy. Changing the fed is pointless when the banks will have unmitigated free reign to do whatever they want, that's free market. The only invisible hand that can fix that is the citizens showing up with shotguns and pistols. But in a libertarian world the banks will have contracted security and the ppl will be able to have rocket launchers and tanks.
George Selgin's, "Floored!" can be found at: www.cato.org/publications/working-paper/floored-how-misguided-fed-experiment-deepened-prolonged-great-recession
@@dionhenderson The interview isn't about right or left; it's about what policies actually work to sustain an economy. These guys know what they're talking about, Dion. Try listening; you might actually learn something.
He is right of his criticism of neoclassical economy and the faith in liberalism, yet, he has not explained the great success of the Chinese economy, managed by the state.
@@Frank-cj3nh According to classical economic theory was the Chinese success impossible. So, the theory should not be corrected for new knowledge, but trashed for being fundamentally wrong...…….
Interesting how Skidelsky sounds like he's on the Left but joined the Tories in the 1990's. Poacher turned Gamekeeper? Opportunist? I've never come across any explanation of why he joined the Tories as they were privatising British Rail.
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Each time Rob Johnson introduces us to another one of his "counter culture, economic rockstar" colleagues, I feel like I've been treated to something very special.
it took the mainstream community this long to wake up!! Just think about it, men who have spent their whole career in academics, in their 70s begin to figure out that, yeeeah u know what ...it was all wrong. lets start with money again. Thanks you luminaries.
Reminds me of professor Stephen Keen, he's been using private sector debt / credit supply in his macro modelling for decades. He got mocked when he called the GFC before it happened... from all accounts we're there again.
The key is to define correctly the term Effective Demand as Keynes tried to hammer it out. The term Aggregate Demand is different than Effective Demand. Economists keep trying to define Aggregate Demand when in truth, they are defining Effective Demand.
What is aggregate and effective demand mean!?
Aggregate demand is the demand that we see. However, effective demand is the limit of aggregate demand where firms will not increase utilization of capacity (production). Effective demand can be calculated separately from aggregate demand. This has been my research. You can find my research by searching for my blog with the words - "effective demand at typepad". @@eor42
Money does matter. George Selgin (Cato Institute) has a new book out. Title: FLOORED!: How a Misguided Fed Experiment Deepened and Prolonged the Great Recession. Would be appreciated an interview with him.
Nationalize the Fed!
The cato institute is a Koch brothers backed think tank that is only about spreading libertarianism...which does not work. Sounds good but their policies and theories will not work and would crash the country in less than a year id bet. Ron Paul contradicts himself all the time. State control is no different than Fed govt control. The southern states didnt wanna end slavery. That sounds reasonable to you? Cross one state and get kidnapped and chained because their laws says it's legal. End the EPA? Nonsense. Leave your car running in the garage and inhale the sweet smell of death then come back and tell us how you feel. A total free market would collapse the economy in a month. They are for the rule of the aristocracy and plutocrats or you can just combine them and say oligarchy. Changing the fed is pointless when the banks will have unmitigated free reign to do whatever they want, that's free market. The only invisible hand that can fix that is the citizens showing up with shotguns and pistols. But in a libertarian world the banks will have contracted security and the ppl will be able to have rocket launchers and tanks.
Don't hold your breath. They only interview leftists.
George Selgin's, "Floored!" can be found at:
www.cato.org/publications/working-paper/floored-how-misguided-fed-experiment-deepened-prolonged-great-recession
@@dionhenderson The interview isn't about right or left; it's about what policies actually work to sustain an economy. These guys know what they're talking about, Dion. Try listening; you might actually learn something.
He is right of his criticism of neoclassical economy and the faith in liberalism, yet, he has not explained the great success of the Chinese economy, managed by the state.
He also didn't explain Venezuelan hyperinflation..... BECAUSE HE WASN'T ASKED ABOUT IT!!
@@Frank-cj3nh According to classical economic theory was the Chinese success impossible. So, the theory should not be corrected for new knowledge, but trashed for being fundamentally wrong...…….
This sounds like this time.
Getting convinced getting dangerous.
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Interesting how Skidelsky sounds like he's on the Left but joined the Tories in the 1990's. Poacher turned Gamekeeper? Opportunist? I've never come across any explanation of why he joined the Tories as they were privatising British Rail.