john maynard keynes

A situation report about the global economy, as the flames break thru the firewalls

Summary:  The global economy continues to fall towards debt deflation (see here), rare and never cured (WWII was not a “cure”.)   This is a brief look at current dynamics, and the short and medium term futures.    At over 2000 words, it is already too long; supporting logic and evidence must await later posts. This is …

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Economics is not a morality tale

Western civilization can be seen as the liberation of technical theory (science, in the broadest sense) from moral values.  This battle continues to this day.  It is so much easier and enjoyable to be a witch-doctor than a scientist  (again, in the broad sense as devoted to rational thought). Machiavelli divorced poltical theory from the personal …

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Some thoughts about the economy of mid-21st century America

Our lesson for today is an excerpt from “Economic possibilities for our grandchildren” by John Maynard Keynes, originally published in The Nation and Athenœum, 11 and 18 October 1930: We are suffering just now from a bad attack of economic pessimism. It is common to hear people say that the epoch of enormous economic progress which …

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Words of wisdom about the global recession, from the greatest economist of our era

These are words that deserve attention as we begin a new year, entering into what looks like the worst economic crisis since the Great Depression.  The author is a foreigner, hence his stilted language. Excerpt from “The Great Slump of 2009” The world has been slow to realise that we are living this year in …

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About the state of economic science, and advice from a famous economist

Summary:  an economist explains the current state of the science of economics, and then Bruce Bartlett repeats to us the most-famous modern economist’s advice about a similar situation. Excerpt from a post by Prof Brad DeLong (Economics, Berekeley) at his blog Grasping Reality with Both Hands.  It is so perfect that it needs no elaboration: The problem is that economic theory …

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