THE MAGIC MONEY TREE: the Case Against Modern Monetary Theory
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Computers and Economic Democracy
Rev.econ.inst. vol.1 no.se Bogotá 2008 COMPUTERS AND ECONOMIC DEMOCRACY Computadores y democracia económica Allin Cottrell; Paul Cockshott Ph.D. in Economics, professor of Wake Forest University, Winston Salem, USA, [[email protected]]. Ph.D. in Computer Science, researcher of the Glasgow University, Glasgow, United Kingdom, [[email protected]].. The collapse of previously existing socialism was due to causes embedded in its economic mechanism, which are not inherent in all possible socialisms. The article argues that Marxist economic theory, in conjunction with information technology, provides the basis on which a viable socialist economic program can be advanced, and that the development of computer technology and the Internet makes economic planning possible. In addition, it argues that the socialist movement has never developed a correct constitutional program, and that modern technology opens up opportunities for democracy. Finally, it reviews the Austrian arguments against the possibility of socialist calculation in the light of modern computational capacity and the constraints of the Kyoto Protocol. [Keywords: socialist planning, economic calculation, environmental constraints; JEL: P21, P27, P28] El colapso del socialismo anteriormente existente obedeció a causas integradas en su mecanismo económico, que no son inherentes a todos los socialismos posibles. El artículo muestra que la teoría económica marxista, junto con la informática, proporciona el fundamento para adelantar un programa económico socialista viable y que el desarrollo de la informática y de Internet hace posible la planificación económica. Además, argumenta que el movimiento socialista nunca desarrolló un programa constitucional correcto y que la tecnología moderna abre nuevas oportunidades para la democracia. -
What We Know and Do Not Know About the Natural Rate of Unemployment
Journal of Economic Perspectives—Volume 11, Number 1—Winter 1997—Pages 51–72 What We Know and Do Not Know About the Natural Rate of Unemployment Olivier Blanchard and Lawrence F. Katz lmost 30 years ago, Friedman (1968) and Phelps (1968) developed the concept of the "natural rate of unemployment." In what must be one of Athe longest sentences he ever wrote, Milton Friedman explained: "The natural rate of unemployment is the level which would be ground out by the Wal- rasian system of general equilibrium equations, provided that there is imbedded in them the actual structural characteristics of the labor and commodity markets, in- cluding market imperfections, stochastic variability in demands and supplies, the cost of gathering information about job vacancies and labor availabilities, the costs of mobility, and so on." Over the past three decades a large amount of research has attempted to formalize Friedman's long sentence and to identify, both theo- retically and empirically, the determinants of the natural rate. It is this body of work we assess in this paper. We reach two main conclusions. The first is that there has been considerable theoretical progress over the past 30 years. A framework has emerged, organized around two central ideas. The first is that the labor market is a market with a high level of traffic, with large flows of workers who have either lost their jobs or are looking for better ones. This by itself implies that there must be some "frictional unemployment." The second is that the nature of relations between firms and workers leads to wage setting that often differs substantially from competitive wage setting. -
Curriculum Vitae
CURRICULUM VITAE Dr. Maarten Vendrik Personal particulars Name: Maarten C.M. Vendrik Office address: Department of Economics, Maastricht University, P.O. Box 616, 6200 GV Maastricht Home address: Eikenhoven 17, 6225 GV Maastricht Telephone: 043-3883638 (office) 043-3624144 Fax: 043-3884878 E-mail: [email protected] Date of birth: June 10, 1950 Place of birth: Utrecht Marital status: married Sex: male Nationality: Dutch Education and degrees Municipal Gymnasium β, Nijmegen, graduated 1968 Catholic University of Nijmegen Doctoral in physics (Master’s degree): 1976 (cum laude, with teaching qualification) Main subject: theoretical physics Subsidiaries: mathematics, philosophy of science, analytical philosophy Erasmus University of Rotterdam Doctoral in econometrics (Master’s degree): 1986 (cum laude) Main subjects: econometrics, theoretical economics, mathematical economics Final research: dynamical model of adjustment costs with empirical application to U.S. manufacturing data Electives: public finance, mathematical economics, sociology, economic ethics and several other courses in economic and social philosophy Language qualification English: good command German and French: fair knowledge Professional experience 1970-1972: teaching assistantships in mathematics and physics 1976-1977: pilot study about environmental-biological contribution to (economic) world models, supported by Prof. Dr. J. Tinbergen, at Institute of Theoretical Biology of University of Leiden 1977-1979: preparing and writing two extensive international journal articles in theoretical physics, supported by Prof. Dr. H.W. Capel (theoretical physics, Leiden) 1978-1984: research assistantship in industrial economics, supervised by Dr. F. Muller, in macroeconomics department of Erasmus University at Rotterdam 1986-1992: research fellowship for doctoral research about non-linear dynamics of collective habit formation and social norms in labour supply, supervised by Prof. -
Mill's "Very Simple Principle": Liberty, Utilitarianism And
MILL'S "VERY SIMPLE PRINCIPLE": LIBERTY, UTILITARIANISM AND SOCIALISM MICHAEL GRENFELL submitted for degree of Ph.D. London School of Economics and Political Science UMI Number: U048607 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U048607 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 I H^S £ S F 6SI6 ABSTRACT OF THESIS MILL'S "VERY SIMPLE PRINCIPLE'*: LIBERTY. UTILITARIANISM AND SOCIALISM 1 The thesis aims to examine the political consequences of applying J.S. Mill's "very simple principle" of liberty in practice: whether the result would be free-market liberalism or socialism, and to what extent a society governed in accordance with the principle would be free. 2 Contrary to Mill's claims for the principle, it fails to provide a clear or coherent answer to this "practical question". This is largely because of three essential ambiguities in Mill's formulation of the principle, examined in turn in the three chapters of the thesis. 3 First, Mill is ambivalent about whether liberty is to be promoted for its intrinsic value, or because it is instrumental to the achievement of other objectives, principally the utilitarian objective of "general welfare". -
Fiscal Policies, Net Saving, and Real Exchange Rates: the United States, the Federal Republic of Germany, and Japan
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: International Aspects of Fiscal Policies Volume Author/Editor: Jacob A. Frenkel, ed. Volume Publisher: University of Chicago Press Volume ISBN: 0-226-26251-0 Volume URL: http://www.nber.org/books/fren88-1 Publication Date: 1988 Chapter Title: Fiscal Policies, Net Saving, and Real Exchange Rates: The United States, the Federal Republic of Germany, and Japan Chapter Author: Malcolm Knight, Paul Masson Chapter URL: http://www.nber.org/chapters/c7923 Chapter pages in book: (p. 21 - 72) 2 Fiscal Policies, Net Saving, and Real Exchange Rates: The United States, the Federal Republic of Germany, and Japan Malcolm D. Knight and Paul R. Masson 2.1 Introduction In recent years, substantial changes in the pattern of fiscal positions of major industrial countries have occurred. From 1981 to 1985, for example, the fiscal deficit of the U.S. federal government is estimated to have risen by 2.8% of the U.S. GNP, while the deficits of central governments in the Federal Republic of Germany and Japan, both of which have implemented medium-term fiscal restraint programs, de- clined by about 0.6% of their GNPs. A better measure of the underlying stance of policy, the fiscal impulse as a percent of GNP cumulated over the years 1981-85, shows a shift in the United States toward expansion by 3% and contractionary shifts of 1.9% in the Federal Republic of Germany and 0.8% in Japan (International Monetary Fund 1985, Ap- pendix table 15). -
The “Kansas City” Approach to Modern Money Theory
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Wray, Larry Randall Working Paper The "Kansas City" approach to modern money theory Working Paper, No. 961 Provided in Cooperation with: Levy Economics Institute of Bard College Suggested Citation: Wray, Larry Randall (2020) : The "Kansas City" approach to modern money theory, Working Paper, No. 961, Levy Economics Institute of Bard College, Annandale-on- Hudson, NY This Version is available at: http://hdl.handle.net/10419/238651 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Working Paper No. 961 The “Kansas City” Approach to Modern Money Theory by L. Randall Wray Levy Economics Institute of Bard College July 2020 The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. -
Helicopter Ben, Monetarism, the New Keynesian Credit View and Loanable Funds
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Fiebinger, Brett; Lavoie, Marc Working Paper Helicopter Ben, monetarism, the New Keynesian credit view and loanable funds FMM Working Paper, No. 20 Provided in Cooperation with: Macroeconomic Policy Institute (IMK) at the Hans Boeckler Foundation Suggested Citation: Fiebinger, Brett; Lavoie, Marc (2018) : Helicopter Ben, monetarism, the New Keynesian credit view and loanable funds, FMM Working Paper, No. 20, Hans-Böckler- Stiftung, Macroeconomic Policy Institute (IMK), Forum for Macroeconomics and Macroeconomic Policies (FFM), Düsseldorf This Version is available at: http://hdl.handle.net/10419/181478 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available -
The Road to Serfdom
F. A. Hayek The Road to Serfdom ~ \ L f () : I~ ~ London and New York ( m v ..<I S 5 \ First published 1944 by George Routledge & Sons First published in Routledge Classics 2001 by Routledge 2 Park Square, Milton Park, Abingdon, OX14 4 RN 270 Madison Avenue, New York, NY 10016 Repri nted 2001, 2002, 2003, 2004, 2006 Routledge is an imprint ofthe Taylor CJ( Francis Group, an informa business © 1944 F. A. Hayek Typeset in Joanna by RefineCatch Limited, Bungay, Suffolk Printed and bound in Great Britain by TJ International Ltd, Padstow, Cornwall All rights reserved. No part ofthis book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN 10: 0-415-25543-0 (hbk) ISBN 10: 0-415-25389-6 (pbk) ISBN 13: 978-0-415-25543-1 (hbk) ISBN 13: 978-0-415-25389-5 (pbk) CONTENTS PREFACE vii Introduction 1 The Abandoned Road 10 2 The Great Utopia 24 3 Individualism and Collectivism 33 4 The "Inevitability" of Planning 45 5 Planning and Democracy 59 6 Planning and the Rule of Law 75 7 Economic Control and Totalitarianism 91 8 Who, Whom? 1°5 9 Security and Freedom 123 10 Why the Worst Get on Top 138 11 The End ofTruth 157 12 The Socialist Roots of Nazism 171 13 The Totalitarians in our Midst 186 14 Material Conditions and Ideal Ends 207 15 The Prospects of International Order 225 2 THE GREAT UTOPIA What has always made the state a hell on earth has been precisely that man has tried to make it his heaven. -
'Real Utopias'?
ANNUAL CONFERENCE - ASSOCIATION FOR HETERODOX ECONOMICS ECONOMICS, PLURALISM AND THE SOCIAL SCIENCES London, July 14-16, 2006 Incentives for ‘Real Utopias’? Motivations, Cooperation and Alternative Market Models João Rodrigues José Castro Caldas DINÂMIA, DINÂMIA and ISCTE Lisbon, Portugal Dep. of Economics, [email protected] ISCTE Lisbon, Portugal [email protected] Abstract In this paper, a brief account of John Stuart Mill’s views on socialism is given, exploring the possibilities that he envisioned for building a culture of cooperation which fosters other-regarding motivations and the articulation of this culture with pecuniary incentives and markets. Furthermore, the recent egalitarian proposal, made by Bowles and Gintis (1998), is scrutinized, and the lines of continuity and departure with Mill are emphasized. Some of the problems with these two visions of an alternative socioeconomic order, both in terms of desirability and feasibility, are also explored. 1. Introduction John Stuart Mill’s attempt is perhaps one of the first to articulate a vision of a socio- economic order that combines democratic association in production and markets in exchange thus obtaining workers emancipation in a decentralized economy. For Mill, socialism was an extension of his liberal premises on property and personal liberty. But his articulation and advocacy of the ultimate compatibility between the principles of liberalism and socialism was always seen with suspicion and scepticism by free- marketers and Marxists alike, and this may account for the neglect of this aspect of Mill’s political economy. Presently, however, after the perceived failures of central planning, associational socialism has re-emerged and is advanced as a viable alternative. -
Deflation: Economic Significance, Current Risk, and Policy Responses
Deflation: Economic Significance, Current Risk, and Policy Responses Craig K. Elwell Specialist in Macroeconomic Policy August 30, 2010 Congressional Research Service 7-5700 www.crs.gov R40512 CRS Report for Congress Prepared for Members and Committees of Congress Deflation: Economic Significance, Current Risk, and Policy Responses Summary Despite the severity of the recent financial crisis and recession, the U.S. economy has so far avoided falling into a deflationary spiral. Since mid-2009, the economy has been on a path of economic recovery. However, the pace of economic growth during the recovery has been relatively slow, and major economic weaknesses persist. In this economic environment, the risk of deflation remains significant and could delay sustained economic recovery. Deflation is a persistent decline in the overall level of prices. It is not unusual for prices to fall in a particular sector because of rising productivity, falling costs, or weak demand relative to the wider economy. In contrast, deflation occurs when price declines are so widespread and sustained that they cause a broad-based price index, such as the Consumer Price Index (CPI), to decline for several quarters. Such a continuous decline in the price level is more troublesome, because in a weak or contracting economy it can lead to a damaging self-reinforcing downward spiral of prices and economic activity. However, there are also examples of relatively benign deflations when economic activity expanded despite a falling price level. For instance, from 1880 through 1896, the U.S. price level fell about 30%, but this coincided with a period of strong economic growth. -
Curriculum Vitae
CURRICULUM VITAE J. Muysken Name Muysken, Joan Date of Birth 18 December 1948, Delft (the Netherlands) Nationality Dutch Office Universiteit Maastricht School of Business and Economics Department of Economics P.O. Box 616 6200 MD Maastricht The Netherlands tel: +31-43-3883808/21 fax: +31-43-3884150 email: [email protected] Home address Laan van Brunswijk 79 6212 HD Maastricht The Netherlands tel: +31-43-3500309 Civil status Married to Anne Marie du Saar three children: Joan, Fransje, Coen Education 1966-1972 Economics, University of Groningen 7 July 1972 Msc (drs.) Quantitative Economics Majors: Mathematical Economics Macroeconomics 5 April 1979 PhD in Economics, cum laude University of Groningen Thesis: Aggregation of putty-clay production functions Career data 1972-1984 Assistant and Associate Professor in Economics University of Groningen since April 1984 Full Professor in Economics Universiteit Maastricht Administrative functions 1992 – 1994 Dean of Faculty of Economics and Business Adminstration Several times Head of Department of Economics 1998 – 2002 University Board UM External boards 1986-2005 Board “Netwerk Algemeen en Kwantitatieve Economen (NAKE), chairman 2000-2005 2006-2010 Board “Economen voor Vrede en Veiligheid” (EVV) Editorships Associate editor: Maandschrift Economie/Kwartaalschrift Economie Recherches Economique de Louvain Short Biography Joan Muysken is Full Professor of Economics at the Faculty of Economics and Business Administration, Universiteit Maastricht since 1984. He had many administrative positions at the Faculty, amongst which dean of the Faculty of Economics and Business Administration. He studied quantitative economics at the University of Groningen and obtained his PhD degree from the University of Groningen on the aggregation of production functions. -
Principles of Macro - Fall 2008 - EXAM 2
Principles of Macro - Fall 2008 - EXAM 2 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Which of the following is true? a. Although levels of real GDP per person vary substantially from country to country, the growth rate of real GDP per person is similar across countries. b. Productivity is not closely linked to government policies. c. The level of real GDP per person is a good gauge of economic prosperity, and the growth rate of real GDP per person is a good gauge of economic progress. d. Productivity may be measured by the growth rate of real GDP per person. ____ 2. The average amount of goods and services produced from each hour of a worker's time is called a. per capita GDP b. per capita GNP c. productivity d. human capital ____ 3. Cedar Valley Furniture uses 5 workers working 8 hours to produce 80 rocking chairs. What is the productivity of these workers? a. 2 chairs per hour. b. 1 hour per chair. c. 80 chairs. d. None of the above are correct. ____ 4. Which of the following is a part of your Economics professor's human capital? a. the things he learned at some prestigious university b. his copy of Mankiw's text c. his computer d. All of the above are correct. ____ 5. Which of the following lists contains, in this order, natural resources, human capital, and physical capital? a. For a restaurant: the produce used to make salad, the things the Chef learned at Cooking School, the freezers where the steaks are kept.