How to Thaw Credit, Now and Forever by Mason Gaffney
In The Great Crash of 2008, Mason Gaffney explained our current crisis as a manifestation of the roughly eighteen year real estate cycle–disastrously amplified by bad policy. Now he has published a...
View ArticleTo Rebuild the Economy, People are the Best Investment
Louis Uchitelle is absolutely correct that President-elect Barack Obama’s spending plan may fail – or worse, backfire (“Maybe It Can’t: A Trap in Obama’s Spending Plan,” Week in Review, Dec. 21)....
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Deficit Hawk, Progressive Style, Part II
As I wrote in Part I, the deficit hawks legitimately claim that huge deficits will hinder investment and kill jobs. But their solutions would make matters worse. What are those solutions? What are...
View ArticleHow to (Really) End This Depression: a Response to Paul Krugman
In the May 24 New York Review of Books, Paul Krugman writes, “The truth is that recovery would be almost ridiculously easy to achieve; all we need is to reverse the austerity policies of the past...
View ArticleThe Keynesian Stimulus Spending Fallacy
It’s a truism of pop Keynesian economics that consumer spending drives the economy; if spending slows in a recession, government must make up the difference. In reality, consumer spending merely...
View ArticleIs Paul Krugman’s Liquidity Trap Really an Inequality Trap?
As I watched Paul Krugman Sunday night on Bill Moyers, I felt a familiar sense of despair. Krugman cares deeply about unemployment and inequality, as did John Maynard Keynes before him. Yet like...
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