That the Euro has fallen into crisis a mere decade after its introduction is hardly surprising. The intrinsic problems in its design were evident to economists as widely separated intellectually as Wynne Godley and Milton Friedman.Read it at Steve Keen's DebtWatch
European Disunion and Endogenous Money
By Steve Keen
(h/t Clonal in the comments)
1 comment:
Keen:
"The revisionism in this argument is breathtaking. As late as September 2009, Blanchard was proclaiming that “the stage of macro [by which he meant DSGE modeling] is good” (O. J. Blanchard 2008, p. 210; O. Blanchard 2009, p. 2). Krugman, described here as working “in the tradition of Minsky” first actually read Minsky in May 2009 (Krugman 2009)—and found what he read (Minsky 1986) rather difficult to fathom. And non-Neoclassical experts on Minsky with a long pedigree—like Randy Wray (Larry Randall Wray 1988) and myself (Keen 1995)—were completely ignored.
Though it is laughable, this revisionism should not be treated lightly."
Great stuff!!!
rsp
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