Martin Wolf is the chief economics commentator at the Financial Times and is one of the most influential economics writers in the world. He’s no radical for sure but today’s article entitled “Time to think the unthinkable and start printing again” could have been written by Abba Lerner himself. It completely debunks the accepted wisdom that we need austerity, that we’re tied to the whims of the financial markets, and that government deficits are some dire problem....
Read the whole post at Comments on Global Economic Policy, Martin Wolf gets it; why not Paul Krugman?
Wolf does not suffer from a certain form of discalculia.
ReplyDeletehttp://en.wikipedia.org/wiki/Dyscalculia
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Somebody more scholarly than me may want to inform Adam Posen (author of the linked article) that the originator of the term “Austerian” was not Paul Krugman, but Rob Parenteau.
ReplyDeleteMaybe correct him on a few misconceptions he has about QE at the same time.
:)
Page 8:
http://www.bankofengland.co.uk/publications/speeches/2011/speech517.pdf
Email:
aposen@piie.com
Rob P. never gets any (much deserved) credit by mainstream/more-read people. His analysis of the European situation is stellar imo (it has really helped me at least to see what is really going on over there)... and he was on this years ago now...
ReplyDeletewhat is in the water up there? ;)
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My favourite Martin Wolf quote: “The essence of the contemporary monetary system is creation of money, out of nothing, by private banks' often foolish lending.”
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