#Econ #ideology #Law - 02myVitPass02_201109
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#Euro #Crisis - 02myEconIdeoLaw01 - 2011Nov
Riccardo Puglisi , James M. Snyder, Jr. , 1 September 2011 Is the US media biased? According to a controversial new book, it is – and, perhaps surprisingly, to the left.
Fair and balanced after all? The bias of the US press
"A New look at the Industrial Revolution"
I'm curious to read the comments on this one: Opening Pandora’s box: A new look at the industrial revolution, by Tony Wrigley, Vox EU : The most fundamental defining feature of the industrial revolution was that it made possible exponential economic growth – growth at a speed that implied the doubling of output every half-century or less. This in turn radically transformed living standards. Each generation came to have a confident expectation that they would be substantially better off than their parents or grandparents. Yet, remarkably, the best informed and most perspicacious of contemporaries were not merely unconscious of the implications of the changes which were taking place about them but firmly dismissed the possibility of such a transformation.
I'm curious to read the comments on this one: Opening Pandora’s box: A new look at the industrial revolution, by Tony Wrigley, Vox EU : The most fundamental defining feature of the industrial revolution was that it made possible exponential economic growth – growth at a speed that implied the doubling of output every half-century or less. This in turn radically transformed living standards. Each generation came to have a confident expectation that they would be substantially better off than their parents or grandparents.
A New look at the Industrial Revolution"
Harald Hau , 2 September 2011 The latest proposed solution to the Eurozone crisis is Eurobonds. This column argues that such a move would be politically poisonous and would shift the losses of the continent’s richest to the taxpayer. Instead, Europe’s policymakers should follow the strategy outlined by the new IMF chief Christine Lagarde.
Why Lagarde is right: Bank recapitalisation is the best strategy
Why Lagarde is right: Bank recapitalisation is the best strategy
The latest proposed solution to the Eurozone crisis is Eurobonds.
Before looking at some worrisome comparisons in the Economic Letter from Mark Wynne of the Dallas Fed indicating we are in for a protracted recovery, it's probably good to remember this from Charles Evans: It bears keeping in mind that ... predictions of a slow recovery are based on historical averages of macroeconomic performances across many different countries... They highlight a challenge we face today, but from the standpoint of the underlying economic analysis, there is nothing pre-ordained about these outcomes. They are not theoretical predictions—rather, they are reduced form correlations. The economy can perform better than it did in these past episodes if policy responds better than it did in those situations.
Why There Is No ‘V’ Rebound This Time
Before looking at some worrisome comparisons in the Economic Letter from Mark Wynne of the Dallas Fed indicating we are in for a protracted recovery, it's probably good to remember this from Charles Evans: It bears keeping in mind that ... predictions of a slow recovery are based on historical averages of macroeconomic performances across many different countries... They highlight a challenge we face today, but from the standpoint of the underlying economic analysis, there is nothing pre-ordained about these outcomes. They are not theoretical predictions—rather, they are reduced form correlations. The economy can perform better than it did in these past episodes if policy responds better than it did in those situations. Here's the Letter :
Why There Is No ‘V’ Rebound This Time
"A Genuine Revolution in Human Thinking"
Marshall and Keynes brought about "a genuine revolution in human thinking": ...Alfred Marshall, the man most responsible for Keynes’s career choice, was also the one most responsible for the new way of thinking. To paraphrase a great American economist, Paul Samuelson: before Marshall, economics was about what you couldn’t change. The new economics was about what you could. Consider the dismal science when Marshall took it up. There was no cheering up Karl Marx...FOR someone who’s been dead for 65 years, has amazing presence. Open a paper, click on a blog or TV, and, voilà, like Waldo, he’s everywhere. The British economic oracle — whose boyhood nickname Snout should tell you that a pretty face isn’t why he’s hot — gets more Google hits than Leonardo DiCaprio.
John Maynard Keynes - His sunny optimism shaped economists’ approach to depression.
Bundesverfassungsgericht hilft Bundesregierung bei der Griechenlandhilfe aus der Patsche und erhebt die Maastricht-Regeln auf Verfassungsrang
Durch eine eigenmächtige Umdeutung des Wortlauts des Euro-Stabilitätsgesetzes retten die Karlsruher Richter die Bundesregierung vor dem politischen Desaster, bei der Griechenlandhilfe gegenüber den europäischen Partnern einen Rückzieher machen zu müssen. Andererseits erhebt das höchste Gericht die dem Maastricht-Vertrag zugrundeliegende ökonomische Lehre des Monetarismus geradezu auf Verfassungsrang und verbaut damit einer makroökonomischen Zusammenarbeit auf dem Feld der Finanz- oder Wirtschaftspolitik in einer Währungsunion unter Berufung auf das Grundgesetz den Weg. Von Wolfgang Lieb Das Bundesverfassungsgericht hat die Verfassungsbeschwerden der fünf Euro-Gegner Wilhelm Hankel, Wilhelm Nölling, Karl Albrecht Schachtschneider, Dieter Spethmann und Joachim Starbatty und Peter Gauweiler zurückgewiesen .8. September 2011 um 10:51 Uhr Bundesverfassungsgericht hilft Bundesregierung bei der Griechenlandhilfe aus der Patsche und erhebt die Maastricht-Regeln auf Verfassungsrang Verantwortlich: Wolfgang Lieb
Bundesverfassungsgericht hilft Bundesregierung bei der Griechenlandhilfe aus der Patsche und erhebt die Maastricht-Regeln auf Verfassungsrang
Payback: Debt and the Shadow Side of Wealth by Margaret Atwood Toronto: House of Anansi, 230 pp., $15.95 (paper) A perturbation arising from the American market in subprime mortgages has spread through the banking system to disrupt economic activity throughout the world. The pattern of cause and effect will be debated for many years, with historians asking when and how the global economy was set on the path that led to its current condition.
The Way of All Debt by John Gray
Paul Krugman is upset about some pretty fanciful accounts of what supposedly happened during the Great Depression, and I don’t blame him. He also wonders whether economics is a progressive science (I am using the word ’science’ in its German sense). Well, one of the things that philosophers of science have argued about in the past is whether, when you have a paradigm shift, you end up losing knowledge, and it’s pretty clear what has happened in this instance . I recently came across this quotation from Mark Blaug’s 1980 book on the methodology of economics which seems worth quoting, given when it was written: