straitstimes.com - 2/2/2009
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WHEN an economy falls into a depression, governments can try four things to return employment to its normal level and production to its 'potential' level. Call them fiscal policy, credit policy, monetary policy and inflation. Inflation is the most straightforward to explain: The government ...
online.wsj.com - 2/2/2009
nakedcapitalism.com - 2/2/2009
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nakedcapitalism.com —
A reader chided me for not making note
of the truly dreadful factory output figures released last...
Thursday, which showed a fall of 9.6%. I have to confess that I have fallen into "Japan bad news" syndrome, in that I expect bad news out of Japan ...
(more)
Japan on the Edge of the Abyss?
american.com - 1/29/2009
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american.com —
The history of socialism is the history of
failure and so is the history of capitalism, but...
in a different sense. For the history of socialism is one of fundamental failure, a failure to provide incentives and an inability to coordinate information ...
(more)
Our Epistemological Depression
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The Options for Avoiding Depressions
Economist's View —
What can governments do to try to keep the economy out of a depression?:
Depression economics: Four options, by J. Bradford DeLong, Commentary, Project
Syndicate: When an economy falls into a depression, governments can try four
things... Call them fiscal policy, credit policy, monetary policy, and
inflation.
Inflation is the most straightforward to explain: The government prints lots
of banknotes and spends them. The extra cash in the economy raises prices. As
prices rise, people don't want to hold cash... - its value is melting away every
day - so they step up the pace at which they spend... This spending pulls people
out of unemployment..., and pushes ... production up to 'potential' levels.
But ...
Links Groundhog Day
naked capitalism —
Malaysian scientists find stone tools 'oldest in Southeast Asia' AFP Biologists Find Stem Cell-Like Functions in Other Types of Plant Cells NYU China birth defects 'up sharply' BBC Iran's nuclear terrorism fears Asia Times Violent clashes in Russia as angry protesters call for Putin to resign over economy Daily Mail. The article hyperventilates, but has photos from protests in two cities. Depression economics: Four options Brad DeLong, Project Syndicate (hat tip Mark Thoma) ...
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It's widely thought that another Great Depression is impossible these days because monetary-policy makers and other policymakers simply know more, and have better tools, than their predecessors did 80 years ago. But is that wishful thinking? What, ...
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