tnr.com - 9/23/2009
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Until last September, when the banking industry came crashing down and depression loomed for the first time in my lifetime, I had never thought to read The General Theory of Employment, Interest, and Money , despite my interest in economics. I knew that John Maynard Keynes was widely ...
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The Punchbags Of Notre Dame
Crooked Timber —
... But today? With the whole field blown wide open and all sorts of questions of the role of economic analysis wide open to debate again? With Richard Freaking Posner coming out as a post-Keynesian? I suppose that if you truly believe that it’s impossible to time the market, this is one way to prove it. ...
links for 2009-09-23
Economist's View —
... Does the EMH Deny the Existence of Idiots? - Modeled Behavior
How I Became A Keynesian - Richard Posner
Posner on Keynes
Greg Mankiw's Blog —
The great law-and-economics guru has become a Keynesian.
Keynesian economics
Cafe Hayek —
Richard Posner has read Keynes’s General Theory so you don’t have to. He does a superb job of summarizing (HT: Greg Mankiw) what Keynes actually said. Other than pointing out the opaqueness of the work, Posner says little against it. The title of the piece is “How I Became a Keynesian” so I guess he found the arguments compelling.
Part of Keynes is compelling, the part about animal spirits, the idea that people get worried about the future, that the riskiness of the future is hard to quantify, and that this leads to people reining ...
On Posner the Keynesian
Cafe Hayek —
Here’s a letter that I sent yesterday to the New Republic:
Richard Posner courageously opens up shop in the highly competitive seventy-three year-old industry of telling the world what John Maynard Keynes meant in his 1936 book The General Theory (”How I Became a Keynesian,” Sept. 23). That this industry still thrives and attracts new and prominent suppliers speaks volumes.
Judge Posner, alas, misses some vital points of economic history. For instance, it’s untrue that “a general fall in the price level – deflation – imperils economic ...
Mankiw, Posner, Krugman (and Leonard) on Skidelsky on Keynes
EconoSpeak —
... have written reviews of Robert Skidelsky's Keynes, The Return of the Master. Now Richard Posner in the New Republic gives the book prominent mention in his essay on "How I Became a Keynesian." That's pretty respectable buzz. ...
The recession is over but the depression has just begun
naked capitalism —
Submitted by Edward Harrison of Credit Writedowns
This is a post I wrote earlier to day at Credit Writedowns. I just noticed that Albert Edwards and David Rosenberg are saying similar things. See the FT Alphaville post on their comments here.
As for me, for the last few months, I have been casting around looking for bullish data points as counterfactuals to my more bearish long-term outlook. I have found some, but not enough. If you recall, early this year, I stated that we are in depression, making the case for the ongoing downturn as a depression with a small ‘d.’ Nevertheless, I was quite optimistic ...
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Harvard and hedge funds
abnormalreturns.com 7/23/2009 — Just to show how quickly things move in the blogosphere we already have some follow-up items to yesterday’s post: The curious case of hedge funds during the financial crisis . In that piece we cited an article, “Rich Harvard, Poor Harvard” by ...
That's the Keynesian Spirit!
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VA • NI • TAS
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The US Dollar: A Victim Of The Classical Keynesian Divide
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My point was that while ...
Alternative Investments, Illiquidity, and Endowment Management
alephblog.com 9/17/2009 — I am a risk manager first, and a profit maker second. I tend not to trust solutions that are “magic bullets” unless there is some barrier to entry — why can you do it, and few others can? Knowledge travels.
So, regarding the “endowment model” of investing, I ...
H is for Hedge Fund
epicureandealmaker.blogspot.com 7/23/2009 — “Were the judgments we made reasonable ones?” a former top Harvard administrator asked me, rhetorically, addressing the sharp increase in expenses and capital commitments of the last decade. “At the time, I think they were reasonable judgments. It ...
Does mercantilism work in a Keynesian world?
rodrik.typepad.com 12/6/2008 — Yes it does. And not just in theory, but also in practice. The evidence comes from the 1930s, and from the work of Ben Bernanke himself (along with other scholars like Barry Eichengreen). The important finding is that countries that devalued ...
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