budget surplus & private saving

Charles puts the finger on the critical issue of wealth distribution amongst private agents / factors of production. So far the dialogue was about the private sector as a whole vis-à-vis the public sector. In this case, profits, rents and wages are both but one single aggregate. Further disagreg

budget surplus & private saving

Charles Brown said: Would it be possible to give bit more of the logic of why a budget surplus saps savings from the private sector ? Alex' comment: In a broadly aggregated economy (say, public vs private sector, omitting, for simplicity the external sector), one institution running a surplus r

Monetary Policy

Jim wrote: is the G-S article on-line? where is your web-site? === Alex reaction: The "Un-Godley private Sector Deficit" was the central article of the "US Economics Analyst" , 27 July, which is produced by the 'GS Financial Workbench' and is distributed to *subscribers*. I guess that on

Monetary Policy

us debate about policies to prevent it. BTW, I do not think the above is contradiction with what I said at URPE or what is written in the paper. Alex Original Message- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]]On Behalf Of Doug Henwood Sent: Wednesday, August 22, 2001 2:41 PM To:

Monetary Policy

Quoting from Michael: I am seeing more and more stories doubting that a recovery is on the near horizon. Notice the quote below "We think the economy has got real problems that won't be rectified quickly," said William Dudley, an economist with Goldman Sachs & Co. in New York. "We think monetar

crisis watch and labor

Michael wrote: Wouldn't it be fair to say that the United States is on relatively thin ice with respect to maintaining both financial stability and aggregate demand. Alex comment: Another way of looking at it is to think that financial systems are inherently unstable (Minsky). And that (perhaps)

Crisis watch

As to the slowing down of the US economy it is clear to me that a period of *negative growth* is forthcoming, unless drastic policy changes are implemented. In this respect, I am on Doug's side: a fiscal and monetary relaxation would help to revert the implosion. How effective? It would greatly

saving (was: tax-cut expansion & wealth effect)

Christian said, in reaction to a paragraph of mine (also quoted): >> Our point, in the "Implosion..." paper was not that debt/ income ratio is >> guiding consumers, but that such indicator ought to inform economists and >> policy-makers of the risk of letting things going this pace. > >So, in yo

tax-cut expansion & wealth effect

Hello, I am trying to contribute to two separate issues in one email; forgive me if this is not allowed. TAX CUTS and expansion / recession Thanks to Tom Walker remarks (and epilogue below). I broadly agree. We know one thing: business as usual ain't going to cut it. The probable is no longer p

Jamie Galbraith

G'day also, Thanks to Rob for the summary of J. Galbraith' propositions. There are some parts that I sincerely do not understand very well (e.g. what Rob or James mean with "Keynesian managed globalization" -did such a thing ever existed?). Anyway, I do not feel obliged to 'interpret' or 'expl

Godley and Savings

Hello, I am sorry to insist, but I think this is a very important issue. Jim wrote (after a paragraph of mine): >3) The limit to borrow, in our opinion the binding constraint in the last >resort, is set by the ratio of debts to *income*, because debts must be >serviced by cash. The household se

protectionism

It seems very interesting what is going on in this discussion, and I am afraid that I can hardly follow. Anyway, let me clarifiy small points. A colleague wrote: > >Except the paper says "_In the very last resort_, the United States should >not forget that nondiscriminatory measures to control imp

Godley and Savings (was "current events")

Hello, there is one thing that I think is important enough to emphasise, in relation with our analysis and what is believed elsewhere. It is about the saving rate, and whether the private sector balance is sustainable or not. Quoting Jim Devine: "It's not US _savings_ (i.e., assets) that are "non

godley and implosion in the US

Yes, I agree with Rob Schaap's illustrative description of the tragedy of our non-competitive free market at both international and domestic levels. I would not be able to express it better. And I find it very appropriate to look at the IT sector, because it is usually shown as a factor of equaliz

godley

As far as the ideas we put forward in the paper, the critical issue is that the current account deficit, as it stands, cannot be sustained. We mentioned that a sort of coordinated reflation would be a possible solution, at a global scale. A devaluation (if it was a policy instrument) may serve, t

godley and implosion in the US

folks, be polite! Thanks Jim (or was that meant for Wynne only?) It is nice to be back. As Michael said, I am working in association with Wynne since January. That means that I would not possibly have more answers at hand than many of you who know the work of Wynne from an earlier stage. AS TO P

trivia quiz - 2 (a bit harder!)

chment with the data and results to "reproduce" the experiment in a classroom (such things should be public property, I guess...) Alex Izurieta Institute of Social Studies The Hague - The Netherlands Email: [EMAIL PROTECTED] Tel.31-70-4260480 Fax.31-70-4260799

[PEN-L:9638] Peru

Just received this through the A-infos list. I extracted the piece that touches upon the issues raised by Jim and myself. Alex ** Interview With Norma Velazco, European Spokeswoman For The Tupac Amaru Revolutionary Movement (MRTA) Q: How do you explain the fact that during

[PEN-L:9636] Peru

[EMAIL PROTECTED] > Econ. Dept., Loyola Marymount Univ. > 7900 Loyola Blvd., Los Angeles, CA 90045-8410 USA > 310/338-2948 (daytime, during workweek); FAX: 310/338-1950 > "It takes a busload of faith to get by." -- Lou Reed. > > Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260.755 4260.799

[PEN-L:9588] LatAm Marxism

ive a look to Sandino, Farabundo Marti, Jose Marti (Cuba), Ernesto (che) Guevara, and... Fidel. Pls. tell me if you find something in English over there. I am curious. Salud, Alex > Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260.755 4260.799

[PEN-L:7059] anti-intellectualism against and ...

As far as myself is concerned, I am going to hang his piece on my door at the ISS; just to 'provocate' those newly appering 'fast track pomos' around. From your reaction, it seems it works well. Salud, Alex .. Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260.755 4260.799

[PEN-L:6988] Exploitation in progressive organisations

oming more and more scarse... One more thing that adds to the challenge we have ahead. Salud, Alex. > Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260.755 4260.799

[PEN-L:6954] Redistributing jobs

ta solidario. Interlink Headline News TORRES Consulting ([EMAIL PROTECTED]) Home Page: http://www.torres-c.com/ Public FTP: ftp://ftp.torres-c.com/ ITALY Alex Izurieta E-m

[PEN-L:6911] the IFIs and the like

... You can check this out in "Nexus Magazine", Vol.3, #1, Dec.95-Jan.96 (which is reproduced in a subdirectory of http://www.peg.apc.org ). I wonder why Australia does not have any 'representative' in the board... Now, have a nice evening, and a nice weekend. We will have to 'resi

[PEN-L:6908] Off Limits: USA

all over the world (at the level of politics, but also research and teaching). And this worries me, be it for its present *and also* its long term impact... Now, looking forward for the rest of the day (including the 'rest overs' from those folks who went picnic!) Salud, Alex

[PEN-L:6886] WB at the ISS: a non-objective report

we are not a right wing institution trying to rule the world'. * Summarizing, it was a master's lecture, `sincere and humble', in which the WB was shown to be deeply concerned with poverty, wanting to achieve results and inviting the agreement of civil society (NGOs)

[PEN-L:6875] reform or revolution? revisited

efficiency, market 'rules', budget discipline, rational expectations, certainty (or probability), sustitutability, rent maximizing, pareto optimum, etc... For the rest, I would 'wish' to teach such a course... : ) Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260.755 4260.799

[PEN-L:6822] HELP! The WB is attacking us!!!

rs... **QUERY: Does any body in the list has *recent* info on visits or declarations of WB and IMF authorities, especially on/in developing countries, that we can add to our 'panflet'? (Hey, Shawgi, is there something over there?, I am serious.) Other suggestions are also we

[PEN-L:6613] Competitiveness

xity of financial interrelations in the world of today, any *proof*of one point or the other should be taken with care... Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6603] World Bank: I had it wrong

> From: [EMAIL PROTECTED] > Subject: [PEN-L:6577] World Bank again > Ecumenical News International > > World Bank to invite religious leaders to values summit > .. Aha! , that was it: 'corruption' *AND* 'lack of hope'...!!

[PEN-L:6602] Competitiveness

gh a still sharper concentration*. I would rahter prefer to find some hole in my argument above, than to give up to the idea of a 'revolution'. Could you give us a 'hint', Michael, at least until we get hold of your books?? Thanks, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6563] Why raise the minimum wage

:-) ). IMHO, all depends what the capitalists look at: if they perceive that the US economy (and their plants) are near full capacity, and that (maybe) other costs than labour are getting out of hands, they may make a net profit by moving abroad. Other assumption is that they start considering buyi

[PEN-L:6531] Confusion at the IMF

re and there are just imbued with this new 'magic word' which allows for putting the orthodoxy in a safe place... There is no any contradiction, in my view, or at least, not any different than the contradiction of always between the capital and labour, at an international scale... Sorry, it was longer than expected. Salud, Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6513] A new WB line re poverty?

He added that he is "looking forward to this direct assessment made in collaboration with NGOs, in order to know whether what we are doing is good or bad" Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6467] World Bank repudiates its history?

ly, they inherit their tools from technocrats (after these have, in turn, been 'indoctrinated' in their classrooms). That means, in practice, apart from another 'delay' (of say another decade) in absorbing the 'new ideas', that the 'new ideas' will p

[PEN-L:6386] Giffin

ll follow the same 'unpredictable' pattern. Nobody (yet, if I remember) has mentioned the quite recurrent examples of people in third world countries buying more of the basic stuff which prices suddenly begin to raise... En fin, good to think about. Salud Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6326] Giffen

e here is 'until where' we push the 'ceteris paribus' condition in a de facto continuosly moving market environment... Salud, Alex > Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6295] Giffin, stocks and FEX: corrigendum

>In general, all markets in which >expectations of future prices play a more determinant role than >actual prices, may act as "Giffen markets" if actual and expected >price changes follow different directions... Sorry, both should have the same sign. Alex Alex I

[PEN-L:6294] Giffin, stocks and FEX

room to explain market behaviour..., unless that it is admitted that the exception becomes the rule and viceversa. Salud Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:6142] What determines investment

ot know (and would like to know) whether there are more recent important ('non-objective', if I may use Maggie's wording) contributions to the theory of investment. Maybe a chapter in forthcoming Doug's book??? Salud Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of

[PEN-L:5748] The New York Times and Northen governments

verall feeling is that the NYT just reflects a pattern of Northen policy, *to a very large degree*. Salud, Alex > Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:5713] 358 Billionaires = 2.7 Billion People

Shawgi, Impressive picture of 'freedom' brought about by capitalism!!! Freedom to climb up, freedom to ...slide down, ehh??? But, could you give us precise references? >A United Nations report says that ... It might be useful to get hold of the report. Thanks, Alex

[PEN-L:4167] "Cuba libre"

eal 'truth', but I must say that I felt it was a sympathetic story. Of course, Ron or not Ron, for me the most important thing is that Cuba is still free ("libre") of many -if not most of- capitalist disgraces which increasingly generate misery in the rest of Latin Americ

[PEN-L:3855] Re: stock market & investment

not for me...). > > Thanks all. Thank you also; your remarks took me away for a moment of my daily affairs, and invited me to reflect. > > Blair Sandler > [EMAIL PROTECTED] > Alex Alex Izurieta E-mail: [EMAIL PROTECTED] Institute of Social Studies P.O. Box 29776 2502 LT The Hague Tel. 31-70-4260480 Fax. 31-70-4260755

[PEN-L:3829] Re: stock market & investment

> From: "Hugo Radice" <[EMAIL PROTECTED]> > Subject: [PEN-L:3828] Re: stock market & investment > Peter Dorman: > Could you give us a full citation for the book by Margaret Blair? Margaret Blair (1995) 'Ownership and Control", Brookings Institution, Washington. Greetings, Alex

[PEN-L:3427] Re: Protest Anti-Labor Purge at UC Berkeley

I must said that I fall quite far from your geographical settlement. That does not mean that your approach as a whole does not appeal to me. From the moment I subscribed to the list I only benefited from your insights and information. Keep up! With warm support, Alex > Date: Th