Title: RE: [PEN-L] New York Times on Scarcity
Do the increases in some price indexes in the last couple of months represent a trend change from a disinflationary to an inflationary period?
Michael was inclined to think so, asking us to contemplate the possibility of stagflation. Falling unit
Title: RE: [PEN-L] New York Times on Scarcity
Your speculation assumes the long-run price inelasticity of supply of nonrenewable resources (or of close substitutes). Thus far at least, history is against you. For example, what about the paradigmatic case you've cited in the past against your
-Original Message-
From: Devine, James
[mailto:[EMAIL PROTECTED]
Sent: Tuesday, April
20, 2004 7:21 PM
To: [EMAIL PROTECTED]
Subject: Re: [PEN-L]
If the Fed
doesn't see it that way, it seems unlikely that it will succeed (except by
accident). The Fed, of course, denies
that
Title: RE: [PEN-L] mixed economic signals
-Original Message-
From: Sabri Oncu [mailto:[EMAIL PROTECTED]]
Sent: Tuesday, April 20, 2004 8:26 PM
To: [EMAIL PROTECTED]
Subject: Re: [PEN-L] mixed economic signals
Sabri Oncu writes:
I read that noise traders paper by Summers et al.
it's unclear that the economy can sustain positive real short-term interest rates.
I was thinking of Jim's assertion that there are speculative bubbles in some real estate markets, and my suggestion that the same might be true in some commodity markets. A speculative bubble exists whenever
Title: RE: [PEN-L] mixed economic signals
On Saturday, April 17, 2004 2:11 PM, Michael Perelman wrote:
Will we have to take stagflation out of the closet again?
I think it's safe to keep our inflationary expectations in the closet. Even with skepticism about recent productivity gains
Title: [pen-l] mixed economic signals
Scrap metal and other raw material prices top my list of resource costs that may raise the spectre of inflation. But much the same argument used to argue for a real estate bubble can be used to argue for commodity price bubbles, no? If so, then the risk
One-Year Sabbatical Replacement Position in Economics
Drew University, Madison, NJ
The Department of Economics at Drew University is inviting applications
for a one-year sabbatical replacement position for the 1999-2000 academic
year. Our primary fields of interest are economic development
Duncan Foley has accepted an endowed chair in the
NS Economics Department. Will Milburg is the
new Department Chair.
Edwin Dickens
Picking up on Doug H.'s reference to Minsky, when Max S.
calls Tom W. to the right of Friedman, it raises an
important problem for radical political economists:
our relationship to Post Keynesianism. For Post
Keynesians, the principal function of central banks
is to prevent debt-deflations by
Michael Perelman wrote:
...wartime finance started to hurt the stock market.
When? For how long?
Edwin Dickens
Another possibility, Michael, is The Pathology Of The US
Economy, by Michael Perelman.
Edwin Dickens
Doug,
As a contretemps to the current concerns on Pen-l
with people reviewing materials they have highly
publicized biases against, can you explain why you
would rather read a PoMo icon like Foucault rather
than a book apparently grounded in Marx (e.g., Foucault
never quotes the Grundrisse).
Does anyone know how to contact David P. Ellerman?
Thanks in advance,
Edwin Dickens
Robert Naiman asks:
Does anyone have the quote and cite where Keynes talked about
the "euthanasia of the rentier?
"Now, though this state of affairs would be quite compatible
with some measure of individualism, yet it would mean the
euthanasia of the rentier, and, consequently, the euthanasia
Trevor Evans believes that Marx's theory of the interest rate is
more or less "complete." As an example of what this means, Trevor
points to Marx's rejection of a natural rate of interest. Trevor
then speculates that Marx might have a loanable funds type theory
of interest rate determination
Doug Henwood writes:
Well, Tom, what do you think Marx's theory of interest rate
determination was?
I think there is a good reason why Marx did not have a complete
theory of the interest rate--namely, Marx's initial results
prompted him to postpone further consideration of the issue
until he
Doug Henwood writes:
Well, Tom, what do you think Marx's theory of interest rate
determination was?
I think there is a good reason why Marx did not have a complete
theory of the interest rate--namely, Marx's initial results
prompted him to postpone further consideration of the issue
until he
We now know how to determine important fragments from
unimportant ones: Their length and the number of times
Marx broke off in mid-sentence because his train of thought
had shifted to some other topic. We are dealing, for
the most part, with stream of consciousness writing. Given
the number of
Trevor Evans now appears to hold the position that, for Marx, the
market interest rate fluctuates around an average level which
is determined by, "amongst other things, . the relative strength
of industrial capital and financial capital, institutional
factors and even convention." Can we thus
Eric,
Can you calculate the cost of job loss series on a quarterly
basis?
Edwin Dickens
Eric Nilsson writes:
I've wondered if Fed policy could be shown to respond to changes
in CJL. Is this what your're thinking about?
You've got it. (Sorry, Bill Mitchell, some of us do care about
Fed policy. When's the next non-US day?) I'm sure the "crude
estimates" you would make of the CJL
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