The World Paul Volcker Made

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    • #5118
      N2Doc
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      • Total Posts: 8,311

       

      (For whatever reason the hamsters don’t like the text of this article. But it is worth reading)

      https://www.jacobinmag.com/2018/12/paul-volcker-federal-reserve-central-bank

    • #5144
      retired liberal
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      • Total Posts: 3,119

      It did not work for me either. Running it through Notepad, did not fix it. Neither did pasting as text. And Clear Formatting didn’t do anything.

      I didn’t see any naughty words there either. The only thing I can think of it just plain too many words.

      That wasn’t it either. The first two paragraphs only still wouldn’t post.
      It sure would be nice if it would clue the poster in, as to what the problem is. If a word(s), list them.

      We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.
      If you are wrong, it will be because you are not cynical enough.
      Both major political parties are special interest groups enabling each other for power and money, at the expense of the people they no longer properly serve…
      Always wear a proper mask when out and about. The life you save could be both yours and mine.

      • #7870
        mrdmk
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        • Total Posts: 2,256

        If you cannot dazzle them with brilliance, baffle them with bullshit WC Fields

    • #7871
      mrdmk
      Participant
      • Total Posts: 2,256

      If you cannot dazzle them with brilliance, baffle them with bullshit WC Fields

    • #7876
      mrdmk
      Participant
      • Total Posts: 2,256

      The Chicago School’s long descent

      by Michael Hudson

      As a graduate of the University of Chicago (1959) and also of its Laboratory School (1955-56), I think my experience there confirms the picture portrayed by Henry Liu in his wonderful essay last week on Milton Friedman and the “Money Matters Controversy”. (See Friedman’s misplaced monument, Sep 5.)

      My introduction to the University of Chicago (UC) was via the Manhattan Project around 1948. I lived in Chicago neighborhood of Kenwood, just north of Hyde Park. We rented the top floor of our house to a physicist, Shuki Hayashi, who worked on the project at Stagg Field, under whose bleachers the project’s atomic pile still continued. To bring me to the Lab School, he would put me on his bike (a Raleigh DL-1 28-incher) and drive me up to the field. Only much later in my life was I left to wonder what has been more dangerous to humanity: the A-bomb or Chicago School monetarism?

      Link to The Chicago School’s long descent

      The home page for Micheal Hudson’s Website:  https://michael-hudson.com/

      If you cannot dazzle them with brilliance, baffle them with bullshit WC Fields

    • #7879
      mrdmk
      Participant
      • Total Posts: 2,256

      Friedman’s Misplaced Monument

      By Henry C K Liu

      The University of Chicago’s plans, announced in June, to establish an economics research institute to be named after Nobel Prize-winner Milton Friedman, a free-market monetarist professor at the university from 1946 to 1976, faces strong vocal opposition from none other than Friedman’s own colleagues in the university.

      Friedman was widely regarded as the intellectual leader of the Chicago School of monetary economics, which stresses the overwhelming importance of the quantity of money as an instrument of government economic policy and as a determinant of business cycles and inflation. He was also an outspoken public defender of free markets, which he inevitably linked with political freedom.

      Friedman was the 1976 recipient of the Nobel/Sveriges Riksbank Prize in economics. The press release of the award cited Friedman’s coining of the term “money matters” or even “only money matters” as an arresting slogan for monetarism. On November 17, 2006, one day after his death at age 94, the Wall Street Journal printed an opinion piece by Friedman entitled: Why Money Matters.

      The official press release on the award explained the choice of Friedman as follows:

      This strong emphasis on the role of money should be seen in the light of how economists – usually advocates of a narrow interpretation of Keynesian theory – have, for a long time, almost entirely ignored the significance of money and monetary policy when analyzing business cycles and inflation. As far back as the beginning of the fifties, Friedman was a pioneer in the well-founded reaction to the earlier post-Keynesian one-sidedness. And he succeeded – mainly thanks to his independence and brilliance – in initiating a very lively and fruitful scientific debate which has been going on for more than a decade. In fact, the macro-econometric models of today differ greatly from those of a couple of decades ago as far as the monetary factors go – and this is very much thanks to Friedman. The widespread debate on Friedman’s theories also led to a review of monetary policies pursued by central banks – in the first place, in the United States. It is very rare for an economist to wield such influence, directly and indirectly, not only on the direction of scientific research but also on actual policies.

      Link to Friedman’s Misplaced Monument

      If you cannot dazzle them with brilliance, baffle them with bullshit WC Fields

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