tag:blogger.com,1999:blog-6245381193993153721.post337907503503829520..comments2024-03-28T17:08:15.784-07:00Comments on Social Democracy for the 21st Century: A Realist Alternative to the Modern Left: US Federal Government Spending as a Percentage of GDPLord Keyneshttp://www.blogger.com/profile/06556863604205200159noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-6245381193993153721.post-72417390106519681602016-12-07T16:48:34.890-08:002016-12-07T16:48:34.890-08:00"These were all contractionary fiscal policie..."These were all contractionary fiscal policies, and the rise in government spending as covered by tax increases was not stimulative."<br /><br />Really? Why would you say that? Ronald Reagan taught us that taxing the rich less *while continuing to spend the same percent of GDP* actually slows the economy even though you should have more physical dollars in it.sf_jeffhttps://www.blogger.com/profile/04072565215769464363noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-61898823525988063992014-01-05T20:04:22.349-08:002014-01-05T20:04:22.349-08:00From the Post Keynesian perspective, such forecast...From the Post Keynesian perspective, such forecasts that were made cannot predict future specific GDP quantities with objective probability, and we face degrees of uncertainty about the future.<br /><br />So some Keynesian forecasts were wrong and the economy did better than some thought.<br /><br />But this is hardly the big deal the monetarists make it out to be: Keynesians accept that the private sector can provide unexpected growth.<br /><br />However, there are mountains of evidence that in 2008-2009, many nations, the US included, engaged in stimulus packages that ended their recessions and averted actual depressions.<br /><br />Those nations that did not provide stimulus — such as Ireland, the Baltic states, and Greece — suffered severe depressions comparable to those of the 1930s.Lord Keyneshttps://www.blogger.com/profile/06556863604205200159noreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-47684503073218681802014-01-05T17:00:52.830-08:002014-01-05T17:00:52.830-08:00Happy New Year. Slightly off-topic (but aren't...Happy New Year. Slightly off-topic (but aren't current events the main topic, always?)--any commentary on this post? [This isn't a victory dance, by any means. I try to keep on open mind on all points of view.]<br /><br />Beckworth: "This figure is striking. It shows that in 2013 the sharpest change in fiscal austerity was in the United States.<br /><br />Now let us put this all together. The Fed QE3 program was pitted against the sharpest change in fiscal austerity across the largest advanced economies. Many observers predicted this fiscal austerity would lead to a recession. Other predicted it might costs as many as 700,000 jobs. Market monetarists like Scott Sumner and myself were more optimistic. <br /><br />So how did this natural experiment turn out in 2013? Not all the number are in, but what we do know is that economy did better than expected and outpaced 2012."<br /><br />http://macromarketmusings.blogspot.kr/2014/01/paul-krugman-plugs-market-monetarism.htmlJohn Snoreply@blogger.comtag:blogger.com,1999:blog-6245381193993153721.post-4451482015408806052014-01-04T14:50:09.013-08:002014-01-04T14:50:09.013-08:00Great analysis as usual LK.
Great analysis as usual LK. <br />Anonymoushttps://www.blogger.com/profile/05166618601866526009noreply@blogger.com