Tag Archives: J M Keynes
March 18, 2017Posted by on
This week on Facebook: Were I a conspiracy theorist I could be drawn to the notion that Free Trade agreements are a means of ensuring hegemony over a democratic electorate and expanding the global authority of totalitarian regimes. Increasingly these agreements intend to penalise nation states where productivity, or lack of it, are not subsidised by the visible hand of a state’s public administration. Read more of this post
February 25, 2017Posted by on
This week on Facebook: I keep getting economic reports that any money I may hold is in danger and that those who want to take it from are my government. That my government should seek innovative means of creating inflation is hardly a surprise, the government’s (apparent) wish dispense with money altogether and make all fiat money digital is news. Although digital money is not new concept and in todays economy is synonymous with debt, the trail blazed by a digital money economy will be complex. Not in the least — I believe — because it will lead to greater debt having to be borne by the taxpayer. In a world scramble for economic growth any public administration where all money is digital in form will find it easier to devalue their currency in a sleight of hand inflation, especially when engaged in a currency war to promote economic growth. Read more of this post
September 17, 2016Posted by on
This week on Facebook: Sees me return to economics, yet more history and the despair of an old man who — like all old men before me — thinks that the world is going to hell in a handcart. My first instinct was to ignore articles on helicopter money as it being something that I was incapable of having an influence on (which is true) and finding myself totally confused by the rationales offered by economists and politicians. Nevertheless, the notion of helicopter money made me think of some historic precedents that I believe are valid allusions to its use. Read more of this post
November 20, 2013Posted by on
The role that economic theory plays in the ‘creation of money’ and the role played by all politicians in the manipulation of ‘economic theory’ for the purpose of a fiscal policy, bear little relationship to the social responsibility that Drucker applied to a private enterprise.
“The first responsibility of business is to make enough profit to cover the costs for the future. If this social responsibility is not met, no other social responsibility can be met.”
January 9, 2013Posted by on
A previous post Seeking Keynes – the cake introduced John Maynard Keynes and his book THE ECONOMIC CONSEQUENCES OF THE PEACE. Keynes wrote the book in 1919 following his resignation from the British delegation to the Paris Peace Conference, when it became evident that there was no hope of substantial modification in the draft Terms of Peace. The following is a condensed version of selected parts in which Keynes considered the nature of Europe and the Treaty of Versailles.
January 5, 2013Posted by on
The Cobden Centre aims to promote social progress through honest money, free trade and peace. Something very commendable, but obviously doesn’t preclude disingenuous commentary now that advocates of hard money would seem to be in the ascendancy over the advocates of soft money. At least that’s the view I took on reading the ‘Top ten reasons why fiat currency is superior to gold (pdf – full transcript)’. Read more of this post
January 4, 2013Posted by on
Mankiw’s Ten Principles of Economics, Translated
by Yoram Bauman 
University of Washington, Seattle, Washington
The cornerstone of Harvard professor N. Gregory Mankiw’s introductory economics textbook,Principles of Economics, is a synthesis of economic thought into Ten Principles of Economics (listed in the first table below). A quick perusal of these will likely affirm the reader’s suspicions that synthesizing economic thought into Ten Principles is no easy task, and may even lead the reader to suspect that the subtlety and concision required are not to be found in the pen of N. Gregory Mankiw. Read more of this post
January 2, 2013Posted by on
‘I shall never cease to admire her courage and determination. – But at the end of it, she was a great and noble failure, who forgot or ignored half of what she really needed to do, and so lived to see almost all her successes negated. And until conservatives in Britain and America are ready to recognize that, they too will fail, over and over again’.
Abridged here from a commentary with the title Anatomy of Thatcherism that first appeared in 2009 at the Project Syndicate and written by Robert Skidelsky, he would seem to support Hitchens’ view of Margaret Thatcher. Clearly a Keynesian, Skidelsky sees Thatcherism as the outcome of Thatcher/Reagan economics.
‘The Thatcher revolution inspired policies to free markets from government interference. Many people attribute the global crisis to these very ideas, the Anglo-American model of capitalism is deemed to have failed. The following hindsights are judgement on which elements of the Thatcher revolution should be preserved, and which should be amended as a result of global economic downturn’. Read more of this post
July 7, 2012Posted by on
I would hesitate to describe myself as pragmatic during my time spent in the Civil Service. In its archaic use (pragmatic – active in an officious or meddlesome way) it fits too well with my perception of the Civil Service. I would often describe myself to my colleagues as a ‘Socialist Thatcherite’. My early childhood during WWII made me ‘a socialist sympathiser’ and in this I would admit to a philosophy of pragmatism. While ‘Socialist Thatcherite’ fits well into the category of an oxymoron, my colleagues, who for the most part were Tory supporters (in varying degrees) could well be described as ‘Thatcherite Socialists’. They were quite happy for the reforms advocated by Thatcher to be implemented elsewhere, but not in the Civil Service sector served by them. Public money was perceived as being a horn of plenty but they soon found out that Thatcher was no Abundantia. She in turn was to find out that the Civil Service was conservative only with a small ‘c’. Read more of this post