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Category Archives: Financial Crisis
Where will the new capital come from?
Writing in Thursday’s Financial Times, Pimco chief executive and chief investment officer Mohamed El-Erian argues that Europe’s first order of business should be to recapitalize its banks. It is hard to argue with this prescription. With the finances of Greece, … Continue reading
Send in the technocrats!
Winston Churchill said that democracy is the worst form of government except all those other forms that have been tried. The financial crisis has tested Churchill’s assertion. In Greece, the austerity measures imposed on the country by the EU and … Continue reading
Alan Meltzer’s straw “Keynesian”
Remember when “liberal” became the insult of choice among Republicans? Apparently, “Keynesian” has now taken on that status for Republican economists. Never mind that Keynesian is ill-defined (old Keynesian? new Keynesian? the Keynesian part of the neoclassical synthesis?)–making Keynesian a … Continue reading
Prize (for a) failure
British clothing retailer Simon Wolfson (known to his friends in the House of Lords as Baron Wolfson of Aspley Guise) announced several days ago the establishment of the Wolfson Economics Prize (read the press release here). The prize, worth … Continue reading
Posted in Financial Crisis, monetary policy
Tagged Angela Merkel, default, euro, Germany, Greece, Ian Bremmer, Simon Wolfson
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The long run and short run of it
When you teach economics, you spend a fair amount of time dwelling on the distinctions between the short run and the long run. If a firm is not making a profit but is meeting its short-run costs (e.g., wages, utilities), … Continue reading
Gary Becker and the law of the jungle
The sub-prime crisis and the ensuing economic slowdown have led many to question some widely held economic tenets, particularly the belief that unfettered markets inevitably lead to the best of all possible outcomes. Writing in yesterday’s Wall Street Journal, University … Continue reading
How bad does Edward Lazear need it to be?
Writing in Friday’s Wall Street Journal, Stanford professor Edward Lazear argues that the real danger to the American worker is too much government–in other words: too many taxes and too much spending. Prof. Lazear writes: During the debt-ceiling debate, President … Continue reading
Posted in Financial Crisis, government budget, subprime crisis
Tagged Alan Greenspan, Bill Clinton, Ed Lazear, George W. Bush
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