Sunday, January 29, 2017

On the blogs

The Macroeconomics of Reality-TV Populism -- Krugman mildly critical of Dornbusch's idea of macroeconomic populism, which is good. The problem with redistribution and high wages is not that it produces a crash, at least not because of unsustainable public debt. In the case of Latin America it was always the external accounts. And he is right, it is far from clear that Trump will be a populist in that sense

Keynesian Economics without the Consumption Function -- Roger Farmer wants to get rid of the multiplier, that is, of effective demand. He says that wealth effects matter, not income effects. Beyond the question of whether it's empirically correct, I would say that Keynesian economics without effective demand (the multiplier) is not Keynesian

Festschrifts for Sraffians -- Robert Vienneau lists several books in honor of Sraffian scholars (not sure all in the list are Sraffians though; list is worth looking anyway). He suggests we are in the third generation of Sraffa scholars. Not sure how you count the descent. Mine would be via John Eatwell at the New School, I guess, and he was a student of Joan Robinson, who was a student of Sraffa

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Summers on secular stagnation, the ISLM, and the liquidity trap

Two short clips from Lawrence Summers talk at the ASSA meeting in San Diego. So he first says that secular stagnation is more plausible now...