Economic History Archives - Page 3 of 4

Institutions matter

21st August 2016

Definitions of Money, Economic History, Helicopter Money, Monetary Policy, Money in Europe, Theory & Other Problems

The monetary & fiscal distinction revisited Monetary policy involves changes in the supply of base money and is carried out by central banks. Fiscal policy involves taxation, spending and transfers carried o...

The Best of Brexit

Eric Lonergan

7th August 2016

Economic History, Sample Of One

5

The Best of Brexit Perhaps the best thing to have come out of Brexit has been the writing. So here is a collection of my personal favourites. There are serious omissions - so feel free to suggest additions i...

Old myths, new problems – interpreting a British referendum

Eric Lonergan

26th June 2016

Economic History, Money in Europe, Sample Of One

4

The myth of national identity One consequence of the end of the Cold War was the re-emergence of nationalism in European politics. It was not the “End of History”, but reversion to the mean. Nationalism is...

Buffett v the Landesbank – the US gets paid to have a trade deficit

Eric Lonergan

26th March 2016

Economic History, Finance & Asset Pricing, Theory & Other Problems

28

It remains conventional wisdom that the US current account deficit is the accumulation of a debt that will one day need to be repaid. There are very good reasons to believe this is false. The US in fact has ne...

The economics of language: David Hume & valuing Facebook

Eric Lonergan

19th February 2016

Definitions of Money, Economic History, Theory & Other Problems

14

David Hume is the first great thinker to identify language, law and money as 'spontaneous' institutions of social organisation. Hume was on to something quite profound, which remains under-appreciated. Langu...

Accounting as religion: Buffett, Derrida, and MMT

Eric Lonergan

17th January 2016

Definitions of Money, Economic History, Theory & Other Problems

89

A number of my recent posts seem to have wound up some of the more sensitive ‘mainstream’ economists, who don't like the suggestion that the likes of Minsky deserve their own 'school’. Some philosophers of sc...

More on eclecticism

Eric Lonergan

15th January 2016

Economic History, Theory & Other Problems

“Experience has shown that Mother Nature is eclectic” - Paul Samuelson This recent blog on the merits of eclecticism in macroeconomics seems to have resonated. It follows a theme Dani Rodrik has advocate...

Paul Krugman is right – our models may be better than Larry’s instincts

Eric Lonergan

12th January 2016

Economic History, Finance & Asset Pricing, Money in Europe, Uncategorised

The debate between Larry Summers, Brad DeLong and Paul Krugman over models and confidence is summarised excellently by Martin Sandbu. On one point, Krugman is absolutely right: there was never any reason to be ...

The case for eclecticism

Eric Lonergan

9th January 2016

Economic History, Theory & Other Problems

5

Most macroeconomists have a mental model of how the economy works. I think there are five relevant mental frameworks: Keynesian. This is the approach that most people are taught in high school and un...

Reply to Brad (Part II) – Pigou, Haberler, Friedman v Hicks, Hansen, Krugman

Eric Lonergan

12th June 2015

Economic History

3

I agree with Brad DeLong that Paul Krugman has correctly diagnosed most of the big global economic calls since the mid-1990s. My beef is with his policy prescription. The issue at stake is how to get out of a ...

Institutions matter

The Best of Brexit

Old myths, new problems – interpreting a British referendum

Buffett v the Landesbank – the US gets paid to have a trade deficit

The economics of language: David Hume & valuing Facebook

Accounting as religion: Buffett, Derrida, and MMT

More on eclecticism

Paul Krugman is right – our models may be better than Larry’s instincts

The case for eclecticism

Reply to Brad (Part II) – Pigou, Haberler, Friedman v Hicks, Hansen, Krugman

Reviews of Eric’s book

CNBC: market sell-off is ‘noise’

Monetary policy & babysitting: why rates are so low, and ‘what’s next?’