The Burden Of Adjustment And Keynes’ Solution
Argentina had a balance-of-payments crisis recently and required help. The IMF has agreed for a stand-by arrangement of $50 billion on the condition in the IMF’s own words: “At the core of the...
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Michał Kalecki, 1933 – Stimulating The World Business Upswing
Michał Kalecki in “Stimulating the World Business Upswing,” in Collected Works of Michał Kalecki, vol. 1, Capitalism: Business Cycles and Full Employment, ed. Jerzy Osiatyński, trans. Chester Adam...
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Misinterpretation Of Joan Robinson’s Quote On Dropping Rocks
In her famous 1937 article, Beggar-My-Neighbour Remedies For Unemployment, Joan Robinson made this famous remark about dropping rocks into our harbours, i.e., imposing tariffs as retaliation: The...
View ArticleKeynes On The Guilefully Preserved Order
… In short, we repudiated all versions of the doctrine of original sin, of there being insane and irrational springs of wickedness in most men. We were not aware that civilisation was a thin and...
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Roy Harrod by Esteban Pérez Caldentey
If you’ve worked with Post-Keynesian models of the open economy, you’ll see the expression X/μ often. This, or the “foreign trade multiplier” was first discovered by Roy Harrod in the early ’30s....
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Joan Robinson On Michal Kalecki’s Claim To Priority
Keynesian policy is popular again. Many fiscal hawks are now arguing for stimulus, although they want to do it only temporarily. I came across this 1976 article Michal Kalecki: A Neglected Prophet by...
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The Cambridge Keynesians And The “Bastard Keynesians”
Since the publications of Keynes’ GT, economists have been trying to overthrow the true interpretation of Keynes. To complicate the matter, Keynes himself committed a lot of errors in the book despite...
View ArticleJoan Robinson On How Free Trade Is Destructive
Joan Robinson in her 1977 paper What Has Become Of Employment Policy on how free trade has been destructive and leads to divergence of fortunes of countries. Also in Collected Economic Papers, Vol V....
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Wynne Godley On Control Of International Trade
From Alan Shipman’s biography, Wynne Godley, A Biography, Chapter 9: Balance Of Payments, Deindustrialisation And Protection, page 151: Of all Godley’s policy prescriptions, direct import controls were...
View ArticleJohn Maynard Keynes On Import Controls
I was rereading the article Keynes And The Management Of Real National Income And Expenditure by Wynne Godley from 1983 (page 157 in that book, footnote 20) and he reminds us of this letter from JMK...
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