10th February 2012
Gavin Kennedy agrees with Arnold Kling's view that job creation is explained not by the theories of Keynes, but rather by the theories of Adam Smith and David Ricardo. "Expecting demand to recover for goods and services doing well before 2007 is at best heroic, and at worst, very wrong, and thereby hopelessly wasteful." Adam Smith's Lost Legacy
Economist Scott Sumner argues that the macroeconomic fight is a three way battle between Keynesians, neoclassicals, and monetarists rather than a struggle among two schools of thought. Furthermore, Scott thinks "market monetarists have been right about everything the Keynesians were right about." The Money Illusion
Last week's CBO report which said that bush tax cuts must end in order to reduce the deficit haven't gone down well with Republicans: "They literally passed a bill in the House of Representatives to change the way CBO scores deficits. What a sad day for government, objectivity and accuracy." The Economic Populist
An economics blogger highlights some of his favourite blog posts during the past 12 months which have influenced him and changed his thinking. Here's one "Dude! Where's My Recovery?" (Steve Keen). Unlearning economics
After today's news that Greece was rejected a second bail out deal, here is a look back at the nation's debt crisis since its first deal with the EU and IMF was agreed in 2010. Reuters
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