Attention Economy


Saturday, October 23, 2021

The States versus Markets (Keynes vs. Hayek) Debate Revisited


Price and Prejudice: Another Kind of Fundamentalism
https://www.milkenreview.org/articles/price-and-prejudice

DOCUMENTARY - Commanding Heights: The Battle of Ideas - Episode One
https://youtu.be/gfRTpoYpHfw

How austerity broke Britain – and how we can recover by ROBERT SKIDELSKY 
Prof. Skidelsky surveys the post-WW II evolution of macroeconomics and considers the rise and fall of Keynesian economics.
https://www.newstatesman.com/politics/uk/2018/10/how-austerity-broke-britain-and-how-we-can-recover

The Economist on John Maynard Keynes
https://www.economist.com/schools-brief/2018/08/18/was-john-maynard-keynes-a-liberal
Richard A. Posner’s 2009 piece on Keynes:
https://newrepublic.com/article/69601/how-i-became-keynesian

Hayek, Popper and Schumpeter formulated a response to tyranny
https://www.economist.com/schools-brief/2018/08/25/hayek-popper-and-schumpeter-formulated-a-response-to-tyranny

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US Fiscal Policy Debates
A new problem for Democrats: Americans suddenly want smaller government after all
https://www.washingtonpost.com/opinions/2021/10/14/new-problem-democrats-americans-suddenly-want-smaller-government-after-all/ 
As House and Senate leaders continue to negotiate over their signature legislation, they should focus on what the federal government does best.
https://www.bloomberg.com/opinion/articles/2021-10-23/biden-agenda-key-to-democrats-success-is-big-government

The Conservative Caricature of Keynesianism
https://www.washingtonpost.com/news/posteverything/wp/2018/07/11/we-are-all-illiterate-about-what-keynesianism-means/
Daniel W. Drezner notes:
“You can say a lot of things about the Trump administration’s domestic economic agenda, but you know what word best describes it? Keynesian. In the past 18 months, this administration has signed off on a massive tax cut and a massive increase in government expenditures. As Vox’s Tara Golshan summarized it, “The deal lifts funding for domestic programs by $128 billion and hikes defense budgets by $160 billion.”
That is a classic example of expansionary fiscal policy. Consistent with previous cases of Keynesian fiscal expansions, it leans heavily on tax cuts and boosts in military spending. This has happened so often, in fact (early 1960s, early 1980s, early 2000s), that Thomas Oatley labels it “military Keynesianism,” and he is right.”
Related:
https://www.aier.org/article/conservatives-and-laffer-curve-ugly-love-affair
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