Latest Tweets:
This is a tumbling log of things and thoughts that pass my way.
If you got here by accident, you may want to visit my website instead.
"
The greatness of Keynes is illustrated by the trouble people who consider themselves well informed have, to this day, in understanding the basic principles of how a depressed economy works.
The key to Keynes’s contribution was his realization that liquidity preference — the desire of individuals to hold liquid monetary assets — can lead to situations in which effective demand isn’t enough to employ all the economy’s resources. When you don’t understand that principle, you end up writing stuff like this: […]
"The greatness of Keynes … - Paul Krugman Blog. Yay, New York Times vs Washington Post!
