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6/18/2011

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Blonde

6/23/2011 10:30:08 pm

Who are some of the recent Nobel prize winning economists?

Clint

6/25/2011 06:54:02 am

Blonde, an important one to mention is Milton Friedman, former professor at the University of Chicago. Friedman advocated monetarist policy instead of the Keynesian fiscal policy. He said that government spending only happens in place of consumer or company spending and that increasing the money supply can increase aggregate demand.

Shetanya

6/25/2011 07:08:13 am

Another famous nobel laureate is Amartya Sen. "Sen, Lamont University Professor Emeritus and a current adjunct and visiting professor at Harvard, was awarded the 1998 Nobel Prize in Economics Wednesday "for his contributions to welfare economics."

He is Harvard's 37th Nobel laureate.

Sen, 64, has done extensive work on the economics of poverty. He has developed new ways to predict and fight famine as well as ways to measure poverty, so that more effective social programs can be designed" (Powell, 1998)

Powell, A. (1998). Amartya K. Sen Wins 1998 Nobel Prize in Economics. Harvard University Gazette. Retrieved from http://www.news.harvard.edu/specials/1998/sen/

Misaki link

7/12/2011 06:51:26 pm

just fyi... this site was mentioned at <a href="http://community.nytimes.com/comments/economix.blogs.nytimes.com/2011/07/12/are-we-about-to-repeat-the-mistakes-of-1937/?permid=25#comment25">Economix NYT blog</a> and so I will copy the comment I made there:

"Growth was also strong in 1935 and 1936, which brought the unemployment rate down more than half from its peak and relieved the devastating deflation that was at the root of the economy’s problems."

The real problem was that people who had money weren't spending it! Which is the same as current, even if the specifics of the overall situation are different. As linked on a different NYT blog recently, people need to look at what is <a href="http://orwell.ru/library/articles/nose/english/e_nose">in front of their nose</a>: why do people collect billions of USD, only to <a href="http://givingpledge.org/">give it all away</a>?

This tendency to collect money would not in itself be a problem if not for the implications of high productivity and the tendency of other people, who themselves are not particularly rich, to try to appear to be by buying status symbols like <a href="http://pastebin.com/QrmDEymL">iPods</a>. Combined with the tendency for rich people to collect money and not spend it, which is increased during economic depressions in fact making things even worse, this effectively causes any money spent by the gov't to try to stimulate growth and jobs to just be spent on more iPods and going to the wealthy. In this sense leaving a depression is exactly the kind of groupthink depending on confidence that drives price trends in financial markets, and for this reason it would benefit society to change its structure to not depend on the sentiments of the wealthy to escape a recession, including this one.

This can be done, without increasing taxes and without increased fiscal stimulus which only <a href="http://www.nytimes.com/interactive/2011/06/30/business/20110630poll-full-results.html">42% of the general public</a> approve of and 52% oppose (Q. 18), by encouraging people to change their spending patterns and avoid buying 'iPod'-like goods unless those companies reduce their prices and therefore profits.
http://pastebin.com/QrmDEymL
http://pastebin.com/Q86Zhgs9

My Blog link

7/4/2023 08:45:22 pm

Good reading this postt

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