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tsuomela : fiscal-policy   26
"In one of the true classics of twentieth-century political economy, R. H. Tawney investigates the way religion has moulded social and economic practice. He tracks the influence of religious thought on capitalist economy and ideology since the Middle Ages, shedding light on the question of why Christianity continues to exert a unique role in the marketplace. The book offers an incisive analysis of the morals and mores of contemporary Western culture. In tough, muscular, richly varied prose, Tawney tells an absorbing and meaningful story. Today, the dividing line between the spheres of religion and the secular is shifting, and Religion and the Rise of Capitalism is more pertinent than ever."
book  publisher  capitalism  religion  economics  fiscal-policy  finance 
february 2017 by tsuomela
"In the ruins of the 2007–2008 financial crisis, self-proclaimed progressives the world over clamoured to resurrect the economic theory of John Maynard Keynes. The crisis seemed to expose the disaster of small-state, free-market liberalization and deregulation. Keynesian political economy, in contrast, could put the state back at the heart of the economy and arm it with the knowledge needed to rescue us. But what it was supposed to rescue us from was not so clear. Was it the end of capitalism or the end of the world? For Keynesianism, the answer is both. Keynesians are not and never have been out to save capitalism, but rather to save civilization from itself. It is political economy, they promise, for the world in which we actually live: a world in which prices are “sticky,” information is “asymmetrical,” and uncertainty inescapable. In this world, things will definitely not take care of themselves in the long run. Poverty is ineradicable, markets fail, and revolutions lead to tyranny. Keynesianism is thus modern liberalism’s most persuasive internal critique, meeting two centuries of crisis with a proposal for capital without capitalism and revolution without revolutionaries. If our current crises have renewed Keynesianism for so many, it is less because the present is worth saving, than because the future seems out of control. In that situation, Keynesianism is a perfect fit: a faith for the faithless."
book  publisher  finance  financial-engineering  financial-services  economics  fiscal-policy 
february 2017 by tsuomela
Yglesias » Households and States
"The United States of America also uses dollars as a unit of account for tallying up assets and liabilities, but the wealth of the United States is properly measured not by how many dollars there are but by what real production we’re engaged in and what real stock of assets we possess. "
economics  metaphor  budget  spending  deficit  money  fiscal-policy  family 
march 2011 by tsuomela Reasons, Rule and Riots: Our Societal Panic
"Our societal panic is about what we as a nation fear almost as much as death itself -- the end of American abundance, the death of the idea that each generation would do better than the last, the end of the notion that everyone who works hard and plays by the rules will at least prosper in the sense of having a roof over their heads and enough to eat. Our societal panic is about a new world of mind-numbing complexity where speculation with algorithms and borrowed money pays more in a day than thoughtful investment may return in a lifetime, where jobs pay less tomorrow than yesterday, and where loyalty is something we associate with frequent flier programs rather than careers. "
america  future  policy  taxes  fiscal-policy  government  panic 
december 2010 by tsuomela
The Instability of Moderation -
by Paul Krugman.
"But watching the failure of policy over the past three years, I find myself believing, more and more, that this failure has deep roots – that we were in some sense doomed to go through this. Specifically, I now suspect that the kind of moderate economic policy regime Brad and I both support – a regime that by and large lets markets work, but in which the government is ready both to rein in excesses and fight slumps – is inherently unstable. It’s something that can last for a generation or so, but not much longer."
crisis  recession  fiscal-policy  policy  economics  instability  stability  moderation  model 
november 2010 by tsuomela
F*ck the Laffer Curve – Individual Vs. Social Consumption « The Realignment Project
In other words, the Laffer Curve doesn’t necessarily bend at all. Instead, as we move from left to right on the X axis, tax revenue might increase or hold steady, and the only thing that shifts is the distribution of income between the individual consumption of consumer goods from wage income (i.e, the “market wage”) to the social consumption of collective goods ( i.e, the “social wage”).
economics  government  spending  fiscal-policy  jobs  employment  consumption  taxes  laffer-curve  work 
october 2010 by tsuomela
Sorry People, the Government Can Run Out of Money, In Fact, It Already Has. | Corrente
What is money? Ask a dozen economists and you will get many shrugs and many more theories. The answer however is precise: money is the total amount of exchangeable goods and services in an economy. Governments don't print "money" for the most part, they print currency. Currency is the facilitator to exchanges, so people are able to exchange whatever they have, with someone, who thinks that they can use it, or find someone else who can. Money works the way mailing a letter does, or the TCP/IP protocol does, or networking in general does: each node sends a good on its way to someone who thinks they are closer to the final destination.
economics  money  recession  fiscal-policy 
july 2010 by tsuomela
interfluidity » Austerity is stupid, stimulus is dangerous, lying is optimal, economic choices are not scalar
As the Modern Monetary Theorists remind us, the analogy between a fiat-currency-issuing government and a budget-constrained household is poor. It is, nevertheless, the framework under which most citizens and savers understand government accounts, and forms the basis of conventional discourse. Irrespective of what is a better or worse description of reality, it is safer for policymakers to frame their communication in terms of conventional theory than to promote a profoundly destabilizing paradigm shift. Expect President Obama to keep talking about how we are “out of money” even though he knows better.
money  economics  rhetoric  austerity  stimulus  debt  government  fiscal-policy 
june 2010 by tsuomela
Matt Miller - It's not our debt that's unsustainable, it's our politics -
As a debt worrywart who devoured one of Pete Peterson's doomsday books on my (first) honeymoon, and who came to Washington to help balance the budget in the 1990s, I take a back seat to no one when it comes to deficit hawkery. But the current panic over the national debt is a little mad. Yes, it's a fine thing that President Obama is naming Alan Simpson and Erskine Bowles to head up the fiscal commission he'll unveil Thursday. And Republican glee and Democratic fear over the political fallout from trillion-dollar deficits are understandable. But, at least for now, the policy consequences are modest and manageable.
government  federal  debt  budget  taxes  money  fiscal-policy 
february 2010 by tsuomela
Economic Perspectives from Kansas City: A Message to President Obama: Stop Priming the Pump, Hire the Unemployed
So, when the government is called to action, the economic profession has replaced Keynes’s “fiscal policy via public works” with a “leaky bucket pump-priming mechanism.”
about(JohnMaynardKeynes)  employment  fiscal-policy  government  unemployment  work  labor  recession  stimulus 
july 2009 by tsuomela
Levy Economics Institute of Bard College :: Keynes’s Approach to Full Employment Aggregate or Targeted Demand?
This paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to full employment. Modern policies, which aim to “close the demand gap,” are inconsistent with the Keynesian approach on both theoretical and methodological grounds. Aggregate demand tends to increase inflation and erode income distribution near full employment, which is why true full employment is not possible via traditional pro-growth, pro-investment aggregate demand stimuli. This was well understood by Keynes, who preferred targeted job creation during expansions. But even in recessions, he did not campaign for wide-ranging aggregate demand stimuli
about(JohnMaynardKeynes)  employment  economics  unemployment  government  fiscal-policy  demand  paper 
july 2009 by tsuomela
The Granddaddy State - Economix Blog -
This language implies that the current generation borrows and future generations pay. But borrowing creates assets as well as liabilities — and future generations will inherit both. It’s the relationship between assets and liabilities that matters most.
generational-analysis  generation  debt  government  fiscal-policy  future 
april 2009 by tsuomela
Congress Matters :: Why will the stimulus require 60 votes to pass?
Explains some of the budget laws that require 60 votes for expanding the deficit and other stimulus spending.
congress  legislation  budget  filibuster  money  debt  law  stimulus  fiscal-policy 
february 2009 by tsuomela
naked capitalism: Willem Buiter: The US and UK as Banana Republics
Despite the dry title, what is noteworthy is that Buiter discusses in some detail how corruption, both in the government and society, limits policy choices. Put simply, diseased leadership has trouble pulling a country out of a debt crisis because no one trusts that they will do the right thing (and frankly, why should they?).
economics  crisis  confidence  corruption  fiscal-policy  debt  government 
february 2009 by tsuomela
The Saga of the Golden Fleece: Why America Needs to Learn to Love Government Spending Once Again |
Tries to connect Democratic Senator William Proxmire's 'Golden Fleece' awards from the 1970s and 1980s to the current public rejection of all government spending. A good government idea taken to an absurd extreme by bad-faith Republicans.
history  deficit  government  spending  money  taxes  politics  1970s  1980s  fiscal-policy 
february 2009 by tsuomela
EzraKlein Archive | The American Prospect
For the rich, effective federal tax rates fall throughout the century. The top one percent was paying around 45 percent in 1960, and that's fallen to around 37 percent. But the real action has been in the subgroups above the top one percent: The top hundredth of a percent was paying above 70 percent of their income, and now they're only a touch above 40 percent
taxes  tax-cuts  fiscal-policy  politics  american 
december 2008 by tsuomela
Against a gas tax | Gristmill: The environmental news blog | Grist
In short, the changes we need in transportation are not something car companies or consumers can do on their own. What's needed is beyond new habits and new vehicles -- it's new infrastructure.
transportation  development  environment  infrastructure  government  fiscal-policy  taxes  energy 
november 2008 by tsuomela
Moody’s on economic stimulus package. « End the Echo weblog
Their data makes government spending look a lot more effective than tax cuts. You can see that even with the tax cuts, those that are most effective are those that target low income, rebates for those don’t pay federal income taxes or payroll tax holiday.
economics  government  policy  fiscal-policy  stimulus  tax-cuts  taxes  spending 
october 2008 by tsuomela
Peter G. Peterson Foundation
Profiled in Chronicle of Philanthropy, June 26, 2008.
non-profit  foundation  government  economics  fiscal-policy  grants 
july 2008 by tsuomela

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