147 research outputs found
Austere Illusions: Fiscal contraction is contractionary, period.
In an article that originally appeared on Project Syndicate, Robert Skidelsky explores the illusions of austerity economics. Not only has austerity failed in being expansionary, it has also hit those at the bottom of the income distribution far more severely than those at the top and may have destroyed not just current but also potential output by eroding the âhuman capitalâ of the unemployed
Five minutes with Robert Skidelsky: âCapitalism is a means to an end, the end being lifting humanity out of poverty in order to enable it to lead the good lifeâ
Robert Skidelsky is Emeritus Professor of Political Economy at the UKâs University of Warwick and the biographer of John Maynard Keynes. His new book, co-authored with his son Edward Skidelsky and entitled How Much is Enough?: Money and the Good Life, brought him to the LSE for a public lecture. In this interview, he discusses economic insatiability and âthe good lifeâ with Joel Suss, editor of our sister blog, British Politics and Policy at LSE
Keynes : the second coming?
This article outlines principles of a modernised macroeconomic framework, drawing on John Maynard Keynes. It explores the historical context in which Keynesâ economic theory arose, and the history of its application and subsequent replacement by neoclassical economics. The article argues that any updated Keynesian programme must address three new problems: globalization, wealth inequality and climate change. It sketches out the ways in which these might be addressed
Stylised facts
I summarise Kaldorâs âstylised factsâ approach to economics through the lens of his 1966 inaugural lecture at Cambridge, âCauses of the Slow Rate of Economic Growth of the United Kingdomâ. I then defend this approach as a way of preventing economics from ossifying into pure formalism, fielding objections stemming from the Lucas critique, the advancement of econometrics, and the argument that stylised facts must depend on some prior theory. Finally, I argue that modern economics could benefit not only from his âstylised factâ approach, but also from his speculative boldness and substantive contributions to economic theory
Anti-racism: totem and taboo â a review article
Anti-anti-racism is seeing a renascence in the UK. Against a backdrop of punishing austerity measures, the ascent of the neoliberal project and the undermining of multiculturalism, this resurgent critique decries anti-racism as set against white communities, argues that it exists primarily to serve a liberal elite, and that it feeds into a multicultural dogma undermining western culture. Those developing this critique argue that fear of the charge of racism prevents discussion and rational policy measures to manage immigration, âraceâ and identity. This review article examines three key books embodying aspects of these claims, as well as showing how a liberal ceding of ground to the Right on the intersections of race and class ultimately bolsters its arguments
Conventional direction to unconventional measures: using quantitative easing to shape Eurozone fiscal capacity
Eight years after the outbreak of the crisis, the Eurozone (EZ) fiscal policy remains fragmented at the national level. This paper fills the structural gap between the monetary and fiscal dimensions of EZ economic policy by suggesting a âconventionalâ direction to the unconventional Quantitative Easing (QE) policy of the European Central Bank (ECB). We propose an evolution for QE to tackle the shortcomings of the current âdecentralizedâ fiscal policy in the EZ. In a nutshell, we suggest a change in the composition of QE asset purchases, focusing on buying European Investment Bank (EIB) bonds that, in turn, would be used to finance real investments through the Juncker Plan programme. The rationale of our proposal is legitimised by an overview of the gloomy macroeconomic conditions of the EZ, and the situation in ongoing policies. The mechanism is described in detail, with a discussion of both its strengths and possible limitations
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