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European Salon de News, Discussion et Klatsch - 22 November | 92 comments (92 topical, editorial, 0 hidden)
Re: Economy and Finance (none / 0)
Schiller is peddling his behavioural economics as the panacea.

The behaviour at the end of a recession can also be explained by inventories running out. People have some stuff left over lying when the recession starts and "savings" take the form of consuming this stock. When the stock runs out, you have to go out and consume.

Nobody's looking back at Minsky's (and Veblen's 80 years ago) credit theory of the business cycle.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Carrie (migeru at eurotrib dot com) on Sun Nov 22nd, 2009 at 03:21:12 AM EST
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Re: Economy and Finance (none / 0)
Any economic analysis that ignores Minsky and Veblen is just dog food for the guard dogs.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Nov 22nd, 2009 at 11:34:07 AM EST
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European Salon de News, Discussion et Klatsch - 22 November | 92 comments (92 topical, 0 editorial, 0 hidden)
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