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John Howard Brown's avatar

Definitely one of your"Golden Oldies". At one point in my career, I attempted to write an intellectual history of Industrial Organization. Aside from an institutional environment which actively discouraged this sorry of scholarship, how to treat post-1950 Chicago IO completely defeated me.

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Larry Henry's avatar

Excellent, so glad you wrote this. Why if on the Monetary side the Fed is always the lender of the last resort, why don’t we ensure effective demand with a Federal Gov as a job provider of the last resort with a Federal Job for anyone who wants to work, thereby ensuring effective demand and supply dynamically?

Since inflation affects can be triggered by both hawkish monetary interests hikes(Powells rate hikes on a large fiscal debt base) and fiscal policies when all resources are fully employed ( WWII, Vietnam 1968) why not manage inflation through taxes (as LBJ did in June of 1968 with a tax surcharge) and effective demand and supply with a JG?

It seems to me that the past is not prologue but it is always present. Michael Kalecki past observations that Right wing political thought uses the present (identity politics) to ensure their narrow current economic advantage that keeps the We the People in disequilibrium.

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