"Harvey was a loud and enthusiastic chorister among those who claimed that expansionary fiscal policy simply could not work to boost demand"
And of course he was right ... unless the Fed allowed demand to happen. If the Fed was determined to keep inflation below target and unemployment high, it could have done so and more or less did for all 8 years of Obama's Presidency. :)
Who the hell is David Harvey? Brad may be punching fair and true, but is he also punching down? David Graeber was worthy of Brad's demolition job. But is Harvey?
Seems to me that lending to kings has always been dangerous.. Kings tend to change the rules and run the bankers out of the country or worse, regardless if the banker is Jewish, Swiss, or Florentine. Bankers may have leverage on one king or another at various times, but multinational downturns occasionally occur, and then bankers are more likely to be cast as scapegoats without sanctuary.
I was going to object that the Marxism of austerity was not particular - that one could as easily say that Marx was Schumpeterian and Hayekian as that the latter were Marxist. But I suppose that would be too Borgesian of me.
Now that most people have recently been through a pandemic, my knee-jerk reaction to the "revolutions of 1848" was: Hey guys, there was a massive Cholera outbreak in England and Wales in 1848, and in other European countries in the ensuing decade or so. Economists/economic historians tend to highlight years of financial crises, among other economic developments. I thought it would be informative that people should know that the first three quarters of the nineteenth century was also an age of epidemics and pandemics. Too many of those occurred and far too frequently.
"...To the contrary: it was very Marxist. To his core Marx was joined to Hayek and Schumpeter (and Hoover) in his belief that once the hubris of “overspeculation” had taken place, the nemesis of depression was inevitable."
You should never let an opportunity go to waste and rub this in every time the issue comes up.
"Harvey was a loud and enthusiastic chorister among those who claimed that expansionary fiscal policy simply could not work to boost demand"
And of course he was right ... unless the Fed allowed demand to happen. If the Fed was determined to keep inflation below target and unemployment high, it could have done so and more or less did for all 8 years of Obama's Presidency. :)
Who the hell is David Harvey? Brad may be punching fair and true, but is he also punching down? David Graeber was worthy of Brad's demolition job. But is Harvey?
Seems to me that lending to kings has always been dangerous.. Kings tend to change the rules and run the bankers out of the country or worse, regardless if the banker is Jewish, Swiss, or Florentine. Bankers may have leverage on one king or another at various times, but multinational downturns occasionally occur, and then bankers are more likely to be cast as scapegoats without sanctuary.
Yes indeed...
I was going to object that the Marxism of austerity was not particular - that one could as easily say that Marx was Schumpeterian and Hayekian as that the latter were Marxist. But I suppose that would be too Borgesian of me.
Now that most people have recently been through a pandemic, my knee-jerk reaction to the "revolutions of 1848" was: Hey guys, there was a massive Cholera outbreak in England and Wales in 1848, and in other European countries in the ensuing decade or so. Economists/economic historians tend to highlight years of financial crises, among other economic developments. I thought it would be informative that people should know that the first three quarters of the nineteenth century was also an age of epidemics and pandemics. Too many of those occurred and far too frequently.
"...To the contrary: it was very Marxist. To his core Marx was joined to Hayek and Schumpeter (and Hoover) in his belief that once the hubris of “overspeculation” had taken place, the nemesis of depression was inevitable."
You should never let an opportunity go to waste and rub this in every time the issue comes up.