Keynes, JM

TARGET? KRuGMAN 40’S

In the 1940s moneyed interests made an initially successful effort to block the teaching of Keynesian economics, although Samuelson somehow slipped through. If you don’t think that similar things can happen now, you’re naive — and the rich are richer and more powerful now than they were then. KRUGMAN

"LITTLE KEYNESIAN PURGE ON THE PRAIRIE KRUGMAN FORTIES

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don't outlaw but have ctr-vailing forces to control cf Gar Aparvitz sp

gubmint ~ New Deal good gov't Gt Society

NOT A FAR FIGHT

WHO 3%

Discussion

What motivates experts and non-experts alike to pursue a position on climate change contrary to scientific consensus? The role of conservative politics, conservative think tanks, and industry efforts that make up the CCCM is well documented; however, our findings reveal other similarities among contrarians worthy of consideration.

In particular, the data reveal that most individuals in our data are aged sixty-five or older. This age group, at least in the United States, is also the most likely age group to disagree with the climate consensus; conversely,80 per cent of expert Earth scientists who agree with the consensus on AGW are under the age of sixty-five (Pew Research Center 2015). Although many individuals in our sample were non-experts, the experts were also aged 65 or older on average, with an average birth year of 1944. [1964 GOLDWATER, DIVISIONS ON VIET NAM ETC IE ORIG CTR-CULTURE] While we expect contrarian experts to hold views different from most of the scientific community, this age distinction suggests there may be other reasons that led these individuals to align with contrarian efforts. Individuals' experiences, for example, may impact their views of science and government. As a result, this may help explain why both experts and non-experts alike participate in a movement that hinders climate change mitigation efforts.

While one might assume that many contrarians in our sample would have higher trust in science because of their scientific degrees, prior research has found this not necessarily to be the case. Specifically, while higher education has a “positive” effect on the views of climate change for Democrats/liberals, educational attainment has a “weaker or negative” effect on the views of Republicans/conservatives (McCright and Dunlap :{Reference McCright and Dunlap:(style="box-sizing:border-box;margin:-1px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;vertical-align:baseline;clip:rect(0px, 0px, 0px, 0px);height:1px;overflow:hidden;width:1px;position:absolute;white-space:nowrap"):}:2011a, 175, emphasis in original). As a result, and considering the conservative nature of contrarian efforts, we believe this period may have led to unique views on government and science—specifically, government intervention into scientific matters. In other words, despite older contrarians' scientific knowledge and/or education, their subjective concern about government intervention in science may surpass objectivity regarding mainstream consensus, especially considering the pervasiveness of neoliberalism during this period.[TWO FREDS OZONE SST?]

Neoliberalism emerged as a driving force to oppose government oversight and regulation, largely related to backlash from Franklin D. Roosevelt's New Deal policies and subsequent expansion of the federal government. While tenets ofneoliberalism (that is, a laissez-faire approach to the market with a heavy emphasis on deregulation and free trade) would become central to CCCM objectives, the ideology pervaded academic circles far earlier (McCright and Dunlap :{Reference McCright and Dunlap:(style="box-sizing:border-box;margin:-1px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;vertical-align:baseline;clip:rect(0px, 0px, 0px, 0px);height:1px;overflow:hidden;width:1px;position:absolute;white-space:nowrap"):}:2011a; Oreskes and Conway :{Reference Oreskes and Conway:(style="box-sizing:border-box;margin:-1px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;vertical-align:baseline;clip:rect(0px, 0px, 0px, 0px);height:1px;overflow:hidden;width:1px;position:absolute;white-space:nowrap"):}:2010). In fact, while the ideology is most notably associated with the creation of the Chicago School of economics, it was not unique to just Chicago. Neoliberalism was transnational in nature, permeating into other academic and political circles with the help of several institutions established solely to push this ideology (Mirowski and Plehwe :{Reference Mirowski and Plehwe:(style="box-sizing:border-box;margin:-1px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;vertical-align:baseline;clip:rect(0px, 0px, 0px, 0px);height:1px;overflow:hidden;width:1px;position:absolute;white-space:nowrap"):}:2009). As a result, by the 1950s, there was “an all-out assault on virtually every aspect of Keynesian economics” led, most notably, by Milton Friedman (Yergin and Stanislaw :{Reference Yergin, Stanislaw, Yergin and Stanislaw:(style="box-sizing:border-box;margin:-1px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;vertical-align:baseline;clip:rect(0px, 0px, 0px, 0px);height:1px;overflow:hidden;width:1px;position:absolute;white-space:nowrap"):}:1998, para. 8). By the 1960s and 1970s, neoliberalism was a prominent theory within economics and other disciplines. As a result, much like collective memories pertinent to older contrarians' formative years, it is reasonable to believe that neoliberal ideology would have impacted contrarians' attitudes toward science and government prior to the emergence of the CCCM.:{Footnote:(style="box-sizing:border-box;margin:-1px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;font-stretch:inherit;vertical-align:baseline;clip:rect(0px, 0px, 0px, 0px);height:1px;overflow:hidden;width:1px;position:absolute;white-space:nowrap"):}:^14

REF WAPO

Cosmic Cato Koch Convergence

September 15, 2014

It’s one of those mornings when several small items I was thinking about blogging about have, oddly, merged into a single story.

I’ve been getting some mail in response to today’s column from people saying (by and large politely) that they predicted the crisis — by which, it turns out, they mean that they correctly diagnosed a housing bubble. Well, so did I — but I nonetheless don’t consider myself to have predicted the crisis, because I had no idea that the consequences of a burst bubble would be as cataclysmic as they were.

That said, even pointing out the bubble got you heckled; I still treasure the sneering piece by John Hinderaker insisting that the only reason I thought there was a bubble was because I hated Bush. Well, who knew — Hinderaker is still out there, as I learn from Bonddad (via the still invaluable Mark Thoma).

But why is he still out there? In part because being wrong is actually a virtue in the eyes of some people, as long as it’s the right kind of wrong. And those people have money and power: I’d actually forgotten about this, but the Koch brothers tried to install Hinderaker on the board of Cato, which they viewed as insufficiently hackish.

Still, think tanks are one thing; this doesn’t happen in the world of scholarship. Oh, wait. Via Daniel Kuehn, we know now that the Kochs sought to control economics hiring at Florida State University. And you have to wonder how much this sort of thing goes on — usually, one suspects, more subtly and implicitly, without as clear a paper trail.

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https://www.alternet.org/2020/09/former-gop-insider-details-why-conservative-economics-is-severely-flawed/

alex h

economist Milton Friedman, who was 94 when he died in 2006, was a major influence on Reaganomics, neoliberalism and trickle-down economics — and everyone from the Libertarian Party to Ronald Reagan’s administration has embraced his views on business and the economy. Friedman, however, has been widely criticized by liberals, progressives and proponents of New Deal and Great Society economics, and former GOP insider Bruce Bartlett lays out some reasons why Friedman’s influence on U.S. economic policy has been harmful in an article published in The New Republican this week.

Bartlett himself was a longtime Republican who worked under Presidents Ronald Reagan and George W. Bush — but he broke with the part under the second Bush’s presidency. The GOP has long revered Friedman as a paragon of economic thought, but Bartlett argues this view is a mistake.

Friedman was known for what has been called “shareholder economics” or “the shareholder theory.” In essence, Friedman disagreed that corporations had an obligation to society on the whole — their only obligation, he argued, was to their shareholders.

“Friedman’s ideas about monetary policy have long created negative economic consequences,” Bartlett explains. “And now, more than 40 years after the monetarist recession that former Fed chief Paul Volcker engineered under the influence of Friedman’s theories, Jay Powell’s Federal Reserve is trying to break free from them." theworst economic downturn of the last century came when the Great Depression started in 1929. Friedman, Bartlett notes, saw the Depression “as primarily a failure of the Federal Reserve.”

According to Bartlett, “By the time the Depression hit, Friedman contended, the Fed had allowed the money supply to shrink by about a third, which brought on a deflation that caused the price level to drop by about 25%. …. But Friedman’s account glossed over why the money collapsed.When banks failed in those days, their deposits simply disappeared: there was no deposit insurance, and the bulk of the money supply consisted of bank deposits, not cash. The Fed lacked the legal authority to buy banks and keep them solvent, which is the only thing that would have helped.”

Barlett elaborates on why Friedman’s views on the causes of the Great Depression were flawed.

“The only thing the Fed can really do to counteract a downturn is buy Treasury securities on the open market using newly created money,” Bartlett explains. “But if the banking system is basically frozen, as it was in the early 1930s, there is no transmission system to get money circulating. So, in the great tradition of academic economics, Friedman just assumed away this problem, insisting that the Fed could have prevented the Depression simply by aggressively buying Treasury securities and flooding the economy with money.”

Friedman was highly critical of economist John Maynard Keynes, who has often been quoted by liberal economist and New York Times columnist Paul Krugman.Barlett points out that Keynes believed that in a “deflationary depression” like the one President Franklin Delano Roosevelt inherited when he took office in 1933, “government was the only entity capable of increasing aggregate spending.”

Barlett wraps up his article by stressing, in essence, that what the Fed needs today is more Keynes influence and less Friedman influence.

“When the Fed first began its efforts to stimulate the economy by dropping interest rates and increasing the money supply in 2008,” Bartlett writes, “conservatives condemned the move, saying rampant inflation would soon result. Although there has been no sign of inflation in all the years since, they are making the same argument today…. The day may come when the Fed must tighten monetary policy to keep inflation in check. But in the past, its preemptive strikes against it by tightening prematurely have nearly aborted the economic expansion it was seeking to spur.”

from uber1

John Maynard Keynes, 1st Baron Keynes, (5 June 1883 – 21 April 1946), was a British economist whose ideas have fundamentally affected the theory and practice of modern macroeconomics and informed the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and he is widely considered to be one of the founders of modern macroeconomics and the most influential economist of the 20th century. His ideas are the basis for the school of thought known as Keynesian economics and its various offshoots.

From Wikipedia.

https://kpfa.org/episode/letters-and-politics-june-22-2020/

Letters and Politics – June 22, 2020

Guest: Zachary D. Carter is a senior reporter at HuffPost, where he covers Congress, the White House, and economic policy. He is the author of The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes.

http://www.economist.com/news/books-and-arts/21677184-excellent-primer-franklin-roosevelts-economics-fdr-beginners

https://kpfa.org/episode/against-the-grain-june-12-2019/

We live in an age of anxiety and crisis. And there is a long tradition of thought that liberal elites have drawn on during such moments to rescue civilization as they know it from collapse: what we would call Keynesianism today, but which Geoff Mann argues dates back to the French Revolution, centuries before the birth of the economist John Maynard Keynes. Mann discusses the complicated entanglement of the Keynesian interventionist state [danger] and the left, as well as why we’re seeing the revival of Keynesianism in the Green New Deal.

in the long run we're all dead

climate leviathan

in his time unemployment considered vol but he saw mults desperately looking for work

not agree w/ simple idea that fdr used jmk to save cap'lism, but he's trying to save civilzation, big fear of fascism

https://en.wikipedia.org/wiki/John_Maynard_Keynes

...

The global financial crisis of 2007–08 led to public skepticism about the free market consensus even from some on the economic right. In March 2008, Martin Wolf, chief economics commentator at the Financial Times, announced the death of the dream of global free-market capitalism.^[84] In the same month macroeconomist James K. Galbraith used the 25th Annual Milton Friedman Distinguished Lecture to launch a sweeping attack against the consensus for monetarist economics and argued that Keynesian economics were far more relevant for tackling the emerging crises.^[85] Economist Robert J. Shiller had begun advocating robust government intervention to tackle the financial crises, specifically citing Keynes.^[86][87][88] Nobel laureate Paul Krugman also actively argued the case for vigorous Keynesian intervention in the economy in his columns for The New York Times.^[89][90][91] Other prominent economic commentators who have argued for Keynesian government intervention to mitigate the financial crisis include George Akerlof,^[92] J. Bradford DeLong,^[93] Robert Reich,^[94] and Joseph Stiglitz.^[95] Newspapers and other media have also cited work relating to Keynes by Hyman Minsky,^[34] Robert Skidelsky,^[13] Donald Markwell^[96] and Axel Leijonhufvud.^[97]

A series of major bailouts were pursued during the financial crisis, starting on 7 September with the announcement that the U.S. Government was to nationalise the two government-sponsored enterprises which oversaw most of the U.S. subprime mortgage market – Fannie Mae and Freddie Mac. In October, Alistair Darling, the British Chancellor of the Exchequer, referred to Keynes as he announced plans for substantial fiscal stimulus to head off the worst effects of recession, in accordance with Keynesian economic thought.^[98][99] Similar policies have been adopted by other governments worldwide.^[100][101] This is in stark contrast to the action imposed on Indonesia during the Asian financial crisis of 1997, when it was forced by the IMF to close 16 banks at the same time, prompting a bank run.^[102] Much of the post-crisis discussion reflected Keynes's advocacy of international coordination of fiscal or monetary stimulus, and of international economic institutions such as the IMF and the World Bank, which many had argued should be reformed as a "new Bretton Woods", and should have been even before the crises broke out.^[103] The IMF and United Nations economists advocated a coordinated international approach to fiscal stimulus.^[104] Donald Markwell argued that in the absence of such an international approach, there would be a risk of worsening international relations and possibly even world war arising from economic factors similar to those present during the depression of the 1930s.^[96]

By the end of December 2008, the Financial Times reported that "the sudden resurgence of Keynesian policy is a stunning reversal of the orthodoxy of the past several decades."^[105] In December 2008, Paul Krugman released his book The Return of Depression Economics and the Crisis of 2008, arguing that economic conditions similar to what existed during the earlier part of the 20th century had returned, making Keynesian policy prescriptions more relevant than ever. In February 2009 Robert J. Shiller and George Akerlof published Animal Spirits, a book where they argue the current US stimulus package is too small as it does not take into account Keynes's insight on the importance of confidence and expectations in determining the future behaviour of businesspeople and other economic agents.

In the March 2009 speech entitled Reform the International Monetary System, Zhou Xiaochuan, the governor of the People's Bank of China, came out in favour of Keynes's idea of a centrally managed global reserve currency. Zhou argued that it was unfortunate that part of the reason for the Bretton Woods system breaking down was the failure to adopt Keynes's bancor. Zhou proposed a gradual move towards increased use of IMF special drawing rights (SDRs).^[106][107] Although Zhou's ideas had not been broadly accepted, leaders meeting in April at the 2009 G-20 London summit agreed to allow $250 billion of special drawing rights to be created by the IMF, to be distributed globally. Stimulus plans were credited for contributing to a better than expected economic outlook by both the OECD^[108] and the IMF,^[109][110] in reports published in June and July 2009. Both organisations warned global leaders that recovery was likely to be slow, so counter recessionary measures ought not be rolled back too early.

While the need for stimulus measures was broadly accepted among policy makers, there had been much debate over how to fund the spending. Some leaders and institutions, such as Angela Merkel^[111] and the European Central Bank,^[112] expressed concern over the potential impact on inflation, national debt and the risk that a too large stimulus will create an unsustainable recovery.

Among professional economists the revival of Keynesian economics has been even more divisive. Although many economists, such as George Akerlof, Paul Krugman, Robert Shiller, and Joseph Stiglitz, supported Keynesian stimulus, others did not believe higher government spending would help the United States economy recover from the Great Recession. Some economists, such as Robert Lucas, questioned the theoretical basis for stimulus packages.^[113] Others, like Robert Barro and Gary Becker, say that empirical evidence for beneficial effects from Keynesian stimulus does not exist.^[114] However, there is a growing academic literature that shows that fiscal expansion helps an economy grow in the near term, and that certain types of fiscal stimulus are particularly effective.^[115][116]

booktv 3/18 dcreports dk johnson says Keynes not refuted but suppressed by kochademia

Robert B. Reich: Technological Change and the Inevitability of Unconditional Basic Income 2016 see Economics.

keynes on liesure 16 min in

AlterNet [1] / By Lynn Stuart Parramore [2]

Famous Harvard Professor Gay-Bashes John Maynard Keynes, Suggests People Without Children Do Not Care About Future Generations

May 4, 2013 |

Austerity hawk and Harvard historian Niall Ferguson is known for his love of the media and his enthusiasm for the now-discredited austerity scholarship of fellow Harvard professors Reinhart & Rogoff, who were recently exposed in the homework assignment of a U Mass-Amherst grad student [3]. Not content with this embarrassment, Ferguson has just distinguished himself with a homophobic rant in which he claims that John Maynard Keynes' economic theories are invalid due to his sexuality. He also managed to suggest that anyone who does not have children (this would include, among others, Jesus) does not care about future generations.

Tom Kostigen of Financial Advisor broke the story [4] on Saturday:

"Speaking at the Tenth Annual Altegris Conference in Carlsbad, Calif., in front of a group of more than 500 financial advisors and investors, Ferguson responded to a question about Keynes' famous philosophy of self-interest versus the economic philosophy of Edmund Burke, who believed there was a social contract among the living, as well as the dead. Ferguson asked the audience how many children Keynes had. He explained that Keynes had none because he was a homosexual and was married to a ballerina, with whom he likely talked of 'poetry' rather than procreated. The audience went quiet at the remark. Some attendees later said they found the remarks offensive.

It gets worse.

Ferguson, who is the Laurence A. Tisch Professor of History at Harvard University, and author of The Great Degeneration: How Institutions Decay and Economies Die,says it's only logical that Keynes would take this selfish worldview because he was an 'effete' member of society. Apparently, in Ferguson's world, if you are gay or childless, you cannot care about future generations nor society."

Since the story hit the Internet, commenters have noted that Keynes was actually bi-sexual, and that his wife suffered a miscarriage. But facts apparently matter less than ad hominem attacks to Professor Ferguson.

Niall Ferguson apologized on Twitter [5], calling his remarks "stupid and tactless."

In the past, however, Ferguson has commented on Keynes' sexuality in his scholarly work in a tone that many would consider disparaging, for example, in his book The Pity of War -- see here [6].

Harvard austerity pushers seem to be doing a remarkable job of humiliating themselves publicly in recent weeks. Who is next?

See more stories tagged with:

austerity [7],

Bibliophiles [8],

Bloomsbury Group [9],

British people [10],

california [11],

Cambridge University Moral Sciences Club [12],

carlsbad [13],

Edmund Burke [14],

English people [15],

financial advisor [16],

harvard university [17],

harvard [18],

john maynard keynes [19],

keynesian economics [20],

Niall Ferguson [21],

Professor of History [22],

Quotation [23],

social issues [24],

Tom Kostigen [25],

twitter [26],

author [27],

financial advisors [28]

Source URL: http://www.alternet.org/economy/famous-harvard-professor-gay-bashes-john-maynard-keynes-suggests-people-without-children-do

Links:

[1] http://www.alternet.org

[2] http://www.alternet.org/authors/lynn-stuart-parramore

[3] http://www.alternet.org/economy/meet-28-year-old-student-who-exposed-two-harvard-professors-whose-shoddy-research-drove

[4] http://www.fa-mag.com/news/harvard-professor-gay-bashes-keynes-14173.html

[5] https://twitter.com/nfergus

[6] http://books.google.com/books?id=McfJaJ25lscC&pg=PA327&lpg=PA327&dq=keynes+sexuality+pity+of+war&source=bl&ots=-qLGPpbe7A&sig=bbD9ICL-qsw6TO4wD4dWQJfz7_U&hl=en&sa=X&ei=Q1iFUcanDsu2rgGrnoDQCg&ved=0CC0Q6AEwAA#v=onepage&q=keynes%20sexuality%20pity%20of%20war&f=false

[7] http://www.alternet.org/tags/austerity-0

[8] http://www.alternet.org/tags/bibliophiles

[9] http://www.alternet.org/tags/bloomsbury-group

[10] http://www.alternet.org/tags/british-people

[11] http://www.alternet.org/tags/california

[12] http://www.alternet.org/tags/cambridge-university-moral-sciences-club

[13] http://www.alternet.org/tags/carlsbad

[14] http://www.alternet.org/tags/edmund-burke

[15] http://www.alternet.org/tags/english-people

[16] http://www.alternet.org/tags/financial-advisor

[17] http://www.alternet.org/tags/harvard-university

[18] http://www.alternet.org/tags/harvard

[19] http://www.alternet.org/tags/john-maynard-keynes

[20] http://www.alternet.org/tags/keynesian-economics

[21] http://www.alternet.org/tags/niall-ferguson

[22] http://www.alternet.org/tags/professor-history

[23] http://www.alternet.org/tags/quotation

[24] http://www.alternet.org/tags/social-issues-0

[25] http://www.alternet.org/tags/tom-kostigen

[26] http://www.alternet.org/tags/twitter-0

[27] http://www.alternet.org/tags/author

[28] http://www.alternet.org/tags/financial-advisors

[29] http://www.alternet.org/%2Bnew_src%2B