Self-correcting economies and macro management

The Keynesians have a problem.  Why has it taken so long to recover from the slump of 2008-9 even after central banks have applied Keynesian-style unconventional monetary policies?  The answer from Britain’s leading Keynesian Simon Wren-Lewis and from America’s top Keynesian, Paul Krugman, is that capitalist economies in slumps are not self-correcting. So we needContinue reading “Self-correcting economies and macro management”

UK budget: slashing public services and welfare

The main headline news from the UK’s annual government spending review is that the British Conservative chancellor George Osborne has done a U-turn on his previous plan to cut what are called tax credits that supplement the pay of the poorest working families.  The planned cuts in these ‘credits’ were part of the aim toContinue reading “UK budget: slashing public services and welfare”

Rethinking economics: value, irrationality and debt

I had to cut short my attendance at this year’s Rethinking Economics conference in London (  That was because of the surprise developments in Greece which required my attention under the instructions of the God Mammon. So I was deprived the opportunity of attending a number of presentations and seminars.  Here is the agenda ofContinue reading “Rethinking economics: value, irrationality and debt”

Bye, bye, Bird

On Friday, I am going to the funeral of Antonia Bird who died of cancer last week.  Antonia was a great British stage, film and TV director, making several riveting Hollywood movies.  But more important, she was an exciting and class conscious director of both fiction and non-fiction drama.  Here are some obituaries. reading “Bye, bye, Bird”