reparations and the inability to pay and the whole theory of the ability to pay was developed by john maynard keynes harold martin and other is in response to the german reparations problems all of a sudden but germans have been given a false this through if you look at their textbooks and the propaganda that the banks are pushing month after month and year after year they pretend the if banks went actually if the government would lend money and if a central bank would actually finance the government deficit instead of the government borrowing from the wealthy people in the banks then you'd have fighter inflation false memory in germany is just the hyperinflation thing from too much too much public spending will new euro break up. well the question is if it doesn't break up then you're going to have a continued immigration of labor from the countries that are imposing austerity let's say what happens if we get if the euro does not break up you're going to have a situation in greece where one tenth of the population is already emigrated here in latvia which has just joined the year of this mon

reparations and the inability to pay and the whole theory of the ability to play was developed by john maynard keynes harold martin and others in response to the german reparations problems all of a sudden but germans have been given a false this through if you look at their textbooks and the propaganda that the banks are pushing month after month and year after year they pretend that if banks went actually if the government would lend money and if a central bank would actually finance the government deficit instead of the government borrowing from the wealthy people in the banks then you'd have fight for inflation the hall some arrangement is as if the hyperinflation thing from too much too much public spending will new euro break up. well the question is if it doesn't break up then you're going to have a continued immigration of labor from the countries that are imposing austerity let's say ok what happens if we get if the euro does not break up you're going to have a situation in greece where one tenth of the population is already emigrated in latvia which has just joined the year of this m

treatment of debt and money now he considers himself a post keynesian in that he had hears to many of john maynard keynes ideas that demand matters in the long as well as the short run but his focus is debt and specifically how hyman minsky's financial instability hypothesis is reflected in highly indebted economies now right now dr king is working on an ambitious mathematical model of financial instability simply called you know i spoke with steve earlier this week and asked him whether his principal concern right now was private debt take a look. well that's really the the main driver of the economy and this is the amazing thing that economists tend to believe that anything it probably does is good anything about profits that does dozens of bad it will probably think there it is good in public that we did is bad but the ironic thing is normally a new invention would be comment that was completely wrong this president so little wrong because in many ways public debt is easier to handle than private debt for the simple reason that a person who isn't a profit person can't get their own back not to

reparations and the inability to say and the whole theory of the ability to play was developed by john maynard keynes harold well known other is in response to the german reparations problems all of a sudden but germans have been given a false this through if you look at their textbooks and the propaganda that the banks are pushing month after month and year after year they pretend that if banks went actually if the government would lend money and if a central bank would actually finance the government deficit instead of new government borrowing from the wealthy people in the banks then you'd have fight for inflation false memory in germany is the hyperinflation thing from too much too much public spending will new euro break up. well the question is if it doesn't break up then you're going to have a continued immigration of labor from the countries that are imposing austerity let's say what happens if we get if the euro does not break up you're going to have a situation in greece where one tenth of the population is already emigrated here in latvia which has just joined the year of this month

treatment of debt and money now he considers himself a post keynesian in that he had hears to many of john maynard keynes ideas that demand matters in the long as well as the short run but his focus is debt and specifically how hyman minsky's financial instability hypothesis is reflected in highly indebted economies now right now dr king is working on an ambitious mathematical model of financial instability simply called you know i spoke with steve earlier this week and i asked him whether his principal concern right now was private debt take a look. well that's really the the main driver of the economy and this is the amazing thing that economists tend to believe that anything privately does is good anything about profits that they did it does it's bad if a private think there is good and public that could do it is bad but the ironic thing is normally a new invention would be comment that was completely wrong this president so loosely wrong because in many ways public debt is easier to handle than private debt for the simple reason that a person who isn't a profit person can't get their own back

nine hundred twenty nine and after the great crash then came the great depression that's when john maynard keynes became a household name and today as we face the twenty first century secular stagnation the same themes are back the financialization of economic the financialization of the economy income inequality and secular stagnation and yes keynes he's back to that name you're going to hear a lot lately here to talk about all of this and much much more is economist thomas poly author of the book from financial crisis to stagnation welcome to the show dr polly such a pleasure to have you here and great to have a resource like you on the show to first and foremost you know you often describe. you often hear describes post keynesian economics opposed to keynesian economics. and laypersons terms can you tell me the difference between post keynesian and keynesian right well three things first it is ok in june at the coal in that it is is that the amount of economic activity we have depends on the amount of demand in the economy. so you're hearing that all the time people are looking to the c

and john maynard cane was fond of saying in the long run, we're all dead. who is going to do the actual work -- >> he doesn't think anybody should have to work at all. he thinks the government should give paychecks out, just for sitting on your couch, you exist, who is going to generate the taxes that will pay for the people on their couches? >> well, this is the big problem for communism, capitalism is forced altruism, i starve unless you find something usable for you. who is -- what is shocking is not that this guy wrote the piece, but this is the sentiment that is felt by many in the aftermath of the century, that is why it tried and failed. >> not many people care what the person from occupy wall street thinks, but we're hearing that the president is about to make income equality his center piece, the question is are the democrats going to go as far as this guy went? but is this the way the people on the left are thinking? one of the tweets sent out today, he said i don't want the 1% dead, just dispossessed. tell you what, each family can keep one mansi

believe they can control the means of production and economic policy was guided by the fury that john maynard keynes you could spend, tax and run deficits and debt and there would be no effect for the economy. but reality set in by the way in the 70's and in the early 80's. a confidential british cabinet document, which was circulated in the summer that i arrived, and this was read by margaret thatcher and others who wrote over the past ten years the prices or risen by to hundred 75%. and money income by 335%. but the real output, only by 16%. the british had to borrow, tax and inflate, that is begging borrow and steal, to get by. when margaret thatcher move on to ten downing street in may of 1979, she inherited a disaster. i have a secret to reveal. when i first went to britain i was still a keynesian. one of the first places i visited in london was actually the old house now part of the university of london. i first learned economics from the famous textbook and i don't even know if they still use that today. it is the gateway to which many of my generation became king marcion's. we were ta

save some in a good economy people have a tendency to save some of that money which economist john maynard keynes referred to as a marginal propensity to save but in a down economy like today people don't save money they go out and spend it that's what cain refers to as a marginal propensity to consume so since we're in a bad economy right now let's say you go to the local grocery store for example and spend all of the one hundred dollars you just got. that money now becomes income for the grocery store and you've helped to increase the nation's g.d.p. by one hundred dollars grow the economy by a hundred bucks now the grocery store has to decide what are we going to do with that hundred dollars they can spend it all they can save it all or they can spend some and save. so let's say they spend ninety dollars of it and buy a new freezer from another company. that other ten dollars goes to pay taxes and other expenses let's say for example so that hundred dollars that you hadn't spent at the grocery store now becomes ninety dollars for the consumption worth of income for the freezer company i

perspective,health ways and means ranking democrat senator levin is: john maynard to pass an extension now. he wanted the house to pass the bill under consideration in the senate which would extend the expired unemployment insurance for three months without an onset. and work for a larger longer- term solution that could include an offset. house republicans do not appear to be willing to consider that. speaker boehner said that he told the white house that he would be happy to discuss a plan where benefits are paid for and include something tell people be put back to work. here is president obama now after the senate vote. he is introduced by woman who is unemployed. [applause] >> thank you. good morning. my name is catherine hackett and i'm from connecticut. i'm very grateful that president obama invited me here today in response to a letter i wrote to him about the discontinuation of federal unemployment insurance. i am unemployed and i will be significantly affected by the decision. job loss is devastating and i'm working very hard every day to look for a position. in the interim, u

. >> we have the author of a massive three volume biography of john maynard keynes. returning to pursue happiness. the argument for free trade is an argument for welfare. time is money. the more money you can squeeze out of an hour, the better off you are. the trouble is that the more you think about your welfare in terms of money, the more like you are to regard spinning time with your friends as an opportunity cost. the loss of money you would've made by working instead. this rang true because i used to work as a consultant. i was paid hourly. i used to calculate going to the movies in terms of the opportunity cost. i think this is interesting. the idea of looking beyond the utility of money is not new. there is an older study of happiness. what i do think is interesting is that he connects free trade to welfare. >> not usually a link that you see. >> it is not. despite all of the things that we disagree about, we're greater free trade is a good thing. you both sides of the aisle pushing to give fast-track authority to negotiate trade agreements. you have him here