« John Maynard Keynes | Main | John McCain: Dishonest and Dishonorable »
TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00e551f08003883401053570df1c970b
Listed below are links to weblogs that reference The Baldwin-Eichengreen Little Booklet Is a Success...:
You can follow this conversation by subscribing to the comment feed for this post.
The comments to this entry are closed.
"I now know it is a rising, not a setting, sun" --Benjamin Franklin, 1787
J. Bradford DeLong, Professor of Economics at U.C Berkeley, a Research Associate of the NBER, a Visiting Scholar at the Federal Reserve Bank of San Francisco, and Chair of Berkeley's Political Economy major.
Among his best works are: "Is Increased Price Flexibility Stabilizing?" "Productivity Growth, Convergence, and Welfare," "Noise Trader Risk in Financial Markets," "Equipment Investment and Economic Growth," "Princes and Merchants: European City Growth Before the Industrial Revolution," "Why Does the Stock Market Fluctuate?" "Keynesianism, Pennsylvania-Avenue Style," "America's Peacetime Inflation: The 1970s," "American Fiscal Policy in the Shadow of the Great Depression," "Review of Robert Skidelsky (2000), John Maynard Keynes, volume 3, Fighting for Britain," "Between Meltdown and Moral Hazard: Clinton Administration International Monetary and Financial Policy," "Productivity Growth in the 2000s," "Asset Returns and Economic Growth."
The Eighteen-Year-Old is going to college next year, which means that I need to think about making more money. (The idea that one might write checks to rather than receive checks from universities is now strange to me.) So I have signed up with the Leigh Speakers' Bureau which also handles, among many others: Chris Anderson; Suzanne Berger; Michael Boskin; Kenneth Courtis; Clive Crook; Bill Emmott; Robert H. Frank; William Goetzmann; Douglas J. Holtz-Eakin; Paul Krugman; Bill McKibben; Paul Romer; Jeffrey Sachs; Robert Shiller;James Surowiecki; Martin Wolf; Adrian Wooldridge.
"The urgent task is to contain the panic"
What panic? Representative agents are rushing to cash out of the market so they can get clearer deals as the restructuring takes place. Hurried, obviously, because they suddenly agree that this is the time for a redo.
A lot of us do not want our jobs saved, for ourselves, anyway. This group intends to stay retired. Other groups will want to change jobs, en masse, as the new opportunities reveal and old opportunities disappear.
As the restrucuring started, many business that reformulate will want to take advantage of economies of scale as we revert, temporarily, to auction for labor and goods.
Now that we have started, the best approach is to market ourselves to the world as the place with cheap capital, and cheap, skilled labor. Foreign investors are not interested in efforts to drag things out, nor interested in guaranteeing a safe return for pensions, rents or wages.
Foreign investors might be interested in a guaranteed minimal returns from a global bank. But how do many nations agree on guarantee of returns when the very act of agreement will force one or more of their members into an unstable configuration? Global finance ministers will have to acknowledge
the problem of induced instability as they collectively make promises, and taxpayers in each nation will, in their turn, have to absorb more distortion then they are used to over the next few years.
In other words, prepare to bend out of shape, nationally, to keep these promised returns.
Posted by: Matt | October 10, 2008 at 01:36 PM
How do I make this document work with my reading software? It doesn't seem to be text, HTML or PDF.
Posted by: Kaleberg | October 10, 2008 at 02:22 PM