Word: maynards
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...dollar reserves into SDRs, the reasoning goes, and global finance suddenly becomes much more balanced. By no longer needing to load up on dollars, countries like China would have less incentive to run big trade surpluses with the U.S. This line of thought goes back to English economist John Maynard Keynes - the source of seemingly every important economic idea of this crisis-racked time - who first proposed what he called "supernational bank money" in 1930. During the economic turmoil of his day, he kept refining the idea and proposing odd names for the currency - first "grammor" and then "bancor...
...doubt that Paul Krugman or Joseph Stiglitz will sober up my analysis of the summit in the next few days. But, for now, I’m chalking up this one as a small win and my “animal spirits,” to quote John Maynard Keynes, are high. A little more confidence in collaboration is a nice thing to have, and confidence, after all, is what recovery is made...
...director of the Office of Management and Budget, Peter Orszag is a card-carrying numbers guy. But lately Orszag has been reading up on that aspect of the economy ungoverned by numbers: the realm of groundswell and mojo - our "animal spirits," in the vivid words of economist John Maynard Keynes. Spirits such as trust, belief and confidence. When surging, these spirits can turn a slump into a boom and a boom into a bubble, but once they shatter, it's a devilish job trying to resurrect them. That's because other animal spirits rise up to take their place: doubt...
...stimulus package, and another might be needed in a couple of years. By highlighting the goal of halving the deficit, Obama limits his ability to react to future crises. Obama’s economic policy, especially the stimulus package passed, shows a belief in the principles of Keynesian economics. Maynard Keynes himself once suggested that, to battle the Great Depression, we bury money underground and hire workers to dig it out. Hopefully, Obama’s policies to rejuvenate the economy are more useful than this, but his message should be closer to Keynes’s than to Hoover?...
...possible to cultivate genius? Could we somehow structure our educational and social life to produce more Einsteins and Mozarts - or, more urgently these days, another Adam Smith or John Maynard Keynes...