I want to follow up a little on my discussion of the liquidity trap that we are have been in. Brad Delong has an excellent post today called "Four Years After the Wakeup Call". In it he shows some graphs which illustrate very well our the liquidity trap. Delong first serves us two graphs on … Continue reading What a Liquidity Trap Looks Like in Pictures
Brad Delong has had enough. So have I. "The Little Depression" Back in late 2008 people asked me: is this a recession or a depression? I said that I would call it a depression if the unemployment rate kissed 12%. I said that I would call it a depression if the unemployment rate stayed above … Continue reading What to Call This Unpleasantness? Little Depression or Workers’ Depression?
Brad DeLong is as puzzled as I, but is more eloquent in expressing it. In so doing he does my classes a favor in expressing a quick version of the history of addressing macro economic crises. For nearly 200 years economists from John Stuart Mill through Walter Bagehot and John Maynard Keynes and Milton Friedman … Continue reading Why the Austerity Talk?
Courtesy of Brad Delong (UC Berkeley) we have links to 101 Events in Background World History. These are for the most part 20th century events. via Background in World History for Econ 115: 101 Events and 101 Videos/Pictures.