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Steven Kates
14 May 2014
2 comments

I am reading the Economist and Financial Times 2013 book of the year, Stephen D. King's When the Money Runs Out: The End of Western Affluence. From its pages I can certainly see what the latest...
Steven Kates
25 April 2013
14 comments

I was given a copy of John Kenneth Galbraith's 1975 treatise which goes by the name of Money: Whence it Came, Where it Went. And there on pages 218-19 we find this: ‘Until Keynes, Say...
Steven Kates
28 February 2013
10 comments

Has Keynesian economics reached the final frontier of idiocy? I may live on the other side of the world, but this article in The Telegraph found its way to me. It is a story that makes me think...
Steven Kates
9 March 2012
2 comments

There was a passage in the Wall Street Journal’s Notable & Quotable column the other day from an essay written by John Stuart Mill in 1844, which I suppose was included...
Steven Kates
14 June 2011
3 comments

After writing ‘you cannot make an economy grow through public spending’ I received this touching statement of Keynesian faith in response: ‘In terms of a contribution to GDP...
Steven Kates
28 April 2011
4 comments

Only someone with professional training in economics has ever heard of the economic principle now known as Say’s Law of Markets. Indeed it was Keynes’s explicit aim in writing his...
Steven Kates
4 April 2011
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According to Wicksell, there are two interest rates, one visible and the other almost totally invisible. The visible rate is the number found in every central bank publication. It is prominently...
Steven Kates
7 January 2011
8 comments

The recent decisions to retain the ‘Bush tax cuts’ in the United States and to withdraw the trillion-dollar-plus expenditure bill from the American Senate before it was even put to a...
Steven Kates
21 December 2010
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The Social Network is a wonderfully entertaining film. It may also be – and if it is, it will only have been by accident – the most pro-market film ever produced. The film tells the...
Steven Kates
21 September 2010
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My life, of late, has been submerged under the burden of finishing off a book which I am happy to say has now, finally, been sent off to the publisher. It is, moreover, being co-published by the IEA...
Steven Kates
25 August 2010
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“When John Maynard Keynes talked of persistent under-employment, he did not mean that, following a big shock, economies stay frozen at one unchanging level of depressed activity. But he did...
Steven Kates
16 August 2010
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I go to Singapore to teach every six months, which is always instructive. On this occasion, I discovered something I didn’t know and would never have guessed - that the growth rate...
Steven Kates
24 April 2010
2 comments

There is a video doing the rounds at the moment under the name, the “Keynes-Hayek Rap”, although more formally titled, “Fear the Boom and Bust”. It has had a million hits...
Steven Kates
8 March 2010
3 comments

I am now on a 40,000 kilometre round trip to present a paper that will last but a single hour. The nature of this trip can be understood in the context of the invitation I received: “On behalf...
Steven Kates
23 February 2010
1 comment

The world is filled with irony and idiocies aplenty. For how many years was inflation targeting the very essence of economic policy when the threat of inflation was hardly anywhere to be seen. How...
Steven Kates
30 December 2009
4 comments

To die at 94, still compos mentis, still engaged in the economic debate, is astonishing. Some people seem to be born lucky, and Samuelson was one of those people. Paul Samuelson taught Keynesian...
Steven Kates
15 December 2009
10 comments

Peter Clarke was Professor of Modern British History at Cambridge and is the author of one of the leading texts on the Keynesian Revolution. He has now written a biography, Keynes: The Twentieth...
Steven Kates
24 November 2009
2 comments

What is one to make of this report? BEIJING, Nov 18 (Reuters) – President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if...
Steven Kates
18 November 2009
10 comments

There are at least three ways used to determine the success of an economy. We deal with something abstract called economic growth, we look at the most common measure we have for production which is...
Steven Kates
29 October 2009
2 comments

One frequently hears statements that the stimulus package led to a lower level of unemployment or that it contributed to a higher level of GDP growth than would have occurred had no stimulus package...