By Nicholas Kaldor
Those lectures include a masterful summing up of Nicholas Kaldor's critique of the rules of mainstream fiscal conception. they supply a truly transparent account of his theoretical constructions on local adjustments, basic manufacturers and brands, and on differing industry constructions and the most probably process costs and amounts in several markets over the years. the 1st 4 lectures are enthusiastic about concept, historical past and rationalization; the 5th includes a close set of built-in coverage proposals.
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Extra info for Causes of Growth and Stagnation in the World Economy (Raffaele Mattioli Lectures)
One basic mistake is to treat a portfolio of stocks and bonds as if it were a stockpile of actual output that an elderly person could consume straightaway. Although all of us are accustomed to thinking that we can sell our financial assets for cash at a moment’s notice and then use the cash to buy goods and services, this obviously wouldn’t work if everyone tried to do it at once. If a large number of senior citizens liquidated their financial assets at the same time, in order to buy needed goods and services, they would soon find that the proceeds were much smaller than they had expected.
A good example involves the interaction of interest rates and inflation. Although an increase in the money supply is expected to drive down interest rates, it is also expected to drive up inflation, which may in turn push long-term interest rates (and, eventually, short-term rates) higher, rather than lower. To understand why, it is first necessary to understand one of the central dichotomies in macroeconomics: nominal versus real. Nominal versus Real GDP We’ll start with nominal versus real GDP.
At least since the dawn of the nation state, national governments have taken charge of defining what money is in their economies (see chapter 4). Eventually, almost every national government also took charge of creating its own currency, either by coining it or printing it itself. As we will see, how a government does this has enormous implications for how its economy functions and what types of risk its residents face in the marketplace. Money and Its Effect on Interest Rates, Exchange Rates, and Inflation Although money plays a vital role facilitating exchange, it also affects several variables that are of great interest to macroeconomists: interest rates, exchange rates, and the aggregate price level.