Year: 2012
On the true causes behind France’s downgrade
, 14/01/2012
“[T]he financial problems facing the eurozone are as much a consequence of rising external imbalances and divergences in competitiveness between the eurozone’s core and the so-called “periphery.” As such, we believe that a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers’ rising concerns […]
A brief note on Tobin’s Tax and Merkozy’s naked cynicism
, 12/01/2012
Tobin’s financial transactions’ tax was a simple, down-to-earth, logical proposal for dealing with the ridiculous volatility that became the norm in the era of the Global Minotaur (my metaphor for the way in which the combination of US trade deficits and capital flows into Wall Street kept the global economy going between the early 1970s […]
Greece’s PSI is Dead on Arrival: An error in search of a rationale but also a failure that may prove a harbinger for the Modest Proposal
, 11/01/2012
A brief history of Greece’s PSI In the beginning there was Wholesale Denial.
Μικροοικονομικά Υποδείγματα Μερικής και Γενικής Ισορροπίας
, 10/01/2012
Από τον 18ο αιώνα η οικονομική επιστήμη μελετά τον βαθμό στον οποίο η αγοραία δράση των ατόμων, που αποκλειστικό στόχο έχει την εξυπηρέτηση του ατομικού συμφέροντος, καταλήγει να εξυπηρετεί αυθόρμητα το Κοινό Καλό. Η συστηματικοποίηση αυτής της μελέτης επετεύχθη την δεκαετία του 50 μέσα από τα θεωρήματα των John Nash, Kenneth Arrow και Gerard Debreu […]
Complexity Fetishism, the Euro Crisis and a worthy challenge for 2012: Part A
, 08/01/2012
Preface: Before 2012 once again embroils us fully into the ongoing saga of the eurozone’s Crisis and its global ramifications, I thought it might be a good idea to start the year on a reflective mood. The topic I chose is complexity and the inadequate responses to it that have landed us in a mire of […]