Celebrating humanity's flourishing through the spread of capitalism and the rule of law
31 Mar 2020 7 Comments
in budget deficits, business cycles, economic history, fiscal policy, great depression, labour economics, labour supply, macroeconomics, monetary economics, public economics, unemployment Tags: Keynesian macroeconomics, new classical macroeconomics, New Keynesian macroeconomics, New Zealand
Celebrating humanity's flourishing through the spread of capitalism and the rule of law
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Mar 31, 2020 @ 14:40:33
Yeah so great unemployment di not really fall until well after 1936.
Put it another way. expansionary austerity has be shown to be claptrap by the IMF during and since the GFC.
Why would it be different back then. answer it wasn’t.
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Mar 31, 2020 @ 14:41:31
Unemployment drop to below 10% by 1936 after a massive fiscal contraction
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Mar 31, 2020 @ 14:51:40
Jim, let me give you a basic fiscal policy lesson. it only contacts when the structural position gets tighter each fiscal year. It did not in Australia and indeed was offset by a massive devaluation here.
I suspect after the first stupid austerity budget each budget after that was less contractionary or to put it another way very mildly expansionary.
If things do not get worse and you have a large devaluation then unemployment gets mildly better as we see in NZ. It did not get better in a large way until fiscal policy s changed in 1936 as I have shown
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Mar 31, 2020 @ 14:53:19
Stop lying. What does Keynesian macroeconomics predict would follow a 20% cut in government spending?
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Mar 31, 2020 @ 14:57:17
exactly what occurred. amazing what happens after a devaluation though.
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Mar 31, 2020 @ 14:58:08
How much faster would be the recovery but for the massive fiscal contraction?
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Mar 31, 2020 @ 14:54:23
NZ was out of the depression by 1935? Stop lying
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