Milton Friedman, the Liar

by Serban V.C. Enache

Milton Friedman, a great American economist. He received the 1976 Nobel Memorial Prize in Economic Sciences. The father of the Monetarist current. Avid supporter of the so-called Free Market. His work influenced policy makers far and wide. Milton Friedman, a gentleman, a liar… Continue reading “Milton Friedman, the Liar”

Neoliberalism 2: From Paris to Pèlerin

by Mike Goodman

Errata

Before continuing on this journey it is appropriate to correct two errors in the introductory text last week.

The first is that the word Neoliberalism was adopted during the “Colloque Walter Lippmann” (the Walter Lippmann Colloquium) which took place in 1938, predating the Mont Pèlerin meeting it was accredited to last week by almost 9 years. Continue reading “Neoliberalism 2: From Paris to Pèlerin”

Funding Schemes for Local Authorities and Regional Governments

by Serban V.C. Enache

Observation: many of the following proposals, if not all, require medium to long term economic planning and are incompatible with the laissez-faire approach. In order to appease capitalist libertarians, I will begin the article by quoting Carl Menger, the founder of the Austrian School of Economics in his lectures to Crown Prince Rudolf of Austria. Continue reading “Funding Schemes for Local Authorities and Regional Governments”

Neoliberalism 1: What Is It? Where Did It Come From? A Force For Good Or For Evil?

The first article in what will be a lengthy series examining the creation, formulation, expansion and wide acceptance of the Neoliberal doctrine of political philosophy. The series will go on to analyse how it has informed political and economic activity since its take up by the Reagan and Thatcher administrations in the USA and UK respectively.

by Mike Goodman

The term neoliberalism is being bandied around on social media and people are labelled with the handle neoliberal as though the words were synonymous with rock and roll teenagers’ slang in the early 1960s. Does anybody (apart from me) remember “77 Sunset Strip” and the “hip” language of its somewhat larger than life hero? Continue reading “Neoliberalism 1: What Is It? Where Did It Come From? A Force For Good Or For Evil?”

Does Stimulus Spending Work?

The Case against Ricardian Equivalence

by Joe Blackwell

Today the use of fiscal policy (expanding government spending or reducing taxes) to stimulate GDP growth in times of recession has become one of the most controversial policy areas of modern macroeconomics. For those who favour free market based solutions, commonly known as neoliberals, interventionist fiscal policy is inherently wasteful and distorts the processes of the market system. On the other side of the debate are the various groups of Keynesians who see fiscal policy as a crucial stabilisation tool to prevent the economy entering a deep and prolonged recession. Continue reading “Does Stimulus Spending Work?”