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Deflation is not an issue if accompanied by growth in TFP. It's acknowledged that the period from 1874-1896 was one such event. As for banking panics, they were

Deflation is not an issue if accompanied by growth in TFP. It's acknowledged that the period from 1874-1896 was one such event. As for banking panics, they were always particularly bad in the United States because of geographic limitations, specific bondholding requirements and other restrictions. Theory of the firm has many variants. Coasian, Alchian, evolutionary, etc. Again, what type of neoclassicism? What is neoliberalism, anyway? [1] It's used as a snarl term rather than a particular set of ideological convictions. I've seen it used to describe various forms of economic liberalism, but also more esoteric Foucaltian analyses. The Golden Age of Capitalism was still a time of imperialism (Truman Doctrine in effect), one of seven times less regulation than today (as measured by size of the Federal Register) and all sorts of other statuses that are nowadays attributed as being unique to neoliberalism. There was no sudden "jump" in the 1970s, it's been an ongoing process since mercantilism. [1] http://folk.uio.no/daget/neoliberalism.pdf http://folk.uio.no/daget/neoliberalism.pdf

crdoconnor 11y ago
>Deflation is not an issue if accompanied by growth Which it isn't, because it acts as a choke on spending. >It's acknowledged that the period from 1874-1896 was one such event. Acknowledged by historical revisionists. >As for banking panics, they were always particularly bad in the United States because of geographic limitations, specific bondholding requirements and other restrictions. Or rather, lack of counter-cyclical spending. >Theory of the firm has many variants. Coasian, Alchian, evolutionary, etc. Again, what type of neoclassicism? What is neoliberalism, anyway? A political ideology that champions unconstrained markets, privatization, fiscal austerity and zero constraints on the movement of goods and capital. This isn't a controversial definition even if people do use it with a snarly tone of voice. >There was no sudden "jump" in the 1970s, If you take a look at the share of labor's income as a % of GDP there absolutely was. The trigger point was likely Reagan firing the air traffic controllers (that marked government support for open season on all unions).

crdoconnor 11y ago

>Deflation is not an issue if accompanied by growth Which it isn't, because it acts as a choke on spending. >It's acknowledged that the period from 1874-1896 was one such event. Acknowledged by historical revisionists. >As for banking panics, they were always particularly bad in the United States because of geographic limitations, specific bondholding requirements and other restrictions. Or rather, lack of counter-cyclical spending. >Theory of the firm has many variants. Coasian, Alchian, evolutionary, etc. Again, what type of neoclassicism? What is neoliberalism, anyway? A political ideology that champions unconstrained markets, privatization, fiscal austerity and zero constraints on the movement of goods and capital. This isn't a controversial definition even if people do use it with a snarly tone of voice. >There was no sudden "jump" in the 1970s, If you take a look at the share of labor's income as a % of GDP there absolutely was. The trigger point was likely Reagan firing the air traffic controllers (that marked government support for open season on all unions).