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“The Crypto-currency Coal-Mine Thought Experiment” from John Maynard Keynes’s General Theory of Employment, Interest, and Money (1936)

“If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coal mines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is.

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How to Think about Own Rates of Interest

Phil Pilkington has responded to my post about the latest version of my paper (co-authored by Paul Zimmerman) on the Sraffa-Hayek debate about the natural rate of interest. 1,543 more words

Keynes

Not Undead, But Ruling From The Grave

Richard Rahn explains How Congress Lost Control of Government Spending. Programs enacted decades ago have grown dramatically and keep growing, often beyond their original purpose, claiming ever-larger shares of tax revenue, leaving little flexibility to undertake discretionary spending of any kind. 173 more words

Dyck: Stop Mistaking a Tiger for a Pussy-cat

Drew Nathan Dyck [1]. 2014. Yawning at Tigers: You Can’t Tame God, So Stop Trying. Nashville: Thomas Nelson.

Review by Stephen W. Hiemstra… 678 more words

Reviews

Mark de Zabaleta: Tasa Keynes...¿Tobin?

El objetivo de James Tobin (1918/2002) al desarrollar su idea de una tasa sobre las transacciones de divisas era encontrar una vía para gestionar la volatilidad del tipo de cambio. 417 more words

Keynesian Economics: An Overview -(Mandhir Poonia)

John Maynard Keynes (1883-1946) is probably the most influential economist of the 20th century. In 1936, just 7 years after the Wall Street crash, Keynes published his magnum opus… 656 more words

Economics

Trading Internationally, are tomorrow's risks today's opportunities?

We love the world we live in! With tea from India, chocolate from Belgium and computers from the United States delighting us as consumers, what is not to love about our world? 551 more words

Business