by
Mark Blyth
stagflation
(en)
(stagnation + inflation) when inflation is high, the economic growth rate slows, and unemployment remains steadily high
40
the economy of the mid-1970s seemed to trade in inflation with unemployment in a phenomenon called "stagflation", where wages/prices (inflation)and unemployment rose together
in an apparent contradiction of the Phillips curve, which many by this point took as the sine qua non of Keynesianism
notable
7 years ago
the economy of the mid-1970s seemed to trade in inflation with unemployment in a phenomenon called "stagflation", where wages/prices (inflation)and unemployment rose together
in an apparent contradiction of the Phillips curve, which many by this point took as the sine qua non of Keynesianism
notable
7 years ago
Maastricht Treaty
(en)
treay for creating the EU; signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands
78
Paul Krugman saw trouble in the decade of recession and unemployment necessitated by the convergence criteria of the Maastricht Treaty of 1992, the precondition for adoption of the euro
notable
7 years ago
Paul Krugman saw trouble in the decade of recession and unemployment necessitated by the convergence criteria of the Maastricht Treaty of 1992, the precondition for adoption of the euro
notable
7 years ago
emetic
(en)
(adj, noun) causing vomiting
121
Austerity may be painful, but it is unavoidable since undergoing such emetic periods is the essence of capitalism's process of investment and discovery
confirm
7 years ago
Austerity may be painful, but it is unavoidable since undergoing such emetic periods is the essence of capitalism's process of investment and discovery
confirm
7 years ago
creative destruction
(en)
the incessant product and process innovation mechanism by which new production units replace outdated ones; coined by Joseph Schumpeter in 1942 as "the essential fact about capitalism"
132
his concept of gales of "creative destruction" that sweep through the economy. Torn asunder by the entrepreneurial utilization of technology, continual organizational innovation, and the rigors of competition, businesses rise and fall, driving the business cycle over time
notable
7 years ago
his concept of gales of "creative destruction" that sweep through the economy. Torn asunder by the entrepreneurial utilization of technology, continual organizational innovation, and the rigors of competition, businesses rise and fall, driving the business cycle over time
notable
7 years ago
Say's Law
(en)
an economic law stating that supply creates its own demand (named after eighteenth-century French economist Jean-Baptiste Say)
137
The policy objective [...] "achievement competition" rather than "impediment competition," whereby the quality of products manufactured would create the demand for them, in a modern supply-side restatement of Say's law.
ordoliberal policy re: German firms
notable
7 years ago
The policy objective [...] "achievement competition" rather than "impediment competition," whereby the quality of products manufactured would create the demand for them, in a modern supply-side restatement of Say's law.
ordoliberal policy re: German firms
notable
7 years ago
ordoliberal
(en)
the German variant of social liberalism that emphasizes the need for the state to ensure that the free market produces results close to its theoretical potential
140
ordoliberalism, ordnungspolitik, and the rest, are all about rules means precisely that good economic governance is not about spending
notable
7 years ago
ordoliberalism, ordnungspolitik, and the rest, are all about rules means precisely that good economic governance is not about spending
notable
7 years ago
pace
(en)
(preposition) with due respect to (someone or their opinion), used to express polite disagreement or contradiction (e.g., "narrative history, pace some theorists, is by no means dead")
142
the liberal path to growth only makes sense if you are an early developer, since you have no competitors--pace the United Kingdom in the eighteenth century and the United States in the nineteenth century. Yet in the contemporary world, development is almost always state led.
notable
7 years ago
the liberal path to growth only makes sense if you are an early developer, since you have no competitors--pace the United Kingdom in the eighteenth century and the United States in the nineteenth century. Yet in the contemporary world, development is almost always state led.
notable
7 years ago
Washington Consensus
(en)
a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions like the IMF and the World Bank (in a nutshell, neoliberalism); term first used in 1989 by English economist John Williamson
142
the insistence that all developing states follow their liberal instruction sheets to get rich, the so-called Washington Consensus approach to development
notable
7 years ago
the insistence that all developing states follow their liberal instruction sheets to get rich, the so-called Washington Consensus approach to development
notable
7 years ago
debt deflation
(en)
a theory that recessions and depressions are due to the overall level of debt rising in real value because of deflation, causing people to default on loans, which in turns causes bank insolvencies and thus a credit crunch, leading to further recession; developed by Irving Fisher following the Wall Street Crash of 1929
150
depressions do not in fact "right themselves" owing to a phenomenon called debt deflation. Simply put, as the economy deflates, debts increase as incomes shrink, making it harder to pay off debt the more the economy craters
notable
7 years ago
depressions do not in fact "right themselves" owing to a phenomenon called debt deflation. Simply put, as the economy deflates, debts increase as incomes shrink, making it harder to pay off debt the more the economy craters
notable
7 years ago
Washington Consensus
(en)
a set of 10 economic policy prescriptions considered to constitute the "standard" reform package promoted for crisis-wracked developing countries by Washington, D.C.–based institutions like the IMF and the World Bank (in a nutshell, neoliberalism); term first used in 1989 by English economist John Williamson
161
The Washington Consensus was [...] fiscal discipline, reordering public expenditure priorities, tax reform, liberalizing interest rates, (maintaining) a competitive exchange rate, liberalizing trade and foreign direct investment (FDI), privatization, and deregulation
authored by John Williamson in 1989
notable
7 years ago
The Washington Consensus was [...] fiscal discipline, reordering public expenditure priorities, tax reform, liberalizing interest rates, (maintaining) a competitive exchange rate, liberalizing trade and foreign direct investment (FDI), privatization, and deregulation
authored by John Williamson in 1989
notable
7 years ago