Epstein Secrets

vailable for business to borrow and invest. But business lacked the “animal spirits” to take such a risk ina slump. We saw the same story after 2008. Keynes’ proposal was for government to do the borrowing and investing instead. That’s part of the “fiscal policy” I described in Chapter 1. Here we tend to

saving is invested, as I use the word, but finds different returns. Saving under the mattress is investment at zero return, and drops output just as Keynes said. Investment at the current average return keeps output unchanged. That’s what Keynes meant. But investment at lower returns lowers output, and c

ountry gave each year’s capital growth as a flow. I added this to consumption to give what call market-valued output. I said earlier that Piketty and Zucman should logically have done the same. This gave the values for (4.1) and (4.1a). I then divided by year-end capital to give values for (4.3). 1 next

ht also be surprised at my choice of benchmarks in verse and economics. Masefield and Mill? A consensus might have picked T. S. Elliot, say, and Lord Keynes. Masefield and Mill are likelier to be remembered as old-fashioned fuddy-duddies already outmoded when they wrote. But that’s me. I am Don Quixote. N

b paragraph on growth. The candidates for third seem well behind. Maybe Jevons or John Rae or Leon Walras. Time has not been kind to the teachings of Keynes. I would now rank his teacher Alfred Marshall higher. I like Myrdal’s magnificent ex ante - ex post distinction. Boehm Bawerk and the Austrian school

ard Nobel prizes to those who help. My first nominees would be Piketty and Zucman. Not that I think much of Piketty’s arguments. But his website with Zucman is as powerful a new resource for scholarship and the database as national accounts were eight decades ago. Chapter 8 Banks, Money and Macroeconomi

proposed initially proposed by John Maynard Keyes and aimed at containing financial instability arising from speculative financial transac- tions (Keynes, 1936). In the same spirit James Tobin proposed in 1974 the introduction of an internation- al currency transactions tax also aimed at taming globa

The initial impact of TIEAs seems to be a relocation of funds or redirection of new illicit financial flows across juris- dictions (Johannesen and Zucman, 2012). Moreover, coordination of efforts to fight tax havens is challenging because not all tax havens are created equal. The group includes larg