Epstein Secrets

loyment is higher in model 46 than model 4A. Also the ratio of returns to labour to returns to capital is significantly higher in model 4A. This is Keynes writ large. Unlike static equilibria, dynamic equilibria can have multiple points of stability. The point of equilibrium that is reached depends on

my belief that it is debt, or more particularly, savings rates, that are key. In Europe rich Germany has a high savings rate while Ireland and the Mediterranean countries have lower savings rates and higher debt. On a bigger scale poorer China has one of the highest savings rates ever seen, and America has

tire world was pulled into the fire. “In the autumn of 1919, in which I write, we are at the dead season of our fortunes,” the economist John Maynard Keynes wrote after the Paris Peace Conference settled The Great War, dimly aware that an even deader season lay somewhere in the future in the form of anoth

ties. Egypt and Mesopotamia developed great powers that endured for centuries along the Nile and the Euphrates. Later, networks of trade overlaid the Mediterranean, which became the heart of the wealthy Carthaginian, Roman and Byzantine empires. And the greatest geographical empire in history, Great Britain, was

ooking back on his formative years, before Europe was ground up in the First World War, the powerfully brilliant and sensitive economist John Maynard Keynes bitterly recalled the iron certainty of his set of friends and their confident, diffident arrogance: “We were not aware that civilization was a thin

owing full well the answer would be measured in blood and treasure and children. Put yourself in the place of the population of Melos, a peace-loving Mediterranean island whose destruction 2300 years ago was chronicled by Thucydides in The Peloponesian Wars. “Surely you have noticed that you are an island and we