Thanks Gregg; related to his later arguments that Keynes's theory is indeed a GENERAL THEORY, which makes it scientific. It isn't a critique, it is an opening. Policy has to be institution-specific. Policy cannot be general. One can see the rare brilliance already in his dissertation.
Hi Tim; I've got the breakdown of private sector balances, from Scott Fullwiler:
You might be referring to more recent data--this is only thru Q2.
The NYFed piece Gregg sent is hilarious. I presume it is unintentional comedy. The plain facts stare them in the face but they insist on going with loanable funds.
Note they have all the evidence and argument they need to draw the conclusion that saving is merely a residual (indeed, all their measures derive it from the residual) but still want to assign to it causal priority.
Can someone send them a bit of Fagg Foster?
L. Randall Wray
Senior Scholar, Levy Economics Institute
Co-editor Journal of Post Keynesian Economics
ISSN 0160-3477 (Print), 1557-7821 (Online)
www.tandfonline.com/toc/mpke20/currentNew Book: Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Press http://press.princeton.edu/titles/10575.html
New Book: Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908
Please make note of my new email address as I will be transitioning all email to:
From: AFEEMAIL Discussion List <[log in to unmask]> on behalf of Greg Hannsgen <[log in to unmask]>
Sent: Monday, December 3, 2018 3:50 PM
To: [log in to unmask]
Subject: Re: [AFEEMAIL] Sectoral balance
Did you see this piece from the New York Fed? It does contain balance series:
Greg Hannsgen, Ph.D.
Greg Hannsgen's Economics Blog
Research Associate, Levy Economics Institute of Bard College
economics website: https://greghannsgen.org
Page with information about me and my work, including where my working papers can be found:
You may also by interested in this noneconomics project of mine: https://healthyveganhudsonvalley.com
On Tue, Nov 20, 2018, at 5:48 AM, Wunder, Tim wrote:
Anyone on here seen a sectoral balance lately? Household savings is declining yet gov deficits are increasing. Not sure what trade balances are doing or how business savings is going. I am just curious where the money is going and was hoping someone had done the balance to save me the trouble of looking it up.
Timothy A Wunder
Clinical Associate Professor of Economics
Department of Economics