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Macroeconomics News |
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This is where I will make announcements about the class. If you've visited before and want to know what's changed, take a look here first. N.B. Please use my Shaw email account : h-chartrand@shaw.ca HHC For your information about the Crash & Great Recession I recommend the following (non-testable) : 1. The Crash - What went Wrong? - 3 part 'personalized' series in the Washington Post Part I - The Beautiful Machine Part II - A Crack in the System Part III - Downgrades & Downfalls
2. Fear & Greed - February, revised October 2008 My take.
3. Keynes, J.M., The General Theory of Employment, Interest and Money, Macmillan, London, 1967, © 1936: Chapter 12 The State of Long-Term Expectations, 147-164. History does repeat itself with respect to Cause if not Effect. Consider: We should not conclude from this that everything depends on waves of irrational psychology. On the contrary, the state of long-term expectation is often steady, and, even when it is not, the other factors exert their compensating effects. We are merely reminding ourselves that human decisions affecting the future, whether personal or political or economic, cannot 162 depend on strict mathematical expectation, since the basis for making such calculations does not exist; and that it is our innate urge to activity which makes the wheels go round, our rational selves choosing between the alternatives as best we are able, calculating where we can, but often falling back for our motive on whim or sentiment or chance.
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