“Keynes thought that the richer people were the less they’d have to work, why did he get it wrong? He underestimated people’s insatiability, the richer they are the more they seem to want,” Robert Skidelsky, Emeritus professor of political economy at the University of Warwick. Here is a direct link.
Follow
____________________________
Cory’s Chart Corner
Load MoreWow...RBC trying hard to obfuscate an 8x growth in loan losses with candy for the kiddies, buybacks and dividend hike. Morning other Danielle...
h/t @DiMartinoBoothBattening down the hatches with an eight-fold hike in loan loss provisions north of the border:
@RBC provisions for performing loans totaled C$568 million in the second quarter, up from C$68 million in the first three months of the fiscal year.
@business
;
From what I remember from my economics courses, Keynes said that government deficits during downturns should be funded by government surpluses amassed during the preceding boom years––not by ever-growing debt. In other words, Keynes’s basic prescription was: save for a rainy day.
Most economists who call themselves “Keynesians” today, or are deemed to be so, are so in name only. In reality, they are no more Keynesian than candy canes. (No doubt, they’ll claim there’s an endless supply of those too.)