Well-known theorem among heterodox economist. Shows that the assumptions under which you can aggregate micro-level supply and demand structures to the macro level basically can't work in real life so it's all useless.
i doint understand. so you telling me the french banks bought bonds from other european nations that were promising higher yields right before introduction of the Euro? Then those bond payments had to be paid in Euro, and said bond nations were in trouble couldn't pay those high interests, which caused the french banks that bought those bonds to face possible failure risk, and now Austerity is enacted in order to pay those bonds so the banks won't fail???
Essentially, but it wasn't just France. It was pretty much all Banks that bought Greek debt to the point of tripling their balance book, making them to big to fail. The Euro itself doesn't seem to be the issue, but greedy banks without scruples or regulation being allowed to grow to the point where they can dictate political policy.
It's not all. Greek products lost their competitiveness, because of EURO, which is deadly for Greece export ability. They tried to leave eurozone, but they lost with bankers. They need more support of some bigger player of eurozone, probably from Italy, but we have to wait for next big crisis to get any solution. I see three possibilities: the reform of eurozone (monetary and fiscal union, just like in the US) or the end of eurozone or just Grexit from eurozone.
Default Gaming except saying greedy banks misses the point; being that bank are not as smart as they think they are just like 99.999% of all traders. People do dumb things occasionally, and monetary systems such as the Euro has to take that into account. If you create a rigid system, it cannot adjust to changes/shocks/and the like.
cutting spending is simple: gummint smaller, i pay less taxes, or none. don't need a degree in econ for that one. that's why blyth is nearly useless- very good analysis, but figures action is elsewhere. but usa doesn't need more analysis, it needs revolution. he's paid too well to lead, and has the canny scot gig locked up.
i wish it wasn't so zoomed in on him and we could see the slides. mark blyth is great! love his lectures... wish i had a professor like him.
Thanks for the upload =). Why doesn't the camera show the slides?
It would be nice if we could see the pictures.
Always get the slides from the speaker and overlay them afterwards :)
What study did he refer to prior to the sonnenschein mantel debreu theorem? (37:26) his accent is kinda unclear sometimes...
He said Lipsey and Lancaster.
Well-known theorem among heterodox economist. Shows that the assumptions under which you can aggregate micro-level supply and demand structures to the macro level basically can't work in real life so it's all useless.
Here is the video with visible slides: th-cam.com/video/S31VLG8Qi78/w-d-xo.html
I have no audio here. What should I do ?
Marcin Midera
Easy. Austerity
@@1cspr1 lmao
Why not use the shot that shows the slides?
i doint understand. so you telling me the french banks bought bonds from other european nations that were promising higher yields right before introduction of the Euro? Then those bond payments had to be paid in Euro, and said bond nations were in trouble couldn't pay those high interests, which caused the french banks that bought those bonds to face possible failure risk, and now Austerity is enacted in order to pay those bonds so the banks won't fail???
Essentially, but it wasn't just France. It was pretty much all Banks that bought Greek debt to the point of tripling their balance book, making them to big to fail. The Euro itself doesn't seem to be the issue, but greedy banks without scruples or regulation being allowed to grow to the point where they can dictate political policy.
It's not all. Greek products lost their competitiveness, because of EURO, which is deadly for Greece export ability. They tried to leave eurozone, but they lost with bankers. They need more support of some bigger player of eurozone, probably from Italy, but we have to wait for next big crisis to get any solution. I see three possibilities: the reform of eurozone (monetary and fiscal union, just like in the US) or the end of eurozone or just Grexit from eurozone.
Default Gaming except saying greedy banks misses the point; being that bank are not as smart as they think they are just like 99.999% of all traders. People do dumb things occasionally, and monetary systems such as the Euro has to take that into account. If you create a rigid system, it cannot adjust to changes/shocks/and the like.
My left ear stabbed my right ear out of jealousy
The people in the audience must all be hair stylists and sauce cooks.
why isn't anyone laughing at his jokes ??? And it would have been nice to actually see the slides!
The soul has been sucked out of them, and now all that is left are the dead husks of future consumer capitalist.
Wish I was a Professor
spex357 what's stopping you?
56:25-56:50,major red pill.
cutting spending is simple: gummint smaller, i pay less taxes, or none. don't need a degree in econ for that one. that's why blyth is nearly useless- very good analysis, but figures action is elsewhere. but usa doesn't need more analysis, it needs revolution. he's paid too well to lead, and has the canny scot gig locked up.
😂 can't expect one guy to do everything. He provides the analysis, why don't you lead the revolution