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St Catharine's Political Economy Seminar - The Economics of Austerity series

When Mar 13, 2013
from 06:00 PM to 07:30 PM
Where Ramsden Room, St Catharine's College
Contact Name
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Lord Desai will give a talk on 'What kind of Economics for Austerity?'.

MEGHNAD DESAI is Professor Emeritus at LSE and a member of the House of Lords. Lord Desai is the author of Marxian Economics, Testing Monetarism, two volumes of Selected Essays - Macroeconomics and Monetary Theory and Poverty Famine and Economic Development. He has also published over 150 articles in refereed journals.

CONTENT: The Great Recession has now lasted for five years. The previously accepted Keynesian cure is no longer being seen as relevant or likely to be effective. Do we need to rethink macroeconomics to explain the onset and the persistence of the recession? The shortcomings of the Keynesian framework-closed economy,a flow-flow model ignoring stocks, concern with oversaving while the problem is undersaving,ignoring the intertemporal aspects of public debt - will be explored. The ideas of Marx and Hayek will be explored as an alternative. Stock dlsequilibria need to be modelled as well as the global interdependence of an oversaving Asia and an undersaving West.

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