…the debt overhang… And I would argue that this debt overhang has held back spending even though financial markets are operating more or less normally again.” There is a deeper…

…government nor foreign markets. I now will expand that model to include those sectors and more. Extended circular flow for labor share Here is the model in equilibrium. The model…

…(i.e. too much produced) in some markets, then they must add up to excess demands (i.e. too little produced) in other markets. In other words, even if supply does not…

…and aggregate demand; second, to prevent ruinous deflation and “destructive competition” in labor markets; and third, to maintain a better balance between spending and production both by counteracting greater inequality…

…the Volcker recession were coming down. Coincidence? Not really. The dynamics for equilibrium in the international flows encouraged growth in import markets from tremendous foreign investment in the US. At…

…well what may happen to financial markets in emerging markets following higher interest rates in the advanced economies. The result is likely to be continued declines in exchange rates and…

…capital adequacy standards. They can hold back on dividend payouts from their earnings, although that may not be popular with their stockholders. They can raise funds in the capital markets….

…Wrong? “Both give rise to a systematic aversion to government regulation of private economic activity. For him, recognition that the workings of such markets sometimes destroy asset values, jobs, or…

…now, according to his own Taylor rule. He says the financial markets are working fine. “The financial crisis is ages ago now. The financial markets seem to be working just…

…“loser liberalism” is bad policy and horrible politics. Progressives would be better off fighting battles over the structure of markets so that they don’t redistribute income upward. This book describes…