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UID:84-16789@economics.colostate.edu
DTSTART;TZID=America/Denver:20220225T120000
DTEND;TZID=America/Denver:20220225T130000
DTSTAMP:20220224T211733Z
URL:https://economics.colostate.edu/events/economics-seminar-stephen-margl
 in-harvard-university-3/
SUMMARY:Economics Seminar: Stephen Marglin\, Harvard University
DESCRIPTION:Join the Department of Economics for our Spring 2022 Seminar Se
 ries.\n\nFriday\, February 25| 12-1 p.m.\n\nZoom link: https://zoom.us/j/
 92714907841\nStephen Marglin\nWalter S. Barker Professor of Economics at H
 arvard University\n\nLearn more: https://scholar.harvard.edu/marglin/home\
 n\n&nbsp\;\n"Raising Keynes — A XXI Century General Theory" (Harvard Un
 iversity Press 2021)\nBack to the future: a heterodox economist rewrites K
 eynes’s General Theory of Employment\, Interest\, and Money to serve a
 s the basis for a macroeconomics for the twenty-first century.\n\nJohn May
 nard Keynes’s General Theory of Employment\, Interest\, and Money was 
 the most influential economic idea of the twentieth century. But\, argues
  Stephen Marglin\, its radical implications were obscured by Keynes’s l
 ack of the mathematical tools necessary to argue convincingly that the pro
 blem was the market itself\, as distinct from myriad sources of friction a
 round its margins.\n\nMarglin fills in the theoretical gaps\, revealing th
 e deeper meaning of the General Theory. Drawing on eight decades of discu
 ssion and debate since the General Theory was published\, as well as on 
 his own research\, Marglin substantiates Keynes’s intuition that there i
 s no mechanism within a capitalist economy that ensures full employment. E
 ven if deregulating the economy could make it more like the textbook ideal
  of perfect competition\, this would not address the problem that Keynes i
 dentified: the potential inadequacy of aggregate demand.\n\nOrdinary citiz
 ens have paid a steep price for the distortion of Keynes’s message. Fisc
 al policy has been relegated to emergencies like the Great Recession. Mone
 tary policy has focused unduly on inflation. In both cases the underlying 
 rationale is the false premise that in the long run at least the economy i
 s self-regulating so that fiscal policy is unnecessary and inflation beyon
 d a modest two percent serves no useful purpose.\n\nFleshing out Keynes’
 s intuition that the problem is not the warts on the body of capitalism bu
 t capitalism itself\, Raising Keynes provides the foundation for a twent
 y-first-century macroeconomics that can both respond to crises and guide l
 ong-run policy.
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