Hysteresis and the Economy
Вставка
- Опубліковано 26 бер 2024
- Mark Setterfield delves into the concept of hysteresis to explore whether temporary economic shocks like the COVID-19 recession have lasting effects on the economy.
Setterfield, Professor of Economics at the New School for Social Research, explores how such temporary events can have enduring effects on economic outcomes, distinguishing between temporary and extreme effects and their potential to cause permanent changes. He discusses both the demand and supply sides of the economy, questioning the long-term impact of the pandemic on household behavior, labor market dynamics, and aggregate demand and supply conditions. Setterfield's insights provide a nuanced understanding of the economy's path-dependent nature and the role of policy interventions in mitigating adverse effects.
Learn more at www.newschool.edu/nssr/facult...
“Will hysteresis effects afflict the US economy during the post-COVID recovery?” Review of Keynesian Economics, 11, 4, 507-528 (2023).
“Inflation and distribution during the post-COVID recovery: a Kaleckian approach,” Journal of Post Keynesian Economics, 46, 4, 587-611 (2023).
“Political aspects of ‘buffer stock’ employment: a reconsideration,” Cambridge Journal of Economics, 47, 6, 1171-86 (2023) (with Peter Kriesler and Joseph Halevi).
Capitalism, Inclusive Growth, and Social Protection: Inherent Contradiction or Achievable Vision? www.e-elgar.com/shop/usd/capit... Cheltenham, UK: Edward Elgar (2023) (with Hagen Krämer and Christian Proaño).
It's dianetics meets macroeconomics. Seems intuitive that consumer confidence requires that consumers actually feel confident. FDR called it fear itself being the only thing to fear. But, what gets overlooked is that it isnt just the trauma of systemic uncertainty. It's also that consumer sentiment has maybe moreso developed a conscientious aspect. People get that every dollar spent is a swath of rain forest that is decimated, an endangered species that is annhilated, and a 15 hour shift worked by a 10 yr old girl for pennies and in deplorable if not outright abusive conditions. The end game of infinite markets is more apparent. And while no reasonable person would argue that this will systemically change market behavior as we know it at least for the foreseeable future, nor is it a factor that should be considered negligible.
Many households, because of the stipends they received and the bars against foreclosure and eviction, pulled out of poverty & were ABLE to save. It's an important input to the data you should analyze.
We certainly see horrific hysteresis effects being caused by Private Equity.
Gobelegoop
How about the population of people of working age? I assumed there would be millions of covid babies but that didn't happen. Covid made people save money initially but then they spent it all when things improved. Covid may also have permanently accelerated the dropping global fertility rate.
You didn't mention that the Covid recession was the ONLY recession where gov't borrow trillions of dollars not to boost productivity, but supress it. This has resulted in massive inflation. You also talk about the "growth" in jobs neglecting to mention this is the ONLY time employment was essentially outlawed by gov't. You should be a barista, because you're not a good thinker about economics.
Look... I'm not tryig to be rude, but you need to actually look at your videos thimbnail before you post. You did this man real dirty.
?
@@NewEconomicThinking lol sorry the thumbnail for the preview earlier was much less flattering! It was not what it currently shows. I think it was a still image of your guest mid sentence. Maybe an auto generated one?
😂 we blame the YT cache! Though good to know that maybe we shouldn't set up the premiere in the same step as adding in the text & thumbnail.
Gobelegoop 🤮