Discover and read the best of Twitter Threads about #externalities

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John Maynard #Keynes was born on June 5, 1883, and died too early. Here's a few thoughts on why I keep circling back to him, & why his work forces 2 rethink the way we do & teach #economics, esp. #micro. I am sure this (partial) thread will upset someone: apologies in advance. 1/
#Keynes understood that #macroeconomics is about emergent properties: aggregate outcomes that don't make sense 2 the individuals populating the economy. The logic, e.g., of the #IncomeExpenditure model is that an economy can coordinate along any point on the 45-degree line.. 2/
and that, accordingly, we should expect economies to operate with slack. Then you have the #ParadoxofThrift and all that. He also talked about the #ParadoxofCosts when he discusses redistribution to lower income people who have higher propensity to consume... 3/
Read 14 tweets
#Panel discussion on "What is the new normal for #CESEE?"
@wiiw_news #wiiwSpringSeminar
Vizek: "Very strong public sector, lot of informal economy. Croatia experienced slow growth before, so new normal not really new. But political willingness to reform very low."
Zubovic: positive trends in #Serbia: - rapid #growth in #IT sector over last 3/4 years w/ 3% to 6% share of GDP - Huge Chinese #investments, but with #externalities - Macroeconomic #stability, no fiscal #deficit anymore - foreign #debt declining - Substantial growth of #GDP
Read 14 tweets

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