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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
Themes from the opening and keynote speaker at @UBSSW Poverty is a Human Rights Issue: 4th Annual Symposium:
- Poverty is nuanced
- It is based on the history of the United States and US Social Policy
- Many “good” policies to integrate individuals have been create but..
#PHRI
Have been created so marginalized communities can be integrated because profits have been able to be made off of their exploitation (ie. Predatory Lending allows credit, for profit education allows debt and worthless degrees) #PHRI #MacroSW #Policy
- There are many two tiered systems (4% loan rates vs 11% loan rates).
- Military budget
- If we have Medicare for all, how do we ensure a second system for the wealthy doesn’t get created so we don’t wind up back where we started? #MacroSW #PHRI
Read 49 tweets

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