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David Comerford
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http://dcomerf.blogspot.ch/2016/03/helicopter-money-and-fee-dividend.html
Commented Apr 4, 2016 on Helicopter Money is Permanent at Worthwhile Canadian Initiative
Helicopter Money is Permanent
The shocks in a random walk process are permanent. That does not mean it is impossible for a positive shock to be followed by a negative shock. It does mean it is equally likely that a positive shock will be followed by a positive shock as by a negative shock. That's what I mean by "permanent". ...
Keynes was wrong about this because of land values and house prices. We are in a zero sum competition to obtain monopoly rights on a particular plot of land. The rate of economic growth has almost nothing to do with the proportion of total resources we are willing to spend on this. And if the next guy works 40hrs a week and we're competing for land, then I better work 40hrs too.
Commented Nov 18, 2015 on Keynes' error at Stumbling and Mumbling
Keynes' error
Why was Keynes wrong? In his 1930 essay (pdf), Economic possibilities for our grandchildren he predicted that: the standard of life in progressive countries one hundred years hence will be between four and eight times as high as it is to-day. This looks like being spot-on: real UK GDP per hea...
Wonderful post. See also https://www.dropbox.com/s/1q1ikts5gx2rn4i/Land_property%20tax%20opportunity.pdf?dl=0
Commented Nov 12, 2015 on Business rates and the Scottish economy at Scottish Economy Watch
Business rates and the Scottish economy
Magnus Gardham writes in the Herald on Tuesday 10 November that 'Some of Britain's biggest retailers have warned stores could be forced to shed jobs in Scotland unless business rates are overhauled. Boots, Marks & Spencer and John Lewis are among 40 firms and business organisations that have ca...
My position (research only, no teaching) is at Stirling, but I live near Zürich and "work from home"
Thanks for your comment.
Commented Jun 26, 2015 on Mark Sadowski's correlations deserve a response at Worthwhile Canadian Initiative
Mark Sadowski's correlations deserve a response
They are just simple correlations, but a sample of 34 (split into two groups) beats a sample of the one country the economist just happens to live in. Correlations of data are themselves data, and it is our job to try to interpret (or explain) the data. This is how I (tentatively) interpret thos...
What about devaluation? Using data from BIS (http://www.bis.org/statistics/eer/), there is a strong negative correlation between the CAPB and devaluation. If devaluation is associated with high NGDP growth (which seems plausible) but under floating exchange rates occurs at the same time as austerity, then austerity could be ceteris paribus contractionary, but we would not see any such effect under floating rates - so e.g. in Iceland we see austerity (contractionary) and devaluation (expansionary) and overall not much impact on NGDP. In Eurozone countries we see only the ceteris paribus effect of austerity.
http://dcomerf.blogspot.ch/2015/06/is-fiscal-austerity-contractionary.html
Commented Jun 26, 2015 on Mark Sadowski's correlations deserve a response at Worthwhile Canadian Initiative
Mark Sadowski's correlations deserve a response
They are just simple correlations, but a sample of 34 (split into two groups) beats a sample of the one country the economist just happens to live in. Correlations of data are themselves data, and it is our job to try to interpret (or explain) the data. This is how I (tentatively) interpret thos...
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