Tag Archives: Schumpeter

Behind Varoufakis – and the personal value of an economics curriculum

Paradigm change is knocking evermore louder on your door…

Some incredible quotes (may be slightly stylized)

  • “EU is built on myths”
  • “EU was never meant to be democratic – it is an American Project”
  • “Eurozone never designed to sustain a shock”
  • “Great Financial Crisis orchestrated by Wallstreet and the twin deficits of America [through surplus recycling]
  • “Syriza may have to forge alliances with the IMF-bastards”
  • “After any form of Greek default, capital controls need to be put in place in Portugal. Domino Effect follows in Italy and France. Germany will leave the Euro before and form some ‘northern Eurozone’. The ‘south’ will face stagflation and dire times
  • “Gigantic amounts of unused purchasing power in the EU” / “The crisis is a coordination fail – nobody invests out of fear”
  •  “Truth of capitalism not found in mathematical models”
  • “Don’t read [Keynes’] General Theory

About the self

  • “My biggest fear is that I get corrupted by the privileges of power”
  • “[The movie] Matrix is a (impressionistic) documentary of the world we live in”
  • “None of my political initiatives are founded on my academic / professional background in economics – but the titles allow me to talk to the IMF, etc.”
  • “Anybody who doesn’t speak the economic language simply isn’t heared by the high and mighty, the hedgefunds, the FED”
  • “Value of studying economics is to see through the lies just as studying the bible did centuries ago. However, I cannot recommend without bad moral feelings this curriculum to any of my beloved ones – the pain of obstructing oneself half of your life is not worth it – there are better books to read out there”
  • The [right-wing] economic departement of Sydney employed me, because not even they could read my models

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Quote: “Notenbanken haben mehrere Ziele gemäss Verfassung” – yeah about that…

Aus aktuellem Anlass 😉 ein bisschen “Food for thought” in Form eines Schumpeter-Zitates:

“Alle Notenbanken haben ihre Wurzel im Geldbedarf der Staaten, wenngleich sie im Zuge eines höchst interessanten Bedeutungswandel zum Zentralorgan des Wirtschaftsverkehrs geworden sind und nur in Zeiten äusserster Not, die jedes Gebot bricht, wieder das werden, was sie ursprünglich waren.” (p. 56).

Schumpeter, Joseph Alois (2008): Das Wesen des Geldes. Göttingen: Vandenhoeck & Ruprecht.

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Quote: The Central Question of Macroeconomics

“The central question of macroeconomics, in our view, is why and how the processes of economywide coordination – Schumpeter’s  multilateral clearing, notably – sometimes suffer impairment” (p. 455).

Shah, P. J.; Yeager, L. B. (1994): Schumpeter on Monetary Determinacy. In: History of Political Economy 26 (3), S. 443–464. DOI: 10.1215/00182702-26-3-443.

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When Keynes is Hayek and Menger is Schmoller

For a long time, economics felt to me to be strictly divided in schools, or at least mainstream and “weirdos”. It seems though, that wherever I thought there was a big, even war-like discrepancy between economists on some topic or person, it falls apart when I dig into it. I admit it may be my very subjective impression – of course it is nurtured by the actors strive for profiling or just popular videos, etc. However I think I have a case here. Let me give you three examples:

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Capitalism and the Forgotten Role of Credit

Are you an economist? Can you explain to a fellow citizen or economist what characterises capitalism? In my experience, few economists and fellow students don’t have a clear picture – and I used to be one of them. If they do, they usually go about a market economy, whose features (trade and prices) they then start off reciting. Consequently in the public discussion, we mix up a market economy with capitalism. With this I want to offer some Schumpeterian inspiration on that topic:

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