What does “the Kansas City School” of economics say about the economy?
The Kansas City School
Find out at the new blog by a group of economics professors at the University of Missouri-Kansas City: Economic Perspectives from Kansas City.
From their early postings, we learn that:
“Increases in the federal deficit tend to decrease, rather than increase, interest rates.”
“Elsewhere, I have argued that government spending needs to operate like a ratchet: increase in bad times to get us out of recession, and increase in good times to generate demand for growth of capacity.”
“The long fashionable belief that the market knows best now seems crazily improbable.”
“If Treasury really understood what it was doing, it would simply offer overnight deposits at the Fed, paying the Fed’s target interest rate. Then it would not ‘need’ to sell bonds at all, and we could stop worrying about government ‘borrowing from the Chinese’.”
Of course, they share others’ views.
One visiting blogger teaches us to ignore economists who worry that the policy-engineered massive jump in banking reserves could lead to inflation.
We also can watch the posted video of James K. Galbraith explaining “Why We Should Abandon the Free Market,” among others.
There’s a pretty clear theme here, reflecting that Kansas City School the UMKC group says it has developed.
Which leads to an important question: Will my grades transfer to “The Chicago School” of economics?
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