Earth economics studies the economy of our planet from the perspective of an autarkic system (a “closed economy”). It ignores the constituent national and regional parts of the planet economy and focuses on the whole. The book respects the heritages of IS/LM (Keynes) and neoclassical growth (Solow) not out of economic respect but because these tools are very useful in understanding the crisis and the policy response to that crisis.
Sunday, May 5, 2013
Lenin could be wrong
"It is therefore impossible to conceive a capitalist nation without foreign trade, nor is there any such nation" - Vladimir Ilyich Lenin The DEVELOPMENT of CAPITALISM in RUSSIA, Chapter I. The Theoretical Mistakes of the Narodnik Economists, VIII. Why Does the Capitalist Nation Need a Foreign Market?
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