Re: Why economists do not care about high rates of unemployment w

[Doug Henwood <dhenwood@xxxxxxxxx>]

What is Thirlwall's law?

Doug

Doug Henwood [dhenwood@xxxxxxxxx]
Left Business Observer
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On Wed, 20 Apr 1994, Paul Davidson wrote:

>      By the way, with The NEW YORK TIMES today (20 April 1994) indicating that
> the US has shown the worse trade deficit in six years -- despite Clinton's
> lowering of the Federal government deficit -- indicates, as my PKMT book
> makes clear, that it is THIRLWALL'S LAW and not the US budget deficit, that is
> driving the US international debtor position. This lends even more credence to
> the necessity of adopting a proposal based on the 8 points of my reforming
> the worlds money analysis (Ch. 17 of PKMT) if the global economy is not to
> sink into a globally stagnating system -- similar to but hopefully not as bad
> as the 1930s.