----- Forwarded Message ----- From: Institute for New Economic Thinking <[email protected]> To: [email protected] Sent: Friday, 23 March 2012, 2:07 Subject: Erik Berglöf - Crisis in Eastern Europe: The People's Perspective Erik Berglöf - Crisis in Eastern Europe: The People's Perspective Click to view this email in a browser Hi Robert Searle, Today INET presents you an interview with Erik Berglöf, who talks about the crisis as felt by the people in Eastern Europe. Erik Berglöf - Crisis in Eastern Europe: The People's Perspective The global economic and financial crisis hit Eastern Europe harder than anywhere in the world. The region was shut off from global financial flows essentially overnight and some Eastern European countries lost a staggering 20% of GDP in one year. What does such a large loss in economic output do to the average household? The latest Transition Report of the European Bank for Reconstruction and Development (EBRD) provides some worrying answers. As Erik Berglöf explains in this INET interview, the crisis in combination with loose social safety nets forced people in Eastern Europe to cut down on food expenses and limit visits to doctors. The report, entitled “Crisis in Transition: The People's Perspective,” contains more than numbers on economic and social conditions; the report is also informed by over 38,000 interviews that tell us how people in Eastern Europe think about the world. And what is striking, Berglöf says, is that while support for markets and democracy survived the crisis, people are dissatisfied with the state of healthcare and education systems. This and more in the INET interview with Erik Berglöf. Berglöf is the EBRD’s Chief Economist and a member of the INET Governing Board. Link to video Kind regards, Enno Schröder Manager INET Online ________________________________ Please do not reply to this message. This email was generated automatically and responses are not monitored. History of Economics Playground UK Budget Appeals to Adam Smith's Approach to Taxes... Sort of by Benjamin Mitra-Kahn Yesterday the Chancellor of the Exchequer (or UK 'finance minister') gave his annual budget speech where UK fiscal policy is set for the coming years. In announcing his tax changes he name-dropped Adam Smith as the inspiration for his objectives on tax... The Dynamics of the Chicago / MIT Dispute (in the Archives) by Yann Giraud In his notorious "How Did Economists Get It So Wrong" NYT article in 2009, Paul Krugman relied on the freshwater/saltwater distinction to explain that the economists' inability to predict and solve the current economics crisis was due to the fact that MIT/Harvard economics lost their long dispute against their Chicagoan counterparts. ... ________________________________ Alexander Field: A Great Leap Forward - Productivity Growth During the Great Depression Alexander Field offers a new take on postwar prosperity in the United States. While public spending during the Second World War is often credited with laying the foundation for postwar growth, Field suggests this foundation had long been laid. In this INET interview with Rob Johnson he says productive capacity increased tremendously in the years preceding the war, and that fact – not the war spending – provided the basis for prosperity and productivity improvements in the 1950s and 1960s. Link to video The Money View Eurocrisis Redux by Perry G. Mehrling The recent BIS Quarterly Review article "European Bank Funding and Deleveraging" takes a stab at connecting all the dots in the Eurocrisis.  It is only 12 pages, but with 8 (triple) graphs, there is a lot here to digest.  Let's take a stab.  ... Liquidity: Not Like Water (part 1 of many) by Daniel H. Neilson Discussion of the results of the ECB's LTRO2 has revolved around the question of hoarding, specifically whether banks are using the newly-created reserves to fund new lending. Answers to this question usually make reference to the amount of overnight deposits held by eurozone banks at the ECB. ... ________________________________ Dirk Bezemer - Growth and Crisis: The Two Faces of Credit At least since Joseph Schumpeter we know that credit is good for economic growth. At least since 2007 we know that too much credit foreshadows financial turmoil. Inspired by Keynes and Minsky, Dirk Bezemer pieces together a cross-country data set of credit and debt, investigating whether the two faces of credit are different for different forms of credit. And using agent-based modeling, he strives to capture the interaction between the financial and the real -- this is new economic thinking. Link to video Follow Us Twitter Facebook Youtube RSS feeds ________________________________ Contact Us [email protected] ________________________________ If you no longer wish to receive these emails, please reply to this message with "Unsubscribe" in the subject line or simply click on the following link: Unsubscribe ________________________________ Institute for New Economic Thinking 570 Lexington Avenue 39th Floor New York, New York 10022 US Read the VerticalResponse marketing policy.