18 April 2012
Of all the economists, Wynne Godley had the rarest of rare ability to model and imagine the economic dynamics of the whole world. “… a full macroeconomic model in his head, which, by some sort of subconscious process, he computed.” as his obituary from FT said. In the recent INET conference paper, Dirk Bezemer discusses Wynne [...]
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16 February 2012
A commenter on my post on Net Worth asked me if I could do an example. Here it goes. First I do it as done by national accountants as per 2008 SNA - the System of National Accounts and then by the method used by the Federal Reserve’s Z.1 Flow of Funds Accounts. The example is from a [...]
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