This article proposes a historical and analytical reconstruction of a debate that never happened between John Kenneth Galbraith and Abba Lerner over the issue of price controls. While they adopted a ...similar analysis of underemployment inflation, shared by many post Keynesians, Lerner and Galbraith remained fundamentally opposed as to the effectiveness of price controls. Indeed, while both agreed on the relevance of price controls in the specific context of World War II, they disagreed over including price controls within the conventional framework of economic policies, as illustrated by their respective stances in the debate surrounding the stagflation of the 1970s. Throughout the paper, we provide the rationales behind their divergence on price controls by investigating its theoretical, epistemological, and normative roots. Finally, we put into perspective the contemporary debates about price control in the context of resurgent inflationary pressures with some salient points drawn from our reconstruction of the debate that opposed these two pioneering post Keynesians economists.
Est-il pertinent de parler « d'économie de guerre climatique » dans le contexte actuel ? Etudier les raisonnements qui ont conduit à justifier la suspension des règles du marché pendant la Seconde ...Guerre mondiale permet de mieux comprendre l'analogie entre l'économie de guerre et les enjeux de la transition écologique.
This article proposes a historical and analytical reconstruction of a debate that never happened between John Kenneth Galbraith and Abba Lerner over the issue of price controls. While they adopted a ...similar analysis of underemployment inflation, shared by many post Keynesians, Lerner and Galbraith remained fundamentally opposed as to the effectiveness of price controls. Indeed, while both agreed on the relevance of price controls in the specific context of World War II, they disagreed over including price controls within the conventional framework of economic policies, as illustrated by their respective stances in the debate surrounding the stagflation of the 1970s. Throughout the paper, we provide the rationales behind their divergence on price controls by investigating its theoretical, epistemological, and normative roots. Finally, we put into perspective the contemporary debates about price control in the context of resurgent inflationary pressures with some salient points drawn from our reconstruction of the debate that opposed these two pioneering post Keynesians economists.
The Social Consequences of Inflation and Unemployment and Their Remedies Chirat, Alexandre; Clerc, Basile; Holt, Richard P. F
Research in the History of Economic Thought and Methodology: Including a Symposium on John Kenneth Galbraith: Economic Structures and Policies for the Twenty-first Century,
01/2024, Letnik:
41C
Book Chapter
Recenzirano
Abstract
In 1979, Galbraith wrote a manuscript titled “The Social Consequences of Inflation and Unemployment and Their Remedies.” The manuscript was found in the John Kenneth Galbraith Personal ...Papers at the John F. Kennedy Library. The reasons for Galbraith to write the article might appear at first glance to be purely contextual. At the macroeconomic level, the United States was experiencing stagflation, a situation unseen since 1945, resulting in double-digit inflation rates and high unemployment. A policy debate was going on about the Phillips curve and whether there is a trade-off between inflation and unemployment. Milton Friedman challenged the Keynesian analyses of the Phillips curve in the mid-1960s (Friedman, 1977). Galbraith’s 16-page draft manuscript provides us an incisive summary of Galbraith’s views about the causes of stagflation and what can be done about it. He provides us with an alternative to the neoclassical synthesis of Samuelson and Solow and the neoliberal thinking of Milton Friedman and F.A. Hayek.
Objectives
To assess the interobserver reliability (IOR) of the Tile classification system, and its potential influence on outcomes, for the interpretation of CT images of pelvic fractures by ...radiologists and surgeons.
Methods
Retrospective data (1/2008–12/2016) from 238 patients with pelvic fractures were analyzed. Mean patient age was 44 years (SD 20); 66% were male. There were 54 Tile A, 82 Tile B, and 102 Tile C type injuries. The 30-day mortality rate was 15% (36/238). Six observers, three radiologists, and three surgeons with different levels of experience (attending/resident/intern) classified each fracture into one of the 26 second-order subcategories of the Tile classification. Weighted kappa coefficients were used to assess the IORs for the three main categories and nine first-order subcategories.
Results
The overall IORs of the Tile system for the main categories and first-order subcategories were moderate (kappa = 0.44) and fair (kappa = 0.31), respectively. IOR was fair to moderate among radiologists, but only fair among surgeons. By level of training, IOR was moderate between attendings and between residents, whereas it was only fair between interns. IOR was moderate to substantial (kappa = 0.56–0.70) between the radiology attending and resident. Association of the Tile fracture type with 30-day mortality was present based on two out of six observer ratings.
Conclusions
The overall IOR of the Tile classification system is only fair to moderate, increases with the level of rater experience and is better among radiologists than surgeons. In the light of these findings, results from studies using this classification system must be interpreted cautiously.
Key Points
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The overall interobserver reliability of the Tile pelvic fracture classification is only fair to moderate.
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Interobserver reliability increases with observer experience and radiologists have higher kappa coefficients than surgeons.
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Interobserver reliability has an impact on the association of the Tile classification system with mortality in two out of six cases.
A reduction of admission for MI has been reported in most countries affected by COVID-19. No clear explanation has been provided.
To report the incidence of myocardial infarction (MI) admission ...during COVID-19 pandemic and in particular during national lockdown in two unequally affected French provinces (10-million inhabitants) with a different media strategy, and to describe the magnitude of MI incidence changes relative to the incidence of COVID-19-related deaths. A longitudinal study to collect all MIs from January 1 until May 17, 2020 (study period) and from the identical time period in 2019 (control period) was conducted in all centers with PCI-facilities in northern “Hauts-de-France” province and western “Pays-de-la-Loire” Province. The incidence of COVID-19 fatalities was also collected.
In “Hauts-de-France”, during lockdown (March 18–May 10), 1500 COVID-19-related deaths were observed. A 23% decrease in MI-IR (IRR=0.77;95%CI:0.71–0.84, p<0.001) was observed for a loss of 272 MIs (95%CI:−363,−181), representing 18% of COVID-19-related deaths. In “Pays-de-la-Loire”, 382 COVID-19-related deaths were observed. A 19% decrease in MI-IR (IRR=0.81; 95%CI=0.73–0.90, p<0.001) was observed for a loss of 138 MIs (95%CI:−210,−66), representing 36% of COVID-19-related deaths. While in “Hauts-de-France” the MI decline started before lockdown and recovered 3 weeks before its end, in “Pays-de-la-Loire”, it started after lockdown and recovered only by its end. In-hospital mortality of MI patients was increased during lockdown in both provinces (5.0% vs 3.4%, p=0.02).
It highlights one of the potential collateral damages of COVID-19 outbreak on cardiovascular health with a dramatic reduction of MI incidence. It advocates for a careful and weighted communication strategy in pandemic crises.
The study was conducted without external funding.
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