Orthodox economics blames rigid labor markets and, consequently, high wages for high and persistent unemployment in the euro-area. This is at odds with stylized facts. Unemployment has remained high despite the fact that wage shares have fallen substantially since 1980. Wages moderation has...

This paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the presence of correlations between physical and financial investment, and how the latter could...

We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature, which mostly evaluates the formal quality of these reports, we evaluate their economic content by comparing inflation factors reported by the central banks with ex-post...

The original Keynesian paradigm differs from the Neoclassical Synthesis and even more so from the New-Keynesian approach. In this paper, a modern framework for the original Keynesian paradigm is presented. It will highlight the key elements of the paradigm. A model is developed to determine...

Harry S. Truman was very busy during his first days in the White House. In 1946 it seemed that the Communist menace was everywhere. The Soviets were threatening Turkey and Greece. Moreover, they loomed over a devastated Eastern and Western Europe. In Asia, Communism in China was flexing its...

Every day, the change in the President became more obvious. Ironically, it had been the sweeping Republican triumph in the congressional elections that had given Harry Truman a new lease on life. At last, he was free from the shadow of Franklin Roosevelt. Charlie Ross told White House reporters,...

Harry S. Truman was a product of a frontier city with deep roots in an agrarian culture. To be exact, he came out of what was also then the frontier of the United States. Both had a lot to do with growing up to be a populist. Soon, Harry would encounter three presidential hopefuls who happened...

In springtime 1948, the President was in good high humor, cheerful, chipper, but also very busy. Among new appointments he named Perle Mesta to be the new minister to Luxembourg, an appointment of no great importance but remembered fondly because it inspired a hit Broadway musical, Call Me...

Mr Truman went to Washington in the midst of the Great Depression. In May 1934 he filed as a Democratic candidate for the Senate. On August 7 he defeated incumbent Republican Roscoe C. Patterson. On January 3, 1935 Truman was sworn in as a US Senator along with 12 other Democrats. By the...

Much was going on during the Campaign of 1948, including the laying of the groundwork for what would be called “The Marshall Plan.” Next, we focus on the forces that led to the Plan as well as re-visiting a famous speech. As already noted, Secretary of State George C. Marshall (1880–1959)...