Show threadDr. Jürgen KnödlsederFeb 8, 2024
@jackofalltrades Well, one of #StevenKeen’s criticisms is that mainstream economists do not include energy in their production function, but that’s exactly what these guys did by using a Baqaee-Farhi model 😉
Show threadJack of all tradesFeb 8, 2024

Checking that study about the effects of energy disruption on the German economy: https://www.cesifo.org/en/publications/2022/working-paper/what-if-economic-effects-germany-stop-energy-imports-russia

I totally understand why Keen laughs at assumptions made by mainstream economists, but funnily enough their predictions came true.

In 2023 Germany's total primary energy consumption dropped by 8%, while their GDP dropped by just 0.3%.

Sources:
https://www.enerdata.net/publications/daily-energy-news/energy-consumption-germany-estimated-dip-8-2023.html
https://www.destatis.de/EN/Press/2024/01/PE24_019_811.html

#economics #Germany #energy #StevenKeen

What if? The Economic Effects for Germany of a Stop of Energy Imports from Russia

This article discusses the economic effects of a potential cut-off of the German economy from Russian energy imports. We show that the effects are likely to be substantial but manageable. In the short run, a stop of Russian energy imports would lead to a GDP decline in range between 0.5% and 3% (cf. the GDP decline in 2020 during the pandemic was 4.5%).

StrypeyJul 21, 2020

Interesting that the NZ Taxpayers Union is so concerned about public debt but seems completely unconcerned by private debt owed to overseas creditors. As economists like Ann Pettifor and Steven Keen are always pointing out, the private debt mountain makes public debt look like the molehill it is.
https://www.scoop.co.nz/stories/BU2007/S00311/hes-green-hes-hairy-and-hes-coming-for-your-kids.htm

#NZTaxpayersUnion #AnnPettifor #StevenKeen

He’s Green, He’s Hairy, And He’s Coming For Your Kids | Scoop News

The New Zealand Taxpayers’ Union is warning politicians on the 2020 campaign trail to watch themselves – because the Debt Monster is looming over them. The Debt Monster has arrived on New Zealand’s shores in the wake of the Government’s COVID-19 ...