Heterodox
Bill Mitchell
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The Weekend Quiz – December 15-16, 2018
Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained. 1. A national government can run a balanced fiscal position (taxes equal spending) over the economic cycle (peak to peak) as long as it accepts that, after all the spending adjustments are exhausted,...
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When two original MMT developers get together to discuss their work
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British data confirms strong FDI continues despite Brexit chaos
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US labour market moderated in November and considerable slack remains
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Australian workers losing out under neoliberalism
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The Weekend Quiz – December 8-9, 2018 – answers and discussion
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The Weekend Quiz – December 8-9, 2018
Lars P. Syll
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Rom i regnet
[embedded content] Svante är kung! Advertisements
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Preskriberade romanser
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Satsa på järnväg — inte fossil utbyggnad
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Why all models are wrong
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Disconfirming rational expectations
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Day of glory
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Oíche Chiúin
Real-World Economics Review
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Your model is internally consistent? So what!
From Lars Syll ‘New Keynesian’ macroeconomist Simon Wren-Lewis has a post on his blog discussing how evidence is treated in modern macroeconomics (emphasis added): The unique property that DSGE models have is internal consistency. Take a DSGE model, and alter a few equations so that they fit the data much better, and you have what could be called a structural econometric model. It is internally inconsistent, but because it fits the data better...
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Trade: It’s still about class, not country
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issue no. 86 of the real-world economics review
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Demise of the Dollar?
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‘Controlling for’ — a methodological urban legend
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Will degrowthing save the planet?
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DSGE — models built on shaky ground
Socialdem. 21st Century
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Three Cheers for Tucker Carlson!: Heroic Economic Populist
Tucker Carlson channels left-wing economics in this debate with the free market, Neoconservative charlatan Ben Shapiro: [embedded content]You have to admire Tucker Carlson for this, despite the gushing praise for the ill-defined concept of “capitalism.” Shapiro, in response, mouths utterly dumb, empty, meaningless drivel.Tucker Carlson is easily the best thing to ever happen to the brain-dead Conservative media in America, probably in living...
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Austerity in Pre-1938 Fascist Austria
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Academic Agent versus Reality on the US Industrial Recession of 1873–1878
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Academic Agent on Herbert Hoover: A Critique
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Ludwig M. Lachmann on the History of the Austrian School of Economics
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Tony Thirlwall’s Lecture on Nicholas Kaldor
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Darwin, Evolution, the pre-1960s Left and Human Races
Cullen Roche: Pragmatic Capitalism
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The Counterproductive Nature of Annual Forecasts
The annual parade of Wall Street forecasts are starting to rollout. I will be honest – I love these things like a fat kid loves cake. It’s fun to try to predict and plan for the new year and there’s no better way to do that than to read what a whole bunch of smart people are predicting. The problem is, annual forecasts are worthless and I would argue even counterproductive. Let me explain why. I’ve talked a lot about how I like to think about...
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The Worst Narrative In Cryptocurrencies
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3 Reasons to Hold Long Bonds as Short Rates Rise
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John Bogle is Wrong About Index Funds
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The Economics of Le’Veon Bell’s Gamble
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Pop Quiz, Hotshot
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Three Things I Think I Think – What In the Hell is Going On Out There?
Steve Keen’s Debt Watch
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Australia’s Economy is a House of Cards
By Matt Barrie & Craig Tindale. I recently watched the federal treasurer, Scott Morrison, proudly proclaim that Australia was in “surprisingly good shape”. Indeed, Australia has just snatched the world record from the Netherlands, achieving its 104th quarter of growth without a recession, making this achievement the longest streak for any OECD country since 1970. Australian GDP growth has been trending down for...
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Shutting down membership
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Brexit debate in London May 31st
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Freezing site/Moving to Patreon & Profstevekeen
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What if my analysis is used for evil purposes?
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Can we avoid another financial crisis?
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Support me on Patreon
Peter Cooper: Heteconomist
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Productive and Unproductive Labor in a Macro Context
As is well known, Marx and the classical political economists before him made a distinction between productive and unproductive labor. Marx’s distinction somewhat differed from Smith’s. For Marx, labor is productive when it is: (i) directly productive of surplus value; and (ii) exchanged directly against capital. I remain unsure how applicable the distinction is to a state money system. Some of my misgivings are explained in an earlier post....
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China and the Notion of State Capitalism
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Illustration of Dynamic Adjustment with a Job Guarantee
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Some Aspects of a Steady State with a Job Guarantee
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Quantity Dynamics with a Job Guarantee
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Condensed Income-Expenditure Model
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Job Guarantee as Nominal Price Anchor
EconoSpeak
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Shiller Hystericizes The US Housing Market
I have the deepest respect for Robert Shiller, who has been one of the most serious students of the dynamics of speculative bubbles there is, winning a well-deserved Nobel Prize for his work on this important topic. One of the more significant parts of his work has been on housing bubbles in particular, with his Case-Shiller indices being the most widely watched housing price measures in the US. Furthermore, in the second edition of his...
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On, Wisconsin?
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Is the “Green New Deal” a Marxist Plot?
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Mourning The Death Of The New World Order
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Janet Yellen “Not Tall Enough”
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Trump More Seriously Kowtows To MBS
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A Vicious Place
The Angry Bear
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Real wage growth: November 2018 update
Real wage growth: November 2018 update Now that November inflation has been reported (as unchanged), let’s update what that means for real wages. Nominally, wages for nonsupervisory workers grew +0.3% in November. With inflation flat, that means real wages also grew +0.3%: Even so, although they are at a new 40 year high, real hourly wages are nevertheless below their peak level set in the early1970s! On a YoY basis, real wages...
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Open thread Dec. 14, 2018
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The October JOLTS report: very good employment market continues, just below best levels
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Shiller Hystericizes The US Housing Market
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Open thread Dec. 11, 2018
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The High Cost of End-of-Life Healthcare – Myth?
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On, Wisconsin?
Thomas Palley
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Recovering Keynesian Phillips curve theory: hysteresis of ideas and the natural rate of unemployment
Economic theory is prone to hysteresis. Once an idea is adopted it is difficult to change. In the 1970s, the economics profession abandoned the Keynesian Phillips curve and adopted Milton Friedman’s natural rate of unemployment (NRU) hypothesis. The shift was facilitated by a series of lucky breaks. Despite much evidence against the NRU, and much ...
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Brazil is Falling Under an Evil Political Spell
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Job Guarantee Programs: Careful What You Wish For
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Government Spending in the Income-Expenditure Model: Spending Composition, the Multiplier, and Job Guarantee Programs
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Self Plagiarism Dissertation on Essay Writing Service
Sergio Cesaratto: Politica and EconomiaBlog
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Il gran bargain su Micomega
Micromega ha pubblicato la traduzione del mio editoriale su Intereconomics (vedi post precedente) Italia: Una questione di tassi di interesse e fiducia di Sergio Cesaratto Contrariamente all’immagine usualmente trasmessa nei paesi del nord d’Europa, l’Italia non è un paese fiscalmente dissoluto. In verità, l’Italia ha un record di surplus fiscali primari (i saldi del bilancio pubblico che escludono il pagamento degli interessi)...
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Editoriale su una rivista tedesca
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La verità sull’Europa
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E’ una questione di interessi
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E’ il tasso di interesse, bellezza!
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Intervista a “Pagina uno”
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Intervista a Sergio Cesaratto da New Europe – L’Italia distruggerà l’eurozona?
John Quiggin
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Brexit: The endgame
On 29 March this year[1,2], if nothing else changes, the UK will leave the European Union under the terms of Article 50. Unsurprisingly, lots of scenarios are being scripted, but the one I see as most likely doesn’t seem to be among them. I expect that nothing much will happen until about 28 March. May won’t get a deal that can pass through Parliament. If she allows a vote at all, it won’t be until late January and it won’t pass. At that...
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No planet but this one
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Sandpit
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Monday Message Board
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A small piece of good news for the global climate
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Opportunity cost and fish
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Bad news on the global climate
Progressive Economics Forum
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Rent Control in Ontario
2018 State of the Inner City Report: Green Light Go...Improving Transportation Equity December 7, 2018Getting to doctors appointments, going to school, to work, attending social engagments, picking up groceries and even going to the beach should all affordable and accessible. Check out Ellen Smirl's reserach on transportation equity in Winnipeg in this year's State of the Inner City Report! Canadian Centre for Policy AlternativesInclusionary...
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Ten considerations for the next Alberta budget
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The Anthropocene and the New World
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Possessive Individualism
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Crashed: How a Decade of Financial Crises Changed the World
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Abraham Rotstein and the Radical Decade from the mid-sixties to the mid-seventies
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Is there life after NAFTA?
Thomas Piketty
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« Yellow vests » and tax justice
The crisis of the ‘yellow vests’ raises a key issue both in France and in Europe, namely that of fiscal justice. Since his election, Emmanuel Macron has spent considerable time in explaining to the country that the « premiers de cordée », i.e. the leading fortunes and industrialists, should be treated with care; the top priority was to grant tax cuts to the wealthiest, and as a start, the wealth tax abolished. All this was done at top speed,...
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Manifesto for the democratisation of Europe
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« Le Monde » and the billionaires
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Brazil: the First Republic under threat
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Social-nativism, the Italian nightmare
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Europe, migrants and trade
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The Transferunion fantasy
Robert Skidelsky
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Robert Skidelsky's Website 1970-01-01 00:00:00
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How Economics Survived the Economic Crisis
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Racing the Machine
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Speech on the Budget
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Inconvenient Truths About Migration
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Resurrecting Creditor Adjustment
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Bloomberg interview on central bank independence and European politics
Philip Pilkington: Fixing Economists
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2017 Presentation on Ireland
My 2017 presentation on Ireland and the Eurozone has been uploaded to YouTube. See the previous post for the link to the full conference, which includes the Q&A. [embedded content] Advertisements
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Presentation on the Irish Economy
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Book Launch in Parliament Earlier This Year
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To What Extent Is Economics an Ideology and to What Extent Is It a Useful Theory?
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Why the Pollsters Totally Failed to Call a Trump Victory, Why I (Sort Of) Succeeded – and Why You Should Listen to Neither of Us
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Achtung! My Book is Coming Out Soon: Here Is a Brief Overview and Some Media Links
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The International Labour Organisation… Almost Correct
New Economics Foundation
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New Economics Foundation 1970-01-01 00:00:00
[unable to retrieve full-text content]
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Top 15% of taxpayers should fill NHS funding gap, think tank suggests
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Weekly Economics Podcast: One year on from the Grenfell Tower fire
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Take back technology
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Who watches the workers?
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NEF’s Will Brett discusses Network Rail’s railway arch sell-off on BBC 5 Live
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Weekly Economics Podcast: Does the Windrush scandal signal the end of Britain’s ‘hostile environment’?
Robert Vienneau: Thoughts Economics
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Elsewhere
Matthew Klein writes, in Barron's, about "Tarrifs and the Minimum Wage Are More Alike Than You Think". I disagree with some of the stuff in the middle about efficiency and reject the dualistic notion that government intervention is a meaningful concept. But this article otherwise parallels some of my arguments here. Josh Mason has made available his piece in Jacobin about the state of economics after the global financial...
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Gains And Losses From Foreign Trade: A Numeric Example
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Pattern Analysis Applied to Structural Economic Dynamics with a Choice of Technique: A Numerical Example
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Structural Economic Dynamics, Markups, Real Wicksell Effects, and the Reverse Substitution of Labor
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On Mariana Mazzucato’s The Value of Everything
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More Pattern Analysis For An Example With Fixed Capital
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Pattern Analysis for a Fixed Capital Example
Mike Norman Economics
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Tony Kevin— Maria Butina Endgame
It seems she was not physically tortured in the strict sense of the word but her prolonged harsh and vindictive treatment waiting over five months for her repeatedly delayed trial amounted to ‘torture’. We do not know what interrogation techniques were used. We will be told one day. She was and is a political prisoner and has been treated like a terrorist. Politically aware Russians will remember this case with particular rage. No American...
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Rémy Herrera — Cops in France brutalize high school students who join Yellow Vest protests
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Justin Podur — Why It’s So Hard for Most Countries to be Economically Independent from the West
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Bill Mitchell — When two original MMT developers get together to discuss their work
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Why this stray dog stays on the rocky shore despite the crashing waves..
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Israeli Settlers in the Occupied West Bank
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Dean Baker — Trade: It’s Still About Class, Not Country
Naked Keynesianism
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Middle Income Trap or the Return of US Hegemony
Short essay in Spanish for the special (40 year anniversary of the journal Coyuntura y Desarrollo, published by the Fundación de Investigaciones para el Desarrollo, FIDE). It is essentially a critique of the concept of middle-income trap and the idea of how the demographic transitions (discussed here before) affect the process of development. It suggests that the deindustrialization of the Latin American periphery results as much from the...
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Garegnani on Sraffa and Marx, with an intro by Petri
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Jamie Galbraith on Robert Skidelsky’s new book Money and Government
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Arguments for austerity, old and new
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Heterodox Central Banking in the Periphery
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The End of Brazilian Democracy
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The Global Crisis: Beyond Secular Stagnation
Prime, Policy Research in Macroeconomics
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To Secure a Future, Britain Needs a Green New Deal
This is an extract from a chapter in Economics For the Many (Verso, 2018) edited by Rt. Hon. John McDonnell MP. The chapter was written in August, 2017. If we are to secure a sustainable, stable and liveable future for the people of Britain, then implementation of the Green New Deal will be vital. Not just for the sake of the ecosystem, but also for the sake of rebuilding a stable, sustainable economy. The era of procrastination, of half...
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Brexit Agreement: a bad deal, a worse Protocol – time to consult the people!
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The EU’s dysfunctional fiscal rules empower the far right, both in Italy and elsewhere
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Budget Special: To tackle austerity, Britain needs (at least) a £50 billion increase in public spending
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A private debt story: Republic of Turkey (un-)hires McKinsey
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The slowing economy of the Single Market and NAFTA era
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What Question(s) for a “People’s Vote” Referendum?
Baseline Scenario
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Hey Democrats, the Problem Isn’t Jobs and Growth
It’s inequality. By James Kwak This American Life‘s forays into politics and economics are generally less satisfying than their ordinary storytelling fare. That’s especially true when they try to answer some specific question, like “What is wrong with the Democratic Party?”—the subject of a segment last month. The story did have some telling moments, however, most vividly when moderate Congresswoman Cheri Bustos was trying to pitch the party’s...
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Hey Democrats, the Problem Isn’t Jobs and Growth
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Tax Rates and Entrepreneurship
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Tax Rates and Entrepreneurship
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A New Economic Vision, in 27 Words
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A New Economic Vision, in 27 Words
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The Importance of Fairness: A New Economic Vision for the Democratic Party
Mosler Economics
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China, Corporate debt and profits, Bank credit, Japan, Leveraged loans
China exports falling with tariffs: China’s November export, import growth shrinks, showing weak demand US exports turning south as well? The deceleration that started with the collapse of oil capex in Dec 2014 took a brief zig up late in 2017, and subsequently continued lower: Likewise the ability to generate gross profits has been fading: After tax and depreciation it’s not a whole lot different, with a one time leg up for the 2018...
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Fed comments, Trump watching stocks
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Employment, NYSE margin debt
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Trade, Factory orders, Vehicle sales, UK service sector, German PMI
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Tariffs, Congress
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Construction spending, Smart phones
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Personal income and spending, Pending home sales
Multiplier Effect
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A Better Way to Think about the “Twin Deficits”
L. Randall Wray | November 13, 2018 (These remarks will be delivered today at the UBS European Conference in London.) Q: These questions about deficits are usually cast as problems to be solved. You come from a different way of framing the issue, often referred to as MMT, which—at the risk of oversimplifying—says that we worry far too much about debt issuance. Can you help us understand where...
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On Modern Monetary Theory and Some Odd Twists and Turns in the Evolution of Macroeconomics
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Modern Money Theory: How I Came to MMT and What I Include in MMT
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Register for the 2019 Hyman P. Minsky Summer Seminar
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Minskyan Reflections on the Ides of September
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Wray Guest Lectures, Brazil and Italy (Video)
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The Second International Modern Monetary Theory Conference
Yanis Varoufakis: Thoughts for the Post-2008 World
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The rise of the racist Right and the DiEM25-Sanders Progressive International initiative to confront them – on Democracy Now! with Amy Goodman
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Η Προοδευτική Διεθνής είναι εδώ. Εντάξου!
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Τα πραγματικά αφεντικά της Ευρώπης διαπραγματεύονται – ΕφΣυν 8 ΔΕΚ 2018
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The Progressive International has been launched. Read the Open Call. See the video. Join us!
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This is why launched the Progressive International yesterday in Vermont. THE GUARDIAN
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TIME magazine’s report on DiEM25’s German party campaign for the European Parliament, and my candidacy in Germany
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My candidacy in Germany for the European Parliament – Press Conference speech
Francis Coppola
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A poignant Remembrance
On Remembrance Sunday, we remember those who died in war. Particularly the First World War, but also those who gave their lives fighting in subsequent wars. This year, I sang at two remembrance services in which all the music was written by people who either died in war themselves or had relatives who died. The poems of Wilfred Owen, who died one week before Armistice in November 1918, brought home poignantly to us the "pity of...
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Some governments really are like households
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Now state pension ages are equalised, let’s fix the real problems
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The myth of monetary sovereignty
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A Budget Polemic
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Vítor unbound
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Checkmate
New Economic Perspectives
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Trump Models His War on Bank Regulators on Bill Clinton and W’s Disastrous Wars
William K. Black December 13, 2018 Bloomington, MN The Wall Street Journal published an article on December 12, 2018 that should warn us of coming disaster: “Banks Get Kinder, Gentler Treatment Under Trump.” The last time a regulatory head lamented that regulators were not “kinder and gentler” promptly ushered in the Enron-era fraud epidemic. President Bush made Harvey Pitt his Securities and Exchange Commission (SEC) Chair in August...
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Douthat’s Mendacious Meritocracy Myth
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Who Said This?
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Sears Bankruptcy Engineered to Benefit Executives and Stiff Workers
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Let’s Rebuild Mexico Beach
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Amazon’s New NYC and DC Headquarters Bilked the Cities
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An MMT View of the Twin Deficits Debate
Credit Writedowns
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Credit Writedowns Pro 1970-01-01 00:00:00
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Credit Writedowns is back!
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The credit cycle is now turning down
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Expect political trench warfare as the economy slows
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Expect political trench warfare as the economy slows
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Countdown to inversion: US Treasury curve flattening has resumed
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Countdown to inversion: US Treasury curve flattening has resumed
V. Ramanan: Concerted Action
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Noam Chomsky On Propaganda And Indoctrination
Recently, Noam Chomsky turned 90, and Current Affairs reminded us of this wonderful section from an interview from 1984, on propaganda and indoctrination:To use the term “double standard” for our approach is to really abuse the term; it goes beyond anything that you could call a double standard. It’s almost a kind of fanaticism. It’s a reflection of the extreme success of indoctrination in American society. You don’t have any other society...
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Rare Wynne Godley Video Clips
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Pierre Kohler And Francis Cripps — Do Trade And Investment (Agreements) Foster Development Or Inequality?
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Jason Hickel Features On Citations Needed
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Angela Nagle — The Left Case Against Open Borders
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Fine Jeremy Corbyn Speech From 2010
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Thomas Palley — Brazil Is Falling Under An Evil Political Spell
Ann Pettifor: Debtonation
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Yours truly at National Theatre discussion on The Lehman Trilogy
After attending a performance of the Lehman Trilogy, I was honoured to join a panel at the National Theatre on 16th October, 2018 to discuss the play. Readers will know that the play was directed by Sam Mendes, and starred three great actors in all of the complex parts: Simon Russell Beale, Adam Godley and Ben Miles. It was, and is a tour de force, and has now moved to New York. At that invite-only side discussion of the play, an audience of...
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10 years after – and nothing has changed.
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How governments finance their spending (and its not from taxation).
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The BBC’s Cassandras of the Crash
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The Indefatigable Efforts of J. M. Keynes
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On “the policy” and the Governor of the Bank of England
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What Is Wrong with the Bank of England’s Decision Today?
Azizonomics
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Bitcoin Is Failing As Money—But Bitcoin Cash Isn’t
Money has three principal functions: as a medium of exchange, as a store of value, and as a unit of account. Secondary attributes that have aided the adoption of various forms of money include interestingness (“Ooh! Look how shiny that gold is!”), uniform divisibility, portability, resistance to counterfeit, and imposeability. That last one is important, because it is what makes state-backed fiat currency the dominant form of money in the...
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Don’t Tolerate The Trumpists
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Yellen: “There Will Be No New Crisis In My Lifetime”
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Protected Blog › Log in
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Trump’s Awful Tariff Plans Will Hurt America
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Immigration Makes Us More Prosperous
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Trump’s Election Win Shows That The Bank Bailouts And Quantitative Easing Have Failed
Economics for Democratic and Open Societies
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Recovering Keynesian Phillips curve theory: hysteresis of ideas and the natural rate of unemployment
Economic theory is prone to hysteresis. Once an idea is adopted it is difficult to change. In the 1970s, the economics profession abandoned the Keynesian Phillips curve and adopted Milton Friedman’s natural rate of unemployment (NRU) hypothesis. The shift was facilitated by a series of lucky breaks. Despite much evidence against the NRU, and much ...
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Brazil is Falling Under an Evil Political Spell
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Job Guarantee Programs: Careful What You Wish For
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Government Spending in the Income-Expenditure Model: Spending Composition, the Multiplier, and Job Guarantee Programs
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Self Plagiarism Dissertation on Essay Writing Service
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Scholarship Essay Contests 2011 For College Students
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Three Globalizations, Not Two: Rethinking the History and Economics of Trade and Globalization
Michael Hudson
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FT: Wiping the slate clean: is it time to reconsider debt forgiveness?
By Gillian Tett, Financial Times, December 12, 2018. (Life and Arts, p. 20, Saturday, December 15, 2018). ‘Debt is still sometimes wiped out in our modern world – through bankruptcies, defaults or sovereign debt restructuring plans – but these events are aberrations, not the norm. If you mention the word “debt”, many people will wince — especially at this time of year. For the holiday season is not just about family and festivities; it...
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Financial Time’s Best Books of 2018
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Le Petit Bréviaire Economique de Michael Hudson
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Lessons from Babylonia for Today’s Student Crisis
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Mutual Aid vs Moral Hazard
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EVERYTHING YOU THOUGHT YOU KNEW ABOUT WESTERN CIVILIZATION IS WRONG
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BBC on Forgive Them Their Debts
