Heterodox
Bill Mitchell
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European-wide unemployment insurance proposals – more bunk!
The Europhiles have been tweeting their heads off in the last week or so thinking that the corner has been turned – by which they mean that Germany is about to get all cuddly with France and agree to fundamental shifts in thinking which will make the dysfunctional Economic and Monetary Union (EMU) finally workable, without the need for the ECB to break Treaty law by propping up the private bond markets. The most recent incarnation of the...
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The Weekend Quiz – June 16-17, 2018 – answers and discussion
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The Weekend Quiz – June 16-17, 2018
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Australian labour market – weaker in May with tepid employment growth
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German press and its politicians lose the plot – Europhiles be warned
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ECB continues to play a political role making a mockery of its ‘independence’
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Low-paid workers in Australia – give with one hand, take back with the other
Lars P. Syll
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Why the euro cannot be saved
Why the euro cannot be saved The euro may be approaching another crisis. Italy, the eurozone’s third largest economy, has chosen what can at best be described as a Euroskeptic government. This should surprise no one. The backlash in Italy is another predictable (and predicted) episode in the long saga of a poorly designed currency arrangement, in which the dominant power, Germany, impedes the necessary reforms and insists on...
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The Bells of Dawn
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Noah Smith’s unicorn defence of economics
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How to be a great economist
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Layers of Light
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Pachelbel
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Statistics and econometrics are not very helpful for understanding economies
Real-World Economics Review
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On randomness and probability in economics
From Lars Syll Modern mainstream economics relies to a large degree on the notion of probability. To at all be amenable to applied economic analysis, economic observations have to be conceived as random events that are analyzable within a probabilistic framework. But is it really necessary to model the economic system as a system where randomness can only be analyzed and understood when based on an a priori notion of probability? When...
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From trade war to class war: screw Pfizer’s drug patents
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The Permanent Income Hypothesis
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Class struggle according to liberals
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Economics for the 21st century
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Utopia and technology
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Italian situation is highly worrisome!
Socialdem. 21st Century
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Steve Keen on Can we avoid Another Financial Crisis?
Steve Keen gives a talk below on 22nd March, 2018 at the Bournemouth Labour Party members’ meeting on “Can we avoid Another Financial Crisis?”:[embedded content]
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Steve Keen on Banking and the Money Multiplier
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Steve Keen on Alternative Foundations for Macroeconomics
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Steve Keen on Endogenous Money and a Tribute to Basil Moore
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No War on Syria!
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The Witch Hunt against Sam Harris
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Clement Attlee on Immigration into Britain in 1948
Cullen Roche: Pragmatic Capitalism
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Tariffs Won’t Make America Great Again
Donald Trump made a big stink at the G-7 this past weekend because he refuses to understand the simple reality of the US trade situation and insists on promoting a populist trade position that makes little sense. I’m gonna keep this real simple so bear with me for a second. The USA runs a trade deficit with most other countries in the world. This means we import more than we export. Whether this is “good” or “bad” depends on lots of factors....
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The Vollgeld Proposal is Bad. Very Bad.
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Three Things I Think I Think – Hedgies, Experience & Trump (Again)
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Three Things I Think I Think – Trump Tweets
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Why A Euro Break-Up Doesn’t Scare Me
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Why “Buy Low and Sell High” is so Difficult to Implement
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Do Bonds Still Diversify When Rates Rise?
Steve Keen’s Debt Watch
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Steve Keen's Debtwatch 1970-01-01 00:00:00
[unable to retrieve full-text content]
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Australia’s Economy is a House of Cards
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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?
Peter Cooper: Heteconomist
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A Currency-Issuing Government Spends on its Own Terms
An alternative title to this post could have been, ‘The Interest Rate on Public Debt is a Policy Variable’. This remains true even though, in the neoliberal era, governments usually require themselves to follow various unnecessary rules on how their spending is to be conducted. These rules typically serve no public purpose but may have the effect of misleading the public into believing that somehow a currency issuer can run out of the currency...
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Dynamics of Output and Demand in a Growing Economy
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Growth is Good?
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From the Fiction Files – “Easy Money Anytime”
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Easy Money Anytime
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Disequilibrium Dynamics of Output and Demand
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A Simple Framework for Analyzing a Demand-Led Economy
EconoSpeak
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Remembering George Leighton
George Leighton, a crusading civil rights lawyer and later a judge, died earlier this month at the ripe age of 105. He was given an admiring obit in the New York Times. As stirring as it is, the recap of his life left out one of his longstanding passions: chess.Leighton was a fixture for many years in the Chicago chess scene. He was rated an “A” player—not a high flyer like a master or grandmaster, but strong enough to beat the majority of...
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“Deeply Disturbing”
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Does Greg Mankiw Know the History of U.S. Trade Policy?
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The Singapore Deal
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Is Strengthening Labor Good for Development?
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Backstabbing Over Cows
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Robert J. Samuelson Also Exaggrates Social Security Problems
The Angry Bear
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Children make the bestest hostages
Children make the bestest hostages Criticisms of Trump in the business press are especially instructive, because they have no obvious partisan motivation. So Josh Barro’s article at Business Insider this morning, castigating his “bully-and-threaten approach to dealmaking,” is particularly noteworthy. He writes: Donald Trump has a negotiating tactic he really likes: Threaten to do something someone else will really hate, and then offer to stop...
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Does Greg Mankiw Know the History of U.S. Trade Policy?
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May industrial production: meh
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May retail sales come in strong
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Chewing over the message of online job postings
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Is Strengthening Labor Good for Development?
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Open thread June 15, 2018
Thomas Palley
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Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment
NIRP has quickly become a consensus policy within the economics establishment. This paper argues that consensus is dangerously wrong, resting on flawed theory and flawed policy assessment. Regarding theory, NIRP draws on fallacious pre-Keynesian classical economic logic that asserts there is a natural rate of interest which can ensure full employment. That pre-Keynesian logic has ...
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Modern Money Theory (MMT) vs. Structural Keynesianism
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Is the US hypocritical to Criticize Russian Election Meddling?
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Re-theorizing the Welfare State and the Political Economy of Neoliberalism’s War Against It
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The General Theory at 80: Reflections on the History and Enduring Relevance of Keynes’ Economics
Sergio Cesaratto: Politica and EconomiaBlog
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Cronache dal workshop di Berlino
Economia e politica ha pubblicato una piccola cronaca di alcuni aspetti del workshop di Berlino. Impressioni da Berlino Sergio Cesaratto Il 7 e 8 giugno ho avuto la fortuna di partecipare a un workshop sulla riforma dell’eurozona organizzato da economisti post-keynesiani e sostenuto da fondazioni di area SPD/sinistra SPD. Due presentazioni hanno particolarmente attirato la mia attenzione, non a caso di due studiosi tedeschi vicini...
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L’evento del 18 giugno e la recensione di Giacché
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Intervista a Sollevazione (titolo redazionale)
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Presentazione libro a Lucca venerdì 15 giugno
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Appuntamenti
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Intervista su Micromega
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Intervista scritte e radiofoniche, e poi Michele Prospero sul libro.
John Quiggin
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Maybe we need a degree in Western Civilization after all
I’ve kept out of the latest silly culture war so far, but I couldn’t resist this from Josh Frydenberg. After decrying a “long march to the left” in Australian universities, he says It is absolutely critical that the next generation of students understand about where the rule of law came from, where democracy came from, freedom of speech, freedom of religion, women’s suffrage Looking through that list, it can be described as a potted summary of...
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Economics in Two Lessons, Chapter 12
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He said, she said
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Social security won’t be around long enough for me to collect it (repost from 2014)
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Sandpit
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Monday Message Board
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Economics in Two Lessons, Chapter 11
Progressive Economics Forum
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Carey Doberstein’s book on homelessness governance
I’ve just reviewed Professor Carey Doberstein’s book on homelessness governance (UBC Press). The book looks at the way decisions are made pertaining to funding for homelessness programs in Vancouver, Calgary and Toronto during the 1995-2015 period. Points raised in my review include the following: -Homelessness trends look quite different across the three cities. For example, it can be growing in one city, but declining in another. -One of the...
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Ontario Electricity Sector V – What they knew, and when they knew it…
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Ford Plan for Ontario – Potential Employment Impacts
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The Bank of Canada should target full employment: 61 economists
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Ontario Election: Inequality Impacts of Fiscal Plans
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NDP Math Error will Help the Party, Not Hurt It
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Rethinking the economics of extreme events
Thomas Piketty
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The Transferunion fantasy
While the political crisis deepens in Italy and in Spain, France and Germany are still demonstrably incapable of formulating precise and ambitious proposals for reforming Europe. All that is required however is for these four countries, who alone account for three quarters of the GDP and the population of the Euro zone, to agree on a common approach and the way to reform would be open. How can we explain such extraordinary inertia and why is...
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May 1968 and inequality
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Capital in Russia
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Towards a Union in the Union
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Parcoursup: could do better
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Democratising Europe begins with ECB nominations
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2018, the year of Europe
Robert Skidelsky
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How Economics Survived the Economic Crisis
[unable to retrieve full-text content]The tenth anniversary of the start of the Great Recession was the occasion for an elegant essay by the Nobel laureate economist Paul Krugman, who noted how little the debate about the causes and consequences of the crisis have changed over the last decade. Whereas the Great Depression of the 1930s produced Keynesian economics, and the stagflation of the 1970s produced Milton Friedman’s monetarism, the...
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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
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Bloomberg interview on central bank independence
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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Take back technology
Think about our average working day. How many of your interactions and encounters are mediated by technology? From email, to Skype, to Slack, it’s hard to imagine work being possible without the range of tools provided by our computers and smartphones. While this has brought about amazing benefits, it is also changing how power and accountability between workers and firms is configured. As part of the first phase of an 18-month project into...
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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’?
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NEF in the news, June 2018
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Central banks should lead by example on transparency and climate change
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Railway arch sell-off threatens thousands of small businesses
Robert Vienneau: Thoughts Economics
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A Country Worse Off With Trade In Capital Goods
Figure 1: PPFs in Portugal1.0 Introduction This post continues these two posts. I change the model here to have wages advanced, not paid out of the surplus at the end of the year. I here consider an example of a model of stationary states in which two countries can trade in produced commodities to be used for consumption. The countries face given prices on international markets for traded commodities. (They are small open economies, in the...
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More On Foreign Trade In Consumer And Capital Goods
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Ideological Innocence Of The Fox News Viewer
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Foreign Trade In Capital And Consumer Goods
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Can A Nazi Be Rational?
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Neo-Ricardianism: A Marxist Insult
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How Has Economics Failed?
Mike Norman Economics
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Charles Pierson — The Day the US Became an Empire
One could argue that the US has always been an empire. Thomas Jefferson called the US an empire, but an “empire of liberty” dedicated to spreading freedom around the globe. Tell that to the Native Americans killed and dispossessed by White Settlers. Tell that to the Mexicans. The US seized a third of their country through war. Still, it wasn’t until 1898 that the US acquired its first overseas colony. Hawaii had been an independent...
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Michael Snyder – The Real Economic Numbers: 21.5 Percent Unemployment, 10 Percent Inflation and Negative Economic Growth
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Caitlin Johnstone — Mattis: Putin Is Trying To “Undermine America’s Moral Authority”
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Publius Tacitus — DOJ IG, Horowitz, Fails to Admit What He Proves
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Anthony Patt — How Changing My Economic Model Made Me a Climate Change Optimist
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Brian Romanchuk — Money Demand Has Very Little To Do With Recessions
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Matthew A. Benton — Revitalizing the Epistemology of Religion [or Economics]
Naked Keynesianism
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Raúl Prebisch: Peripheral Development
Our book is out (in Spanish). You can buy it here. We have written a few papers in English if you are interested available here, and here, for example. my review of Dosman's biography is available here.
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Football (soccer) and Capitalism
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Financialization in Latin America
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Venezuela is about to explode
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Lula da Silva is a political prisoner. Free Lula!
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Integration, spurious convergence, and financial fragility: a post-Keynesian interpretation of the Spanish crisis
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On the URPE Blog – The Video Edition
Prime, Policy Research in Macroeconomics
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Private debt hyperinflations and the prospect of renewed crisis
“Faced by failure of credit, they have proposed only the lending of more money”Franklin Delano Roosevelt, inaugural address, 4 March 19331. Introduction and overviewTen years ago the bursting of private debt ‘bubbles’ – most obviously in the US, UK and on the periphery of the EU – woke policymakers to the importance of balance sheet dynamics. Today, commentary by international organisations has ongoing rises in private debt as a key risk...
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Same old same old…Tory austerity
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On tectonic plates, the economic system & the economics profession
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The Bank of England should not raise rates: here’s why
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Giving priority to “purposeful and dignified work” for all – but how?
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Italian elections: the 5 Star Movement’s policy prescriptions
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Why the Left must lead Britain away from Brexit
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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Industrial production, China retail sales, Miles driven, Federal interest payments, Budget charts
A weaker than expected print due to auto sales which have been volatile, but charts show it’s still chugging along at a modest pace: Highlights A big drop in autos skewed industrial production lower in May, slipping 0.1 percent and missing what was an already soft consensus by 2 tenths. Manufacturing volumes fell a very steep 0.7 percent, pulled down by a 6.5 percent monthly drop in motor vehicles that itself reflected the effects of a fire...
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Jobless claims, Retail sales, Bank lending, Fed comments
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Trade, Consumer credit
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Debt securities and loans, Vehicle sales, Manufacturers orders
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Employment, Construction spending
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Personal income and outlays, Corporate profits, Trade, Bank lending, Corporate debt
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Existing home sales, Durable goods, China debt, State index
Multiplier Effect
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Banks, Capital Markets, and Institutional Investors as Providers of Long-Term Finance
This is the second in a series of blog posts on financing infrastructure assets. From 1990 to 2012, the stock of global financial assets increased from $56 trillion to $225 trillion. In 2012, it included a $50 trillion stock market, $47 trillion public debt securities market, $42 trillion in financial institution bonds outstanding, $11 trillion in non-financial corporate bonds, and $62 trillion in non-securitized loans and $13 trillion in...
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The Job Guarantee and the Economics of Fear: A Response to Robert Samuelson
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On the Costs of Doing Without a Job Guarantee
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The Massive Need for Infrastructure in the Emerging and Developed World
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27th Annual Minsky Conference Presentations
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New Book of Essays in Honor of Roncaglia
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Join Us for the 2018 Minsky Summer Seminar
Yanis Varoufakis: Thoughts for the Post-2008 World
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On the EU’s battle with Italy – in conversation with Phillip Adams, on Late Night Live, ABC Radio National
[embedded content]
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Τα Αίτια της Ιταλικής Κρίσης – και ο λόγος που το DiEM25 ιδρύει το δικό του κόμμα στην Ιταλία – 13 Ιουνίου στο Μιλάνο
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Interviewed by Vanity Fair Italia on the new 5S-Lega government – Read the original Q&A in English
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Interviewed by Il Fatto Quotidiano on developments in Italy, Europe and Greece. Here is the original Q&A in English
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Live at ‘Politics and Prose’, Washington DC
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The terrible prophesies of Brexit – op-ed in literary magazine FIVE DIALS
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Η Ιταλική κρίση ως αντανάκλαση του οικονομικού & πολιτικού αδιέξοδου της ευρωζώνης. Κι οι επιπτώσεις επί της Χρεοδουλοπαροικίας μας – Συνέντευξη στον Real fm με τον Ν. Χατζηνικολάου
Francis Coppola
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A very British disease
The desire to judge people's motives rather than addressing their needs is a “British disease”. We have been suffering from it for hundreds of years, cycling endlessly through repeated cycles of generosity and harshness. Each cycle ends in public outrage and an abrupt reversal: but the memory eventually fades, and the disease reappears in a new form. In this post, I outline the tragic history of Britain's repeated attempts to "categorise...
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Velocity Matters
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Arithmetic for Austrians
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The Bitcoin Standard – a critical review
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The EU is not a bastion of protectionism
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The sad story of Maplin Electronics
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An Alternative Brexit Polemic
New Economic Perspectives
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Defiant Trump Ignites Trade War with Canada and G-7 Allies
Citing national security issues to get around WTO rules, Trump ordered tariffs of 25 percent on steel and 10 percent on aluminum imports from Canada and EU countries. NEP’s William Black and Gerald Epstein discusses the implications of these tariffs on the different economies. You can view transcript here. [embedded content] [Translate]
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Democrats Should Reject Bernanke’s ‘Wily E. Coyote’ Criticism of Trump’s Deficits
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Last Exit to the Road Less Traveled
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The New York Times Editorial Board’s Incoherence on Italian Austerity and the Euro
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The EU Commission’s In-House Bigot Invites Financiers to Extort Italian Voters
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The New York Times Praises the Italian Establishment’s Economic Illiteracy and Assault on Democracy
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Fair Seas and Following Wind John McCain
Credit Writedowns
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Credit Writedowns 1970-01-01 00:00:00
[unable to retrieve full-text content]
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Central bank tightening during a global growth slowdown as the curve flattens
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Links: Market volatility is here to stay
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Links: Trump enraged at Mueller investigation
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Countercyclical capital buffers as the Fed’s third tightening channel
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Links: 2018-04-09
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Links: 2018-04-08
V. Ramanan: Concerted Action
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The Burden Of Adjustment And Keynes’ Solution
Argentina had a balance-of-payments crisis recently and required help. The IMF has agreed for a stand-by arrangement of $50 billion on the condition in the IMF’s own words:“At the core of the government’s economic plan is a rebalancing of the fiscal position. We fully support this priority and welcome the authorities’ intention to accelerate the pace at which they reduce the federal government’s deficit, restoring the primary balance by 2020....
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Sergio Cesaratto — Alternative Interpretations Of A Stateless Currency Crisis
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My Favourite Chart, Updated: Euro Area Imbalances
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Sergio Cesaratto — The Nature Of The Eurocrisis: A Reply To Febrero, Uxó And Bermejo
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M Metin Basbay On Free Trade And All That
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Contrasting Joan Robinson And Paul Krugman’s Views On The Global Rules Of Trade
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Euro Area Balance Of Payments, Again!
Ann Pettifor: Debtonation
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Is it unreasonable to blame bankers/rentiers for the rise in populism?
At the April Rethinking Economicsconference in Oslo I pointed out that western politicians and economists are repeating policy errors of the 1930s. The pattern of a global financial crash, followed by austerity in Europe and the UK, led in those years to the rise of populism, authoritarianism and ultimately fascism. The scale of economic and political failures and missteps led in turn to a catastrophic world war. Today that pattern – of a...
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Speech to the Rethinking Economics Conference, Oslo
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On tectonic plates, the economic system and the economics profession
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Why the Bank of England should not raise the Bank Rate
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Interview with New Zealand’s biggest business website
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Interview with Wallace Chapman of New Zealand Radio
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From Prospect Magazine: there can never be a market in money
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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Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment
NIRP has quickly become a consensus policy within the economics establishment. This paper argues that consensus is dangerously wrong, resting on flawed theory and flawed policy assessment. Regarding theory, NIRP draws on fallacious pre-Keynesian classical economic logic that asserts there is a natural rate of interest which can ensure full employment. That pre-Keynesian logic has ...
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Modern Money Theory (MMT) vs. Structural Keynesianism
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Is the US hypocritical to Criticize Russian Election Meddling?
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Re-theorizing the Welfare State and the Political Economy of Neoliberalism’s War Against It
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The General Theory at 80: Reflections on the History and Enduring Relevance of Keynes’ Economics
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A Theory of Economic Policy Lock-in and Lock-out via Hysteresis: Rethinking Economists’ Approach to Economic Policy
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Trump and the Neocons: Doing the Unilateralist Waltz
Michael Hudson
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Left Forum on Negative Economics
[unable to retrieve full-text content]A presentation on the current contributors to growth.
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China’s Export Competitiveness = Underpaying Women
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Academic Propaganda Protecting US Financial Imperialism
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Left Forum: Money Matters
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China’s housing: It Doesn’t Have to be This Way
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An Overview – Welcome Words
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“Creating Wealth” through Debt: The West’s Finance-Capitalist Road
