Heterodox
Bill Mitchell
-
The Weekend Quiz – July 22-23, 2017 – answers and discussion
Here are the answers with discussion for this Weekend’s Quiz. The information provided should help you work out why you missed a question or three! If you haven’t already done the Quiz from yesterday then have a go at it before you read the answers. I hope this helps you develop an understanding of modern monetary theory (MMT) and its application to macroeconomic thinking. Comments as usual welcome, especially if I have made an error....
Read more » -
The Weekend Quiz – July 22-23, 2017
-
Australian labour market remains in an uncertain state
-
Austerity will not work for France right now
-
A government can always afford high-quality health care provision
-
British employers exhibit on-going greed but lie about it
-
The Weekend Quiz – July 15-16, 2017 – answers and discussion
Lars P. Syll
-
When ignorance is bliss
When ignorance is bliss The production function has been a powerful instrument of miseducation. The student of economic theory is taught to write Q = f(L, K) where L is a quantity of labor, K a quantity of capital and Q a rate of output of commodities. He is instructed to assume all workers alike, and to measure L in man-hours of labor; he is told something about the index-number problem in choosing a unit of output; and...
Read more » -
The ultimate insider
-
What so many critiques of economics gets right
-
Ricardo’s trade paradigm — a formerly true theory
-
The balanced budget paradox
-
Why testing axioms is necessary in economics
-
Are methodological discussions risky?
Real-World Economics Review
-
‘Til debt do us part
From David Ruccio Sometimes you just have to sit back and admire capitalism’s ingenuity. It’s able to make profits twice over. First, capitalists know that, when they keep workers’ wages down—even when there’s “full employment”—they can make spectacular profits. And, second, they can make additional profits by loaning money to those same workers, who are desperate to purchase goods and services and send their children to college, thereby...
Read more » -
Justice in the Age of Finance
-
Why testing axioms is necessary in economics
-
Piketty et al. and Trumpism
-
Economics as religion?
-
Adam Smith & the Invisible Hand
-
Are methodological discussions risky?
Socialdem. 21st Century
-
The 10,000 Year Explosion, Chapter 3: A Summary
Chapter 3 of Gregory Cochran and Henry Harpending’s The 10,000 Year Explosion: How Civilization Accelerated Human Evolution (2009) is called the “Agriculture: The Big Change,” and examines the evolutionary impact of the agricultural revolution and urban life.When human populations were low during the Stone Age, the smaller number of people entailed that new favourable traits from random sexual reproduction and mutations occurred at a low rate:...
Read more » -
The 10,000 Year Explosion, Chapter 2: A Summary
-
The 10,000 Year Explosion, Chapter 1: A Summary
-
Interview with Geoff Harcourt
-
The Cultural Left’s War on Straight, White Male Science
-
Leftist/Liberal Hypocrisy on IQ
-
Philip Pilkington’s New Book The Reformation in Economics
Cullen Roche: Pragmatic Capitalism
-
Are ETFs and Index Funds More Dangerous in a Bear Market?
Share the post "Are ETFs and Index Funds More Dangerous in a Bear Market?"Here’s an interesting claim I see more and more often:“The nature of ETFs and passive investment is worth noting. A vanilla S&P 500 ETF, for example, effectively puts company and sector fundamentals to one side and buys or sells 500 stocks at a time. This is fine in a rising market, but potentially dangerous in a falling market.”The basic thinking here is...
Read more » -
Three Things I Think I Think – The Bubble Cometh?
-
3 Things I’ve Learned Since the Financial Crisis
-
Why is US Economic Growth Slowing?
-
Factor Picking is the New Sector Picking
-
The Problem of Our Time: Disunity and Hyperglobalization
-
The Right Way to Use Economics as an Investing Tool
Steve Keen’s Debt Watch
-
Shutting down membership
I have recently established a Patreon site https://www.patreon.com/ProfSteveKeen, where people can support my research and advocacy work with donations starting at $1/month. That is now where I will engage in conversation in response to posts. So if anyone here wants to continue a dialogue with me and others, please sign up there. This site was flooded by a large number of spam users at the same time as I became unable to...
Read more » -
Brexit debate in London May 31st
-
Freezing site/Moving to Patreon & Profstevekeen
-
What if my analysis is used for evil purposes?
-
Can we avoid another financial crisis?
-
Support me on Patreon
-
Infrastructure conference in Westminster Tuesday 24th
The Angry Bear
-
Foxconn aims to break the bank
Foxconn aims to break the bank While the head of the illegitimate Trump regime makes multiple headlines telling the New York Times that he is above the law, we have to remember that there are plenty of other issues of concern to the middle class. One of the most striking is the latest huge bidding war for a gigantic Foxconn manufacturing plant (h/t David Haynes), slated to employ a massive 10,000 workers. The linked article interviews an...
Read more » -
US Public Support for Medicaid
-
Another Personal Observation On Privatized Highways
-
Trump’s presidency is 1/8 done. The economy is still on Obama’s autopilot. Where’s the DOOOM?!?
-
Open thread July 21, 2017
-
Police Shootings by State v. Percent of the Population that is Black
-
How Keynesian Policy Led Economic Growth In the New Deal Era: Three Simple Graphs
Thomas Piketty
-
Will Macron’s Marchers take power?
Partager cet article With over 350 seats, the MPs elected on the « La république en marche » (LREM) ticket will have an overwhelming majority in the Assemblée Nationale (Parliament). Will they use it to be in the forefront of reform and renewal of French politics? Or will they simply play a passive role, rubber stamping and obediently voting the texts that the government sends them? It happens that they will shortly be faced with their first...
Read more » -
Reagan to the power of ten
-
What reforms for France?
-
Inequality in France
-
European parliamentary sovereignty on the shoulders of national parliamentary sovereignties
-
What would a democratic Euro Zone Assembly look like?
-
Public capital, private capital
Naked Keynesianism
-
The new Marriner S. Eccles Institute, and his legacy
There are many issues I take exception with the piece at the Deseret News on the new Marriner S. Eccles Marriner S. Eccles Institute for Economics and Quantitative Analysis at the University of Utah’s David Eccles School of Business. In the first place, the notion that it, somehow, “will provide some philosophical balance to the university’s educational offerings and scholarship on economics.” Not just because there is no need for more...
Read more » -
Heterodox Currents in Latin America
-
Beyond the traditional monetary circuit
-
From Vulture Funds to 100-year bonds: Has Argentina Turned Around?
-
A theory of economic policy
-
Trumpcare and More at the Rick Smith Show
-
Prebisch and Central Banking
Mosler Economics
-
Credit check, Venezuela, US petro reserve sale, Spicer resigns
No relief here. Just a question of what this is reflecting: Someone robbing the cookie jar? No comment. Just hoping it doesn’t happen: Wheels coming off:
Read more » -
Philly Fed, Bloomberg consumer comfort index, Housing permits, Jobless claims, Euro comments, Trump comment
-
Housing starts, Consumer spending chart
-
Housing index, Bank lending
-
NY mfg survey, Total vehicle sales
-
Credit check, Atlanta Fed
-
CPI, Retail sales, Industrial production, Hotel stats, rail week, US budget deficit, Asset price chart,Trump comments
Yanis Varoufakis: Thoughts for the Post-2008 World
-
“I was right about the debt, and you know it!” – My reply to Kathimerini’s latest tirade
In a recent article entitled “Varoufakis and the 2015 debt talks – behind closed doors”, published on the English language site of Kathimerini, Yannis Paleologos is putting forward an innovative new criticism of my 2015 negotiating stance regarding Greece’s public debt. His criticism’s first leg is standard troika-speak, insisting that by pressing for a deep re-structuring of Greece’s public debt I brought “the country to the brink of absolute...
Read more » -
Συνέντευξη ΣΚΑΙ, με τον Γιώργο Αυτιά, για το παράλληλο σύστημα πληρωμών
-
Αλλη μία επέτειος του «όχι» επιβεβαιώνει την ανάγκη παράλληλου συστήματος πληρωμών
-
Bifo: “I am no longer a European given Europe’s daily crimes” & “thus I resign from DiEM25”. And my response
-
A New Deal for the 21st Century – op-ed in the New York Times 6th July 2017
-
Tο DiEM25 για τα 2 χρόνια μετά το ΟΧΙ στο δημοψήφισμα
-
2nd anniversary of the OXI vote & our parallel payments system: Its importance confirmed by the oligarchic press’ continuing, ritualistic distortions
Francis Coppola
-
Crypto-tulips
Here is a very familiar financial bubble, in pictorial form: And this is what it looks like, charted: In those days, of course, tulips at least had to be able to flower. But things have changed since then.There are three key stages in the lifecycle of a financial bubble:The "Free Lunch" period. A long, slow buildup of price distortion, during which investors convince themselves that rising prices are entirely justified by...
Read more » -
Asymmetric herding
-
The Worst Political Storm In Years
-
When vultures cooperate
-
The newly dreadful state of the Union
-
A beautiful death
-
Squaring the circle on immigration
New Economic Perspectives
-
A Memo From MMT’s Legal Department
Orthodox economists are often inclined to think of law as an external force that ‘intervenes’ to regulate otherwise naturally occurring economic phenomena. In contrast, Modern Monetary Theory and its antecedent intellectual traditions have long recognized that law in fact constitutes and shapes modern economies and the monetary regimes that underpin them. For example, Knapp argued explicitly that money was a “creature of law.” Similarly,...
Read more » -
Monetary Sovereigns, Monetary Subjects: Modern Money & The Criminal Legal System
-
The CFPB Arbitration Rule is Pro (Honest) Businesses
-
London Grenfell Inferno: Who’s to Blame?
-
Wall Street: It’s “Icky and Un-American” to ‘Short’ Frauds
-
Those to Blame for the Grenfell Fire Victims Include Tony Blair
-
BWU Makes Its Latest Lemon Award to the UK
Ann Pettifor: Debtonation
-
Money for Nothing…
April 18th, 2017 The production of money is ultimately the struggle for control over resources, wealth, people and our environment. But there is a surprising level of ignorance around how banks create money out of thin air and the benefits which flow from it. So on this programme we shine a much-needed light on who should get the privilege of creating our money. Host Ross Ashcroft is joined by the economist and author of the recent book The...
Read more » -
Money and the Government: Everything You Need to Know But Were Afraid to Ask
-
Weak political leadership got us into this Brexit mess, weak economic leadership will leave us in it
-
Can Carney do more to stabilise Brexit Britain? Bloomberg TV
-
Ann Pettifor in New Zealand on the financialised economy
-
Ann Pettifor on Share Radio discussing Phillip Hammond
-
Ann Pettifor on Nationalism, Polanyi and the Double Movement
Credit Writedowns
-
Understanding what a neutral macro-economic policy looks like
This is going to be a quick follow-on to the last post on monetary policy as the only game in town. I feel like the obvious question that post doesn’t answer is this one: what other policy tools should we use? And I want to tee up that question with this post. First, remember that the fiscal balance is mostly pre-determined. It’s almost entirely the result of things outside of the government’s control like the private sector’s desire to save...
Read more » -
Some thoughts on full employment and this asset-based economic recovery
-
An anecdote on the German housing bubble
-
How the Fed handles financial stability is key to avoiding a crisis
-
US economic growth still in the 2ish% channel
-
Baumol’s cost disease, aging societies and inflation expectations
-
The wisdom of crowds and government bond markets
V. Ramanan: Concerted Action
-
How The Economist‘s Cover Story Is Causing Discomfort
The recent cover story of The Economist on Germany’s trade surpluses—titled The German Problem: Why Germany’s Current-Account Surplus Is Bad For The World Economy— is the biggest concession the magazine has made to Keynesianism. Of course, it’s not as if the publication is now a full Keynesian but still, it’s a large admission.I have two previous posts on this:The Economist On Germany’s Balance Of PaymentsJohn Maynard Keynes On Surplus...
Read more » -
Stock-Flow Consistent Agent-Based Models
-
John Maynard Keynes On Surplus Nations’ Obligations
-
Public Debt And Current Account Deficits, Part 2
-
Nicholas Kaldor On Say’s Law And The Principle Of Effective Demand
-
The Economist On Germany’s Balance Of Payments
-
Thomas Palley — A Theory of Economic Policy Lock-in And Lock-out Via Hysteresis: Rethinking Economists’ Approach To Economic Policy
Azizonomics
-
Protected Blog › Log in
Protected Blog › Log in This site is marked private by its owner. If you would like to view it, you’ll need two things:A WordPress.com account. Don’t have an account? All you need is an email address and password — register here!Permission from the site owner. Once you've created an account, log in and revisit this screen to request an invite.If you already have both of these, great! Log in here: ← Back to WordPress.com
Read more » -
Trump’s Awful Tariff Plans Will Hurt America
-
Immigration Makes Us More Prosperous
-
Trump’s Election Win Shows That The Bank Bailouts And Quantitative Easing Have Failed
-
Why will people colonize space?
-
Beyond Good And Evil
-
Britain Is Finished
Economics for Democratic and Open Societies
-
A Theory of Economic Policy Lock-in and Lock-out via Hysteresis: Rethinking Economists’ Approach to Economic Policy
This paper uses hysteresis to develop the concept of policy lock-in and lock-out. Policy changes may near-irrevocably change the economy’s structure, thereby changing the distribution of wealth, income and power. That may lock-in policy by changing the political equilibrium. Exit costs that block policy reversals also cause lock-in. Conventional thinking treats policy as a dial ...
Read more » -
Trump and the Neocons: Doing the Unilateralist Waltz
-
The Real Reasons for Trump’s Anti-Globalization Circus
-
Monetary Policy and the Punch Bowl: The Case for Quantitative Policy and Wage Growth Targeting
-
Trumponomics:NeoconNeoliberalism Camouflaged with Anti-Globalization Circus
-
Fixing the Euro’s Original Sins: The Monetary – Fiscal Architecture and Monetary Policy Conduct
-
Are Negative Interest Rates Dangerous?