Heterodox
Bill Mitchell
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Reclaiming our sense of collective and community – Part 1
My home town (where I was born and still spend a lot of time) is Melbourne, Victoria. It is a glorious place, at least the inner suburbs within about 3-4 kms of the city centre where I hang out mostly. It recently ‘lost’ its top place in the Economist Intelligence Unit’s Global Liveability Index (most pleasant place to live) to Vienna (Source). One wag thought it might have been because the Economist got confused between Australia and Austria....
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British labour market – low unemployment hiding a deeper malaise
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The Weekend Quiz – August 18-19, 2018 – answers and discussion
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The Weekend Quiz – August 18-19, 2018
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Australian labour market weakens in July 2018
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A twitter storm of lies …
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MMT is just plain good economics – Part 3
Lars P. Syll
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Econophysics
Unfortunately, nothing is more dangerous than dogmas donned with scientific feathers. The current crisis might offer an excellent occasion for a paradigm change, previously called for by prominent economists like John Maynard Keynes, Alan Kirman and Steve Keen. They have forcefully highlighted the shortcomings and contradictions of the classical economictheory, but progress has been slow. The task looks so formidable that some economists argue...
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Steven Pinker — a cherry-picking Panglossian
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Why most published research findings are false
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The rational expectations hoax
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Inequality perspectives
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“I never learned maths, so I had to think”
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On tour
Real-World Economics Review
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Tear down that wall!
From David Ruccio American capitalists love immigration. So, as it turns out, should American workers. The last time I addressed the issue of immigration, I made the argument that recent waves of immigration have benefited a tiny group of employers at the top, who in turn have managed to shift the costs—through wage reductions and higher taxes—onto workers (both recent immigrants and native-born workers). In fact, just a couple of weeks...
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Mainstream economics and the state
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“I never learned maths, so I had to think”
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Income redistribution in the United States
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Share of wealth in the United States
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Easterlin’s paradox or why economic growth does not make us happier
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Factory workers in India
Socialdem. 21st Century
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Tony Thirlwall’s Lecture on Nicholas Kaldor
A video of Tony Thirlwall’s lecture on Nicholas Kaldor, given in Hungary in 2017, is below:[embedded content]
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Darwin, Evolution, the pre-1960s Left and Human Races
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Dinesh D’Souza as a Charlatan
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Robert P. Murphy on Rothbardians versus Free Bankers
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Steve Keen on how Private Debt and Credit cause Financial Crises
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Steve Keen on Can we avoid Another Financial Crisis?
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Steve Keen on Banking and the Money Multiplier
Cullen Roche: Pragmatic Capitalism
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A Peaceful Pain
In 1818 William Cubitt invented a machine called a “discipline mill”. The machine was a wooden wheel with treads that that was used to punish British prisoners. The wheel was later adapted to crush grains and took the name “treadmill”. If you’ve ever gone for a run on a modern version of one of these machines you might be all too familiar with that feeling of being tortured. Now, I try to avoid treadmills, but I do torture myself by running...
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Three Things I Think I Think – Shrinkage, Inflation & Trickle Down
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A “Hard Knocks” Finance Lesson
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Three Things I Think I Think – Tesla X 3
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The Internet is not a Public Park
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Why Are Banks Special?
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The Best Investment Writing – Volume 2
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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A Simple Modern Money Tale – Buckwell Island Establishes a Currency
At one time or another many of us have probably pondered questions such as: Where does a national currency come from? How does a currency system basically work? Why might people agree to accept a national currency in the first place? How can we be confident that a national currency won’t collapse and that people will continue to accept it in economic transactions? Can a government ever go broke and leave citizens footing the bill? Can...
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A Currency-Issuing Government Spends on its Own Terms
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Dynamics of Output and Demand in a Growing Economy
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Growth is Good?
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Easy Money Anytime
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From the Fiction Files – “Easy Money Anytime”
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Disequilibrium Dynamics of Output and Demand
EconoSpeak
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Is Aretha The Equal Of Michelangelo?
In the Washington Post of August 17, Chris Richards declared that the performance by Aretha Franklin of the title cut on her 1972 gospel-soul album, "Amazing Grace" "deserves to be compared to everything Michelangelo ever painted." Now I am not prepared to go that far, but when I learned she had died, it was this particular song by her on that album (which I have in vinyl from when it first came out) that I wanted to...
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Kevin Hassett In Lie Lie Land
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“as a”
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Would Serious Climate Change Mitigation Policy Increase World Hunger?
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Trump’s Illegal Economic Sanctions Against Iran Start Up
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Real Wages Decline
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Mush versus Mush on Climate Change
The Angry Bear
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On the surge in CEO compensation
Economic Policy Institute has published a new study on the surge in CEO compensation: Summary What this report finds: This report looks at trends in chief executive officer (CEO) compensation, using two different measures. The first measure includes stock options realized (in addition to salary, bonuses, restricted stock grants, and long-term incentive payouts). By this measure, in 2017 the average CEO of the 350 largest firms in the U.S....
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Is Aretha The Equal Of Michelangelo?
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Politico End Zone Dance
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My extended take on housing permits and starts at Seeking Alpha
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Accountable Capitalism Act
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Open thread Aug. 17, 2018
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Another Great Passes on Into the History of Soul
Thomas Palley
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Self Plagiarism Dissertation on Essay Writing Service
A website to own argumentative essays Us scientific studies dissertation guidelines give to own groundwork accomplished get better at thesis what exactly is it a website to choose argumentative essays. A Website To Acquire Argumentative Essays A web site to choose argumentative essays. To see you the fact. Custom-made making essays; Acquire school essays onlin; ...
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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
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Globalization Checkmated? Political and Geopolitical Contradictions Coming Home to Roost
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Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment
Sergio Cesaratto: Politica and EconomiaBlog
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Le Sei lezioni nella Pampa
Le Sei lezioni di economia sono state tradotte in spagnolo dagli amici argentini e verranno presto pubblicate. Sperabilmente seguirà un'edizione per la Spagna. Pubblichiamo l'introduzione all'edizione argentina che fa il punto della situazione economico-politica a due anni dall'uscita del libro. Introduzione all’edizione argentina Sergio Cesaratto Questo libro è nato in un particolare momento storico per l’Italia. L’elevato tasso di...
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Antonella Stirati e Walter Paternesi sulla macroeconomia del voto italiano
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Dare a Tsipras quel che è di Tsipras: risposta a Marco Revelli
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Nerio Naldi sul libro di De Vivo dedicato a Sraffa e Gramsci
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Marcello Foa sulle Doppie morali dell’euro
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Tsipras’s tie – La cravatta di Tsipras in inglese-
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Il libro in Germania
John Quiggin
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Turnbull’s last chance for greatness
Since he first entered the Australian political scene as a leading proponent of republicanism, Malcolm Turnbull’s career has been one long series of disappointments, which involved failing (more or less steadily) upwards. Barring a miracle, his career is now effectively over. In the unlikely event that he survives as PM to the next election, he is assured of electoral defeat and subsequent oblivion. But, he has one last chance for greatness....
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NEGative thoughts
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Regular email news
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Monday Message Board
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Peace for our time ?
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Coal and the nuclear lobby (updated)
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Monday Message Board
Progressive Economics Forum
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Ontario Electricity Sector VI – Meet the new boss…
The provincial election of June ended 15 years of Liberal electricity policy in Ontario. Anger over high electricity prices continued to be an election issue, contributing to the Liberal loss of power and official party status (reduced from 55 to 7 seats). The PCs have formed Government with 76 seats, while the NDP is official opposition with 40 seats, and the Green Party won their first seat. The PC Government has moved quickly to act on some...
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Was Innis Wrong?
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Value Creation vs Value Extraction in Today’s Economy
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An Analysis of Financial Flows in the Canadian Economy
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Carey Doberstein’s book on homelessness governance
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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
Thomas Piketty
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Europe, migrants and trade
While European leaders are preparing to tighten the conditions of entry into the European Union it is worth trying to get a clearer picture of the current patterns of migration and more broadly of Europe’s positioning in the globalisation process. The data available are incomplete but are sufficient to establish the main orders of magnitude. The most comprehensive data are those gathered by the United Nations Population Division on the basis...
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The Transferunion fantasy
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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
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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Top 15% of taxpayers should fill NHS funding gap, think tank suggests
New Economics Foundation (NEF) proposes levying £11.1bn for NHS through reform to National Insurance Contributions (NICs) By abolishing the Upper Earnings Limit on NICs, top 15% of taxpayers will pay their fair share for our health system NEF calls for increased investment in preventative measures to ensure a more efficient health system in the future The New Economics Foundation (NEF) today proposes a radical, progressive tax change to...
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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’?
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NEF in the news, June 2018
Robert Vienneau: Thoughts Economics
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Economists In Popular Fiction
Apparently, a character in a current movie, Crazy Rich Asians is an economist. Dan Kopf considers whether she is a good economist. In a couple of recent tweets, Paul Krugman reacts: "Actually, I can fill this gap. "There was a movie titled The Internecine Project ... with James Coburn as a chairman of the Council of Economic Advisers who gets a bunch of people to kill each other to hide his evil past. Sounds good to me, but the...
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A Unique Natural Rate Of Interest?
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Complex Numbers As A Field Extension
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An Opportunity For The Working Class With Increased Markups
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Neoliberals, Liberals, Progressives, Social Democrats, and Democratic Socialists
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Lack Of Rigor In Mas-Colell, Whinston, And Green
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The Loss From Trade With Capital Goods: The Sraffian Bonus Can Be Negative
Mike Norman Economics
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Paul Craig Roberts – Is Capitalism Killing Us?
Paul Craig Roberts writes about Mosanto's Roundup and how it's ingredient glyphosate maybe causing cancer. Monsanto's scientists say no but independent scientists say out does and is now so widespread and in nearly all our food. PCR says that our present capitalist system has become too expensive to be viable where too many costs have been externalised. Or consider something simple like a pet store. All the pet store owners and customers...
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Pepe Escobar — So what will The Sanctioned supergroup do?
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Lars P. Syll — Econophysics
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Charlotte Cowles — Stephanie Kelton Wants You to Ask: ‘What Does a Good Economy Look Like?’
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Yanis Varoufakis — On the Deep State – an audio essay in seven parts
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Willian Blum – The Anti-Empire Report # 159
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Zack Guzman – This chart shows how far behind America is in paid time off compared to the rest of the world
Naked Keynesianism
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Distribution and Conflict Inflation in Brazil under Inflation Targeting
I can't watch this either For those interested in the Brazilian situation I highly recommend the recently published paper by Franklin Serrano and Ricardo Summa (Review of Radical Political Economics page here). From the abstract: In this paper, we analyze Brazilian inflation under the inflation-targeting system from a conflict inflation perspective and show how the inflation target system only worked well when there was a trend of exchange...
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A Tale of Two Currency Crises: A Short Comment
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Nancy MacLean on constitutional economics and the conservative movement
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Institutions and Economic Development in Latin America
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Leo Panitch on Obama and Globalization
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Three Globalizations, Not Two: Rethinking the History and Economics of Trade and Globalization
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Globalization Checkmated? Political and Geopolitical Contradictions Coming Home to Roost
Prime, Policy Research in Macroeconomics
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What Is Wrong with the Bank of England’s Decision Today?
The BoE’s decision to raise the Bank Rate to 0.75% is a mistake. It is a mistake comparable to those made by Alan Greenspan’s Federal Reserve in the years between 2003 and 2006. Mark Carney It is a mistake that must be understood in a wider context. Not just the political...
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PRIME director wins prestigious Heinrich Boll Stiftung Hannah Arendt Prize
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Protecting us from the worst? The Bank of England on private debt and financial ‘stability’
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Did This Straw Break the Finance Sector’s Back?
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Does the EU “single market” foster trade?
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Private debt hyperinflations and the prospect of renewed crisis
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Same old same old…Tory austerity
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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Retail sales, Housing starts, Philly Fed
June was revised lower, so best to hold back judgement on July until August is released. Note vehicles were revised quite a bit lower for June, with the initially reported .9 jump suspect in any case: Highlights Demand for autos has cooled but not overall retail sales which rose 0.5 percent in July to easily top Econoday’s consensus range where the high forecasts were only at 0.3 percent. A downward revision to June, however, is an offset,...
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Consumer credit, Miles driven, Income revision
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Trade, Employment, ISM, Japan swf
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Motor vehicle sales, Factory orders
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Vehicle sales, Mtg purchase applications, Construction spending, Payrolls, Tesla
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Personal income and spending, Pending home sales
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GDP, World trade
Multiplier Effect
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Tcherneva and Wray on the Public Service Employment (PSE) Program
Michael Stephens | August 15, 2018 The job guarantee proposal fleshed out and analyzed by L. Randall Wray, Flavia Dantas, Scott Fullwiler, Pavlina Tcherneva, and Stephanie Kelton — dubbed the Public Service Employment (PSE) program — garnered a considerable amount of media attention as support for some version of a job guarantee began appearing on the agendas of various 2020 Democratic hopefuls....
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Banks, Capital Markets, and Institutional Investors as Providers of Long-Term Finance
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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
Yanis Varoufakis: Thoughts for the Post-2008 World
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Greece’s never ending debt bondage-austerity spiral – BBC Radio 4 Today Program, 20th August 2018
[embedded content]
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Καθαρή Είσοδος, από σήμερα, στην Μονιμοποιημένη, πλέον, Χρεοδουλοπαροικία. Μόνη λύση οι 7 Τομές του ΜέΡΑ 25
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On the Deep State – an audio essay in seven parts
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Contagion, the Turkish lira, Trump and the never-ending 2008 crisis – in conversation Phillip Adams on Late Night Live, ABC Radio National
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CRASHED: Long version of my Observer review of Adam Tooze’s new book on the Crash of 2008
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Πυρκαγιές, η μονιμοποίηση της Χρεοδουλοπαροικίας μας, το ΜέΡΑ25 στις εκλογές (εθνικές και ευρωεκλογές), η συνεργασία με Κόρμπυν-Σάντερς κ.α. -Συνέντευξη στο “ΕΘΝΟΣ ΤΗΣ ΚΥΡΙΑΚΗΣ” – 5 Αυγούστου 2018
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Οι πυρκαγιές ως ευκαιρία για νέο κοινωνικό οικιστικό πρότυπο – ΤΑ ΝΕΑ, 28-7-2018
Francis Coppola
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Life after death
[embedded content] Last Friday, I watched my father die. It was the first time I had witnessed death in a human being, though I have seen it in animals. I will never forget what it looked like. The pallor of death is quite different from paleness due to shock or illness. Even before death arrives, the blood drains away from the face as if bleached, leaving behind something more like wax than human flesh. Right up to the end, I knew he could...
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Intermezzo
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A very British disease
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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
New Economic Perspectives
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Miscalculating Medicare-for-all
By J.D. ALT A report from the Mercatus Center at George Mason University calculating the “cost” of Medicare-for-all has received much attention recently—first, because Bernie Sanders claimed the report concluded that Medicare-for-all would save the American people $2 trillion over a 10-year period. That claim was still warm when the report’s author, Charles Blahous, told the Washington Post that Bernie’s interpretation of the report’s...
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Alexandria on the Daily Show: the Moral Economy and Modern Money
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How big does the fire need to be?
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Trump Ally Rep. Chris Collins Arrested for Insider Trading – Is the Swamp Drained Now?
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Bank Whistleblowers United Told DOJ to use 4506-T as Kryptonite v Banksters
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How Democratic Party Mendacity about Deficits and Banksters Lifted Trump
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The Explicable Mystery of the National Debt
Credit Writedowns
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Sentiment shift on Tesla a warning sign for all riskier assets
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and...
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New Zealand banning foreign buyers, Turkey’s crisis building for years, unaffordable healthcare
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Speculation about Turkey’s alliance with the West
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The Bank of Japan’s latest move is a tightening of monetary policy
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How much of emerging market turmoil is a strong dollar story?
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On the economics of the Google Android case
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Turkey’s retaliation, China’s falling currency, wage growth and market power, and coming policy mistakes
V. Ramanan: Concerted Action
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Oh, Jeremy Corbyn!
Jeremy Corbyn is a great leader and perhaps one of the few leaders speaking for fiscal expansion. You could say some others too, but what I have realised is that politicians say nice things just to look good and them saying nice things about fiscal policy doesn’t mean much. But Jeremy Corbyn is different. He is pushing aggressively against austerity.Here’s a great video posted by him on social media. It is really nice and captures the...
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Two Papers By Thomas Palley On Globalisation
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Barack Obama And Glenn Greenwald On The Globalisation Backlash
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Sergio Cesaratto – Tsipras’s Tie. What Moral Can We Draw From The Greek Crisis?
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Keynes On The Guilefully Preserved Order
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Misinterpretation Of Joan Robinson’s Quote On Dropping Rocks
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Pankaj Mishra On The Entwined History Of Liberalism And Imperialism
Ann Pettifor: Debtonation
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What Is Wrong with the Bank of England’s Decision Today?
The BoE’s decision to raise the Bank Rate to 0.75% is a mistake. It is a mistake comparable to those made by Alan Greenspan’s Federal Reserve in the years between 2003 and 2006. It is a mistake that must be understood in a wider context. Not just the political context – which promotes ‘monetary radicalism and fiscal conservatism’ – to quote David Cameron and George Osborne. But also in a wider monetary policy context. As the governor of the...
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The great honour that is the Heinrich Boll Stiftung’s Hannah Arendt Prize
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Interview with Martin Sandbu
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Is it unreasonable to blame bankers/rentiers for the rise in populism?
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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
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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Self Plagiarism Dissertation on Essay Writing Service
A website to own argumentative essays Us scientific studies dissertation guidelines give to own groundwork accomplished get better at thesis what exactly is it a website to choose argumentative essays. A Website To Acquire Argumentative Essays A web site to choose argumentative essays. To see you the fact. Custom-made making essays; Acquire school essays onlin; ...
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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
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Globalization Checkmated? Political and Geopolitical Contradictions Coming Home to Roost
-
Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment
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Modern Money Theory (MMT) vs. Structural Keynesianism
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Is the US hypocritical to Criticize Russian Election Meddling?
Michael Hudson
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…and forgive them their debts
...and forgive them their debts | Michael Hudson Your access to this service has been temporarily limited. Please try again in a few minutes. (HTTP response code 503) Reason: Exceeded the maximum global requests per minute for crawlers or humans. Important note for site admins: If you are the administrator of this website note that your access has been limited because you broke one of the Wordfence blocking rules. The reason your access was...
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…and forgive them their debts
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Life & Thought: An Autobiography
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Life & Thought: An Autobiography
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The “Next” Financial Crisis and Public Banking as the Response
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The “Next” Financial Crisis and Public Banking as the Response
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Argentina: Loans upon Loans
