Heterodox
Bill Mitchell
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The Weekend Quiz – September 24-25, 2016 – 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....
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The Weekend Quiz – September 24-25, 2016
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Is there a case for a basic income guarantee – Part 3
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Is there a case for a basic income guarantee – Part 2
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Travelling back from the US today – but there is some music
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Is there a case for a basic income guarantee – Part 1
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The Weekend Quiz – September 17-18, 2016 – answers and discussion
Lars P. Syll
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DSGE macroeconomics — overconfident story-telling
DSGE macroeconomics — overconfident story-telling We economists trudge relentlessly toward Asymptopia, where data are unlimited and estimates are consistent, where the laws of large numbers apply perfectly and where the full intricacies of the economy are completely revealed … Worst of all, when we feel pumped up with our progress, a tectonic shift can occur, like the Panic of 2008, making it seem as though our long journey...
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Solow on post-real Chicago economics
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Rethinking macroeconomic theory
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Post-real macroeconomics — science as fraud
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Paul Romer on macroeconomics as a religious dogma
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The dividing line between bad and good macroeconomics
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James Tobin on post-real macroeconomics
Real-World Economics Review
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Stiglitz and the demise of marginal productivity theory
From Lars Syll Today the trend to greater equality of incomes which characterised the postwar period has been reversed. Inequality is now rising rapidly. Contrary to the rising-tide hypothesis, the rising tide has only lifted the large yachts, and many of the smaller boats have been left dashed on the rocks. This is partly because the extraordinary growth in top incomes has coincided with an economic slowdown. The trickle-down notion— along...
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How unemployment has been considered by mainstream macroeconomic models?
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Hold the champagne
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Wren-Lewis trivializing Romer’s critique
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Phlogiston, the identification problem, and the state of macroeconomics
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Why critique in economics is so important
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Mind the gaps: compensation and productivity (3 graphs)
Socialdem. 21st Century
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The Alt Left Generation!
We can see them right here, but they just haven’t found the Alt Left / Realist Left yet: We can also see them here in the statistics on European youth unemployment for 2015 (i.e., the number of unemployed people from 15 to 24 years old as a percentage of the youth labour force):Greece | 49.8% Italy | 40.3% Spain | 48.4% Portugal | 31.9% Slovak Republic | 26.4% France | 24.7% Belgium | 22.1% Finland | 22.0% Ireland | 20.9% Poland | 20.8%...
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Steve Keen on Realism in Economics
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Paul Romer’s Plan For Sweden: Are You Kidding Me?!
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A Realist Left YouTube Channel
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Supply Side Jesus!
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The Fall of US Neoconservatism
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Breitbart now Promoting Left-Wing Economics
Cullen Roche: Pragmatic Capitalism
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Bull Markets are the Hardest Part
Share the post "Bull Markets are the Hardest Part"There are two difficult times to be an investor – when the market goes up and when it goes down.¹ We all know the difficulty of the bear market. It usually works something like this:We think markets will go up for some reason.Markets go down.Markets go down a lot more than we’re comfortable with.Soil shorts, reconsider how you’re allocating your assets and go change your pants.Well,...
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The Problem with Modern Banking
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21 Questions….
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Why I Prefer to Think of Stocks as Bonds
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Warren Buffett is (Actually) Losing His Hedge Fund Bet
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Indexing is the Result of Homogeneous Markets, not the Cause
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Make Berkshire Hathaway Great Again
Steve Keen’s Debt Watch
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Incorporating energy into production functions
In my last post on my Debtwatch blog, I finished by saying that the Physiocrats were the only School of economics to properly consider the role of energy in production. They ascribed it solely to agriculture exploiting the free energy of the Sun, and specifically to land, which absorbed this free energy and stored it in agricultural products. As Richard Cantillon put it in 1730: The Land is the Source or Matter from whence all Wealth is...
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BBC Hardtalk on reforming economics
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The need for pluralism in economics
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Inequality, Debt and Credit Stagnation
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What next after Brexit?
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The Divisive Vote Over Brexit
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There has to be a better way
Naked Keynesianism
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On the Fed’s decision at the Rick Smith Show
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The Trouble with Paul Romer’s Angriness
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DisORIENT
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The Federal Reserve Must Rethink How it Tightens Monetary Policy
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On the blogs
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On Keynes and the Evolution of Keynesian Economic at the Economic Rockstar Podcast
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220+ Law and Economics Professors Urge Congress to Reject TPP
Mosler Economics
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Rail traffic, Philly Fed state index, NY Fed nowcast
Rail Week Ending 17 September 2016: Data Looks Better This Week Week 37 of 2016 shows same week total rail traffic (from same week one year ago) contracted according to the Association of American Railroads (AAR) traffic data. However, the data was an improvement over last week. Not looking so good: This one’s coming down as well: September 23, 2016: Highlights The FRBNY Staff Nowcast stands at 2.3% and 1.2% for 2016:Q3 and 2016:Q4,...
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Eurozone Composite PMI, US Manufacturing PMI
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KC Fed, Recent presentation
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Fed comments, Chicago Fed, Existing home sales
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Mtg purchase applications, Architectural billings index
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Housing market index, Redbook retail sales, Housing starts
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Credit check
Yanis Varoufakis: Thoughts for the Post-2008 World
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Which is the single largest threat to the global economy?
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Negotiating Brexit – On Channel 4 News
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The Cambridge Union’s 2016 London Debate – Friday 23/9
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A message for left wing comrades – Berlin, 17 September 2016
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On the need to face the facts about big business before democracy gets a chance – NYT Athens Democracy Forum Debate
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My letter to supporters of Another Europe Is Possible
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Joining forces! In reply to Stefano Fassina
Francis Coppola
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A dent in the surface of time
This chart has been fascinating me for ages. It was produced by the Bank of England to illustrate a speech by Andy Haldane. Shock, horror - we have the lowest interest rates for 5,000 years. Even in the Great Depression they were higher than they are now. These are, of course, nominal interest rates. Real interest rates are even lower - though not by much, since inflation is close to zero in all major economies.Note also the divergence of...
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Some unpleasant trade realities
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Are inheritance taxes unfair?
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Austerity and the rise of populism
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Maslow’s hierarchy of money
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The art of economics
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No, please don’t show me your model
New Economic Perspectives
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Does a Golden Parachute Await Wells Fargo CEO John Stumpf?
NEP’s Bill Black appears on The Real News Network and explains why criminal prosecutions of executives time after time are not happening. The video is below and if you would like to view with a transcript, click here.[embedded content] Share this:
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WHY ARE WE GATHERED HERE? Remarks Made at the 13th International Post Keynesian Conference
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NEP’s Bill Black appears on The Monitor
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Minsky Meets Brazil Part IV
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The Charade
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Living in the Web of Soft Climate Denial
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Minsky Meets Brazil Part III
Ann Pettifor: Debtonation
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Ann Pettifor on Share Radio discussing Phillip Hammond
[unable to retrieve full-text content] Ann Pettifor discussed how Phillip Hammond’s stint at the treasury will differ to Osbornes on Share Radio yesterday, with their regular economics commentator John Weeks. Listen to the full show here.
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Ann Pettifor on Nationalism, Polanyi and the Double Movement
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Statement from members of Labour’s Economic Advisory Commitee
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Uber, Newsnight and Donald Trump
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Mohammed Ali: “never give up fighting racism”
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Why I will vote Remain
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The Green New Deal Framing: the Economic Narrative
Credit Writedowns
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Upbeat macro thoughts as Fed’s Jackson Hole Symposium begins
In-depth analysis on Credit Writedowns Pro. You are here: Markets » Upbeat macro thoughts as Fed’s Jackson Hole Symposium begins I haven’t posted much recently – mostly because there haven’t been many developments economically that change my macro view. We still live in a slow growth world, where recession is not the base case n the US, the UK, or the eurozone. And none of the data we have seen in the last few weeks has...
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Re-calibrating our thinking about Brexit after MPC rate cut
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The EU as a larger Germany post-Brexit and Hugh Hendry’s Eclectica Fund commentary
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The problem at euro banks
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The British political landscape after the EU referendum
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Leading UK PM Brexit strategies taking shape with May and Leadsom
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UK fiscal and monetary policy offset to kick in, bullish for gilts
V. Ramanan: Concerted Action
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James Tobin On Real Business Cycle Theory
Lars Syll has a nice post quoting James Tobin’s views on the real business cycle theory (and dynamic stochastic general equilibrium (DSGE) models. DSGE models are just RBC theory models with some modifications but still retaining the core).There’s also another paper, An Old Keynesian Counterattacks by James Tobin written in 1992 and devoted heavily on attacking all this.Tobin says:The crucial issue of macroeconomic theory today is the same as...
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Marc Lavoie On The DSGE Emperor
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UNCTAD’s Annual Report
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Noam Chomsky On Neoliberalism
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TARGET2 Balances And “QE Recycling”
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Physics Envy
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White Hat: “IS/LM Is Correct”
Azizonomics
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Why will people colonize space?
Noah Smith over at Noahpinion does a rundown on why Firefly doesn’t really resonate with him. I agree with his take: But in Firefly, why do we – meaning the crew of Serenity – go to space? It’s not for a higher purpose. There’s no science being done,...
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Beyond Good And Evil
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Britain Is Finished
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Automation, Space Colonization & The Post-Transactional Economy
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Political Correctness And The Extreme Fragmentation Of Society In Modernity
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The Economics of Building That Wall
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Universal Basic Income Is Inevitable, Unavoidable, and Incoming
Economics for Democratic and Open Societies
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The Federal Reserve Must Rethink How it Tightens Monetary Policy
After more than 7 years of economic recovery, the Federal Reserve is positioning itself to tighten monetary policy by raising interest rates. In light of the wobbly reaction in financial markets, an important question that must be asked is whether raising interest rates is the right tool. It could well be that the world’s leading ...
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Why ZLB Economics and Negative Interest Rate Policy (NIRP) are Wrong: A Theoretical Critique
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Financing vs. Spending Unions: How to Remedy the Euro Zone’s Original Sin
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Betrayed Again: TPP’s Unconvincing Economic and National Security Arguments
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Why Negative Interest Rate Policy (NIRP) is Ineffective and Dangerous
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Brexit: The Day We Entered the Eye of the Maelstrom
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Boycott the Rio Olympics to Defend Brazilian Democracy