Heterodox
Credit Writedowns
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Automatic stabilizers and a neutral fiscal stance
Quick note hereNeutral Fiscal PolicyI mentioned 'augmented fiscal stabilizers' and a neutral fiscal policy in the last message. And subsequently, I thought I should link out to a piece I published on these topics two years ago. Read that piece in full here. But let me quote from the piece and post...
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China’s ‘weaponising’ Treasuries, automatic stabilizers, and investing versus losing money at WeWork
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The hardening trade war and the pause in IPO easy money
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Risk-off selling continues as Uber slides
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Just when you thought it was risk-on
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Facecoin, Slack and loss-making IPOs
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IPOs, a global rebound and Tariff Man
Cullen Roche: Pragmatic Capitalism
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Three Things I Think I Think – It’s Rubio!
Here are some things I think I am thinking about on this beautiful Saturday morning…. 1) Are buybacks propping up the stock market? One of the more annoying narratives going around these days is this idea that buybacks are propping up the stock market. I was reminded of this yesterday while reading a Ned Davis Research piece which said the stock market would be 19% lower without buybacks. Let’s think about this rationally…. This sort of...
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Capitalism Vs. Socialism
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Three Things I Think I Think – Berkshire, Jobby Jobs and Chase Tweets
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Whom Would I Nominate for the Federal Reserve?
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How Will The Fee Structure of Financial Advisory Change in the Future?
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Having a Printing Press Doesn’t Mean Money is Infinite
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Was the GFC a Once-in-a-Lifetime Event?
EconoSpeak
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Sanctions On Iran Are Hitting Hezbollah (!)
That is the top headline, upper right corner front page, of today's Washington Post, a quite long article by Liz Sly and Suzan Haidamous. WaPo has been much criticized by Trump and his supporters for alleged "fake news" critical of his leaving the Iran nuclear deal while Iran was compliant and not only reimposing the sanctions put on by Obama to get Iran to the negotiating table for that deal, but adding more and yet more leading to...
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TDS vs ODS vs BDS
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Who Needs Critical Thinking?
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Justice Stevens Shoots At Gun Decision
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Meidner Lives!
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Kenneth Burke Predicted Jeff Bezos’s Moon Colony Dream 48 Years Ago
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Robert J. Samuelson Denounces Ecoomists
Economics for Democratic and Open Societies
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The Fallacy of the Natural Rate of Interest and Zero Lower Bound Economics: Why Negative Interest Rates May not Remedy Keynesian Unemployment
This paper provides a critique of zero lower bound (ZLB) economics which has become the new orthodoxy for explaining stagnation. ZLB economics is an extension of pre-Keynesian economics which attributes macroeconomic dysfunction to rigidities and market imperfections. The ZLB is the latest rigidity in that pre-Keynesian tradition. The paper argues negative nominal interest rates, even ...
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What’s Wrong With Modern Money Theory (MMT): A Critical Primer
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Macroeconomics vs. Modern Money Theory: Some Unpleasant Keynesian Arithmetic
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Inequality and Stagnation by Policy Design: Mainstream Denialism and its Dangerous Political Consequences
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The Fracturing of Globalization: Implications of Economic Resentments and Geopolitical Contradictions
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Recovering Keynesian Phillips curve theory: hysteresis of ideas and the natural rate of unemployment
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Brazil is Falling Under an Evil Political Spell
Francis Coppola
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Despair deaths and regional inequality
I can't stop looking at this table. Mortality rates in England rose between 2011-16 for teenagers and most working-age adults under 50: That's bad enough. But what should give all of us pause is the reason that Public Health England (PHE) gives for rising mortality among young and middle-aged adults: Among people aged 20-44, an increase in mortality rates from accidental poisoning had a negative effect on life expectancy between 2011 and...
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Why targeting productivity is a bad idea
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An Experiment with Basic Income
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The Eurozone’s Long Depression
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Lessons from the Long Depression
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The desert of plenty
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Keynes and the death of capitalism
John Quiggin
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Adani’s moment of truth
The political campaign against Adani’s Carmichael mine has failed. That’s a big shift from the last Queensland state election, where the state government gained support in the south-east and held on to it in North Queensland. Obviously, Bob Brown’s convoy was counter-productive, perhaps disastrously so, and this failure will undermine any future direct action campaign in the region. Given the election outcome, the approvals made by the...
Read more » -
Sandpit
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Monday Message Board
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The day after
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Economics in Two Lessons, reviewed
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Launch!
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Coming events
Mosler Economics
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Investment, Mtg origination, Bank loans
Real final sales slowing, and business equipment growth negative: From the NY Fed, reads like credit growth slowing: Total Household Debt Rises for 19th Straight Quarter, Now Nearly $1 Trillion Above Previous Peak The report includes a one-page summary of key takeaways and their supporting data points. Overarching trends from the Report’s summary include: Housing Debt Mortgage balances rose by $120 billion, to $9.2 trillion. Mortgage...
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Retail sales, Industrial production, Interest payments, Japan profits, Euro area fiscal balance
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PMI/GDP, House prices, Investigations update
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Employment, US PMI’s, Factory orders, Japan sales tax, HK, MMT comments
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Car sales, Euro area PMI’s
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Mtg purchase apps, Construction, SF home prices, ISM manufacturing, PMI chart, Trade agreement, Econ indicators
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GDP detail, Business optimism, Personal Income, Chicago PMI, US pending home sales, China news
Naked Keynesianism
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Exchange rates and income distribution in a surplus approach perspective
Old paper, presented two years ago in México, and to be published soon by the university press there. In Spanish. For those interested. The model is the same (with minor changes) one used to discuss inflation, in an old paper, eventually published here in a book on Post Keynesian economics edited by Forstater and Wray. Link here.
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Forget the Natural Rate, says the Head of the Minneapolis Fed
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On Karl Polanyi and the labor theory of value
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The New School for Social Research at 100: A view from the Econ. Dept.
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Top blogs
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Bernie and AOC are Functional Finance (and Socialists) but not necessarily MMT
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Interview on Central Bank’s exchange rate policy in Argentina
Prime, Policy Research in Macroeconomics
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How to transform the EU – and build solidarity between its members
Image: Robert Triffin (1911-1993), influiential adviser on original European Payments Union. Via https://www.c2dh.uni.lu/ A new European Clearing Union would restore a common purpose to the European project and help defeat the rising ride of authoritarianism.This article is cross-posted from Open Democracy There are many on the left who are sceptical of the European Union. And rightly...
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Economic Guidelines for a better European Union
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TV discussion “Eurozone Future: Is the eurozone really on the brink?”
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UK economy 2010-2018 – the devastating impact of the age of austerity
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Are We Heading towards a Synchronised Global Slowdown?
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Why the left must now unite against Brexit
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The economic consequences of Brexit?
Progressive Economics Forum
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The Progressive Economics Forum 1970-01-01 00:00:00
[unable to retrieve full-text content]
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What Impact will the 2019 Federal Budget have on Canada’s Housing Market?
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Ontario Electricity VII – Committee Testimony
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Low taxes are nothing to brag about
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Jason Kenney’s tax plan full of holes
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Populism in the Time of Neoliberalism
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Help please!
Robert Skidelsky
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The Good Life After Work
Almost all “robots are coming” stories follow a tried-and-true pattern. “Shop Direct puts 2,000 UK jobs at risk,” screams a typical headline. Then, quoting from authoritative reports from prestigious institutes and think tanks, the article in question usually alarms audiences with extravagant estimates of “jobs at risk” – that is, percentages of workers whose livelihoods are threatened by high-tech automation. To quote another representative...
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No Choice and No Exit for the UK
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Check back in a few minutes
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The AI Road to Serfdom?
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Rhymes from Central Europe
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Brexit: Withdrawal Agreement and Political Declaration
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The Continuing Agony of Brexit
Yanis Varoufakis: Thoughts for the Post-2008 World
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A Greek Canary in a Global Goldmine – Project Syndicate op-ed 17 May 2019
ATHENS – The eurozone country that has become synonymous with insolvency is today proving to be a treasure-trove for some. Traders who bought Greek assets a few years ago have good reason to celebrate, having banked returns that no other market could have provided. But, as is often the case, an opportunity that seems too good to be true probably is. And this one could portend the next phase of our global crisis. An investor who bought German...
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The European elections could be an opportunity for a transnational Green New Deal – Adler & Wargan in The New Statesman
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Κυβερνήσεις μπορεί να αλλάζουν, η Χρεοδουλοπαροικία όμως μένει – σπότ του ΜέΡΑ25 για τις ευρωεκλογές
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Should Jeremy Corbyn commit to a second referendum? The Independent
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Tageszeitung-TAZ: DiEM25 as the best hope for overcoming Europe’s nationalist resurgence
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Euronews on our German campaign for the European elections – video
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Συζητώντας με την ομάδα του ΝΟΣΤΙΜΟΝ ΗΜΑΡ για όλα
Multiplier Effect
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Remembering Nina Shapiro
Jan Kregel | March 15, 2019 We are grieved to announce that Nina Shapiro, Professor of Economics Emeritus at St. Peter’s College, passed away on March 6. Nina was one of the first Levy Institute Visiting Scholars and a major contributor to the field of post-Keynesian economics. She passed away last week at the age of 71 from complications due to cancer. Nina was best known for her work on the...
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Big Guns Shooting Holes in the Sky
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Join Us for the 28th Annual Hyman P. Minsky Conference
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This Time Is Different: Wray on Modern Monetary Theory
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Bad Faith and the US Census
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A Better Way to Think about the “Twin Deficits”
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On Modern Monetary Theory and Some Odd Twists and Turns in the Evolution of Macroeconomics
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
Multiplier Effect
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Remembering Nina Shapiro
Jan Kregel | March 15, 2019 We are grieved to announce that Nina Shapiro, Professor of Economics Emeritus at St. Peter’s College, passed away on March 6. Nina was one of the first Levy Institute Visiting Scholars and a major contributor to the field of post-Keynesian economics. She passed away last week at the age of 71 from complications due to cancer. Nina was best known for her work on the...
Read more » -
Big Guns Shooting Holes in the Sky
-
Join Us for the 28th Annual Hyman P. Minsky Conference
-
This Time Is Different: Wray on Modern Monetary Theory
-
Bad Faith and the US Census
-
A Better Way to Think about the “Twin Deficits”
-
On Modern Monetary Theory and Some Odd Twists and Turns in the Evolution of Macroeconomics
Prime, Policy Research in Macroeconomics
-
How to transform the EU – and build solidarity between its members
Image: Robert Triffin (1911-1993), influiential adviser on original European Payments Union. Via https://www.c2dh.uni.lu/ A new European Clearing Union would restore a common purpose to the European project and help defeat the rising ride of authoritarianism.This article is cross-posted from Open Democracy There are many on the left who are sceptical of the European Union. And rightly...
Read more » -
Economic Guidelines for a better European Union
-
TV discussion “Eurozone Future: Is the eurozone really on the brink?”
-
UK economy 2010-2018 – the devastating impact of the age of austerity
-
Are We Heading towards a Synchronised Global Slowdown?
-
Why the left must now unite against Brexit
-
The economic consequences of Brexit?
Prime, Policy Research in Macroeconomics
-
How to transform the EU – and build solidarity between its members
Image: Robert Triffin (1911-1993), influiential adviser on original European Payments Union. Via https://www.c2dh.uni.lu/ A new European Clearing Union would restore a common purpose to the European project and help defeat the rising ride of authoritarianism.This article is cross-posted from Open Democracy There are many on the left who are sceptical of the European Union. And rightly...
Read more » -
Economic Guidelines for a better European Union
-
TV discussion “Eurozone Future: Is the eurozone really on the brink?”
-
UK economy 2010-2018 – the devastating impact of the age of austerity
-
Are We Heading towards a Synchronised Global Slowdown?
-
Why the left must now unite against Brexit
-
The economic consequences of Brexit?
Yanis Varoufakis: Thoughts for the Post-2008 World
-
A Greek Canary in a Global Goldmine – Project Syndicate op-ed 17 May 2019
ATHENS – The eurozone country that has become synonymous with insolvency is today proving to be a treasure-trove for some. Traders who bought Greek assets a few years ago have good reason to celebrate, having banked returns that no other market could have provided. But, as is often the case, an opportunity that seems too good to be true probably is. And this one could portend the next phase of our global crisis. An investor who bought German...
Read more » -
The European elections could be an opportunity for a transnational Green New Deal – Adler & Wargan in The New Statesman
-
Κυβερνήσεις μπορεί να αλλάζουν, η Χρεοδουλοπαροικία όμως μένει – σπότ του ΜέΡΑ25 για τις ευρωεκλογές
-
Should Jeremy Corbyn commit to a second referendum? The Independent
-
Tageszeitung-TAZ: DiEM25 as the best hope for overcoming Europe’s nationalist resurgence
-
Euronews on our German campaign for the European elections – video
-
Συζητώντας με την ομάδα του ΝΟΣΤΙΜΟΝ ΗΜΑΡ για όλα
Mosler Economics
-
Investment, Mtg origination, Bank loans
Real final sales slowing, and business equipment growth negative: From the NY Fed, reads like credit growth slowing: Total Household Debt Rises for 19th Straight Quarter, Now Nearly $1 Trillion Above Previous Peak The report includes a one-page summary of key takeaways and their supporting data points. Overarching trends from the Report’s summary include: Housing Debt Mortgage balances rose by $120 billion, to $9.2 trillion. Mortgage...
Read more » -
Retail sales, Industrial production, Interest payments, Japan profits, Euro area fiscal balance
-
PMI/GDP, House prices, Investigations update
-
Employment, US PMI’s, Factory orders, Japan sales tax, HK, MMT comments
-
Car sales, Euro area PMI’s
-
Mtg purchase apps, Construction, SF home prices, ISM manufacturing, PMI chart, Trade agreement, Econ indicators
-
GDP detail, Business optimism, Personal Income, Chicago PMI, US pending home sales, China news
Robert Skidelsky
-
The Good Life After Work
Almost all “robots are coming” stories follow a tried-and-true pattern. “Shop Direct puts 2,000 UK jobs at risk,” screams a typical headline. Then, quoting from authoritative reports from prestigious institutes and think tanks, the article in question usually alarms audiences with extravagant estimates of “jobs at risk” – that is, percentages of workers whose livelihoods are threatened by high-tech automation. To quote another representative...
Read more » -
No Choice and No Exit for the UK
-
Check back in a few minutes
-
The AI Road to Serfdom?
-
Rhymes from Central Europe
-
Brexit: Withdrawal Agreement and Political Declaration
-
The Continuing Agony of Brexit
Multiplier Effect
-
Remembering Nina Shapiro
Jan Kregel | March 15, 2019 We are grieved to announce that Nina Shapiro, Professor of Economics Emeritus at St. Peter’s College, passed away on March 6. Nina was one of the first Levy Institute Visiting Scholars and a major contributor to the field of post-Keynesian economics. She passed away last week at the age of 71 from complications due to cancer. Nina was best known for her work on the...
Read more » -
Big Guns Shooting Holes in the Sky
-
Join Us for the 28th Annual Hyman P. Minsky Conference
-
This Time Is Different: Wray on Modern Monetary Theory
-
Bad Faith and the US Census
-
A Better Way to Think about the “Twin Deficits”
-
On Modern Monetary Theory and Some Odd Twists and Turns in the Evolution of Macroeconomics
Azizonomics
-
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...
Read more » -
Don’t Tolerate The Trumpists
-
Yellen: “There Will Be No New Crisis In My Lifetime”
-
Protected Blog › Log in
-
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
John Quiggin
-
Adani’s moment of truth
The political campaign against Adani’s Carmichael mine has failed. That’s a big shift from the last Queensland state election, where the state government gained support in the south-east and held on to it in North Queensland. Obviously, Bob Brown’s convoy was counter-productive, perhaps disastrously so, and this failure will undermine any future direct action campaign in the region. Given the election outcome, the approvals made by the...
Read more » -
Sandpit
-
Monday Message Board
-
The day after
-
Economics in Two Lessons, reviewed
-
Launch!
-
Coming events