Heterodox
Bill Mitchell
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The Weekend Quiz – April 21-22, 2018
Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blogs I post. See how you go with the following questions. Your results are only known to you and no records are retained. 1. If the real interest rate (difference between nominal interest rate and inflation) is constant, then a currency-issuing government, which matches its net spending $-for-$ with debt issuance, could double its...
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Australian labour market – weakens further in March 2018
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Progressive cause in Australia seriously undermined by … progressives
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On the path to MMT becoming mainstream
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The facts suggest Britain is not as reliant on EU as the Remain camp claim
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The Weekend Quiz – April 14-15, 2018 – answers and discussion
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The Weekend Quiz – April 14-15, 2018
Lars P. Syll
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1968 — Die ganze Welt in Aufruhr
1968 — Die ganze Welt in Aufruhr Nicht nur ideenpolitisch war Amerika der große Speicher, aus dem sich die Gesellschaftskritik fast überall im Westen bediente. Auch hinsichtlich der Formen und Techniken des Protests wuchs dem »Land der unbegrenzten Möglichkeiten«, von dem man damals noch ohne viel Sarkasmus sprach, eine Vorreiterrolle zu. Die Sit-ins im Süden der USA, mit denen sich seit 1960 eine junge Generation von...
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The case for a new economics
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The tractability hoax in modern economics
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Marx predicted the present crisis — and points the way out
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Sometimes we do not know because we cannot know
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Es reicht. Es reicht. Es reicht.
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Pretentious? Moi?
Real-World Economics Review
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Harvard teaches us that hedge fund managers get rich even when they mess up
From Dean Baker While we all know that it is important for people to get a good education if they want to do well in today’s economy, it remains the case that who you know matters much more than what you know. Harvard has taught us this lesson well with the management of its endowment in recent years. Businessweek reported that the returns on Harvard’s endowment over the last decade averaged just 4.4 percent annually. This performance trailed...
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Family wealth redistribution in US from 1989 to 2013
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Sometimes we do not know because we cannot know
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Changing global income distribution
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DSGE models — overconfident macroeconomic story-telling
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Inter-generational wealth redistribution in the USA 1989 to 2016
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Top 10% national income share across the world 1980 to 2016
Socialdem. 21st Century
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Steve Keen on Endogenous Money and a Tribute to Basil Moore
Steve Keen gives a talk in March 2018 here on endogenous money as tribute to Basil Moore:[embedded content]
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No War on Syria!
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The Witch Hunt against Sam Harris
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Clement Attlee on Immigration into Britain in 1948
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Academic Agent on “Six Key Lessons from Classical Economics”: A Critique
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The Catastrophic Failure of Multiculturalism
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Opposition to Mass Immigration in the British Labour Party of 1948
Cullen Roche: Pragmatic Capitalism
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The Difference Between Asset Price Inflation & Consumer Price Inflation
One of the more common responses to the fact that inflation is low is the idea that the inflation is all in asset prices. So, for instance, if someone were to say that all the Fed’s post-crisis stimulus didn’t result in inflation you might look at stock prices and argue that the price increases all flowed into stocks. That’s not necessarily wrong, but I think it needs to be well understood because asset price inflation is generally good for...
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Timing the Market is Hard
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These Are Not Good Indexing Criticisms
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Yeah, That Debt Article Was Kinda Bad….
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Why Does the Rebalancing Bonus Work?
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Why Bitcoin Will Never Be the Dominant Form of Money
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The Most Important Investment Factor – Behavior
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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Dynamics of Output and Demand in a Growing Economy
An earlier post discussed some of the dynamics of output and demand implicit in the income-expenditure model. Attention was confined to a simplified economy that was stationary other than when adjusting to one-off exogenous changes in demand. The present post considers a continually growing economy in which autonomous demand changes over time. The discussion is kept simple by treating all demand other than private consumption as exogenous. The...
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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
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A Simple Framework for Analyzing a Demand-Led Economy
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A Notion of Demand-Led Growth
EconoSpeak
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Can Nudging Become A New Road To Serfdom?
Last weekend I attended a conference at NYU Law School on "Behavioral Economics and the New Paternalism, organized by Austrian economist Mario Rizzo and classical liberal law professor Richard Epstein. It included economists, lawyers, philosophers, and a couple of psychologists. While there was a range of views present a theme for many and especially of the organizers was bashing the ideas about "libertarian paternalist"...
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Reposted AGAIN: Down the Rabbit Hole with Trump FBI Fanboy, Jimmy Kallstrom
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A Teachable Moment: The Importance of Meta-Learning
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C’mon, M’Honey, URINE THE MONEY! (you’ve got a lot of what it takes to get along.)
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Unresolved Issues In Happiness Economics From The Conference Honoring The Retirement Of The Field’s Founder
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Pseudo-Equity: Further Remarks on the Politics of Mandatory Diversity Training at Evergreen
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Kudlow’s Trade Coalition of the Willing
The Angry Bear
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What Happened to the Political Price for Lying? (Part 2)
By Jeff Soplop What Happened to the Political Price for Lying? (Part 2) Recently I wrote about the political price of lying and how there is a serious disconnect between voters (including republican voters) saying they want honesty in a politician and how they act. My initial conclusion was that many voters are lying to themselves and so, consequently, end up lying to pollsters. With this in mind, the next question is this: just how dishonest...
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Can Nudging Become A New Road To Serfdom?
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Open thread April 20, 2018
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Candidate Specific Response Bias in Polls
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What Happened to the Political Price for Lying?
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The Citigroup Analysis of the Amazon – USPS Relationship
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Is the US economy booming? April 2018 update
Thomas Palley
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Modern Money Theory (MMT) vs. Structural Keynesianism
1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new ideas are either misleading or wrong. The essential old idea, which everybody knows, ...
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Is the US hypocritical to Criticize Russian Election Meddling?
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Re-theorizing the Welfare State and the Political Economy of Neoliberalism’s War Against It
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The General Theory at 80: Reflections on the History and Enduring Relevance of Keynes’ Economics
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A Theory of Economic Policy Lock-in and Lock-out via Hysteresis: Rethinking Economists’ Approach to Economic Policy
Sergio Cesaratto: Politica and EconomiaBlog
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Venerdì a Schio (Vicenza)
Senza responsabiltà circa l'interlocutore!
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Il Keynes incompiuto della sinistra italiana
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Fra Sraffa e Gramsci. Venerdì 9 marzo alla Sapienza
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Belle firme per stanare la “sinistra”
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E mo’ chi voto?
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Morali e doppie morali a Freiburg
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Tragico ma non serio: il surreale documento dei 14 economisti franco-tedeschi
John Quiggin
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We are all socialists now
Socialism is much more than public ownership of productive enterprises. Still, if there is one policy that clearly distinguishes socialists from their (or rather our) opponents, it is support for public enterprise as a way of organizing large-scale production, and, in particular, as the preferred model for industries characterized by natural monopoly or other major market failures. The opposite view, dominant since the 1970s, is the market...
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Economics in Two Lessons, Chapter 9
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For socialism and democracy
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Sandpit
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Monday Message Board
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Blowing stuff up
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Hackery or heresy
Progressive Economics Forum
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Ten things to know about the 2018 Saskatchewan budget
I’ve written a ‘top 10’ blog post about the recently-tabled Saskatchewan budget. Points raised in the blog post include the following: -This year’s budget was quite status quo. -Last year’s budget, by contrast, included a series of cuts to social spending. Last year’s budget also announced cuts to both personal and corporate income taxes that were subsequently reversed. -Saskatchewan has one of the lowest debt-to-GDP ratios in Canada. -This...
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The Contemporary Relevance of Karl Polanyi
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Newly-signed FPT housing framework agreement
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2018 PEF Student Essay Contest is Open!
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A Tale of Two Books
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Five things to know about the 2018 Alberta budget
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Ten proposals from the 2018 Alberta Alternative Budget
Thomas Piketty
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Towards a Union in the Union
After the Italian elections and Trump’s commercial antics one might well feel depressed and be tempted to use Europe to play the same silly game of introverted assertion of identity – strengthening immigration laws and ramping up protectionist measures. In so doing, we would be forgetting two key points. One: contrary to what we sometimes hear, the rise of European populism is not explained by any flood of immigrants. The truth is that the...
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Parcoursup: could do better
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Democratising Europe begins with ECB nominations
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2018, the year of Europe
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Trump, Macron: same fight
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The Catalan syndrom
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Budget 2018: French youth sacrified
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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Why it really is time to make the polluter pay
Another week, another oil company telling us that we have no choice but to keep on using fossil fuels for years to come. Enough. They and their shareholders should spend a bit more time listening to the poor souls on the climate frontline. For whom climate change isn’t just a thing to which you have to pay lip service in an investment strategy, but a matter of life and death. They should listen, as I did this week, to Vanuatan MP Ralph...
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Total pay has reached lowest monthly level in two years
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The war on solar
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How the broken land market drives our housing crisis
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NEF in the news, April 2018
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Let’s clean up toxic air
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‘Proptech’ could exploit renters like Uber does workers
Robert Vienneau: Thoughts Economics
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Class Struggle And Specialization In International Trade
This post continues a previous numeric example. The firms in each of three countries are assumed to know a technology for producing corn, wine, and linen. The technology is such that each commodity can be produced in each country. The technology varies among countries. Each of these small open economies can specialize and obtain non-produced commodities through foreign trade. I confine myself to patterns of specialization in which: Each...
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The Gain And Loss From Trade: More On A Numeric Example
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The Loss From Trade: A Numeric Example With Three Countries And Three Produced Commodities
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Trollope Trolls The Way We Live Now
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Exemplars of Neoclassical Economics
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Comments on Yoshihara and Kwak on Sraffian Indeterminancy
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Structural Economic Dynamics with a Choice of Technique in General
Mike Norman Economics
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NK suspends nuclear and missile tests
More winning!!!! Kim's definitely looking good for that invite to Mar-A-Lago if he keeps this type of thing going... North Korean leader Kim Jong Un suspends nuclear and missile tests, shuts down test site https://t.co/0jpctAgdsN pic.twitter.com/XTvo4bDsT9 — nzherald (@nzherald) April 20, 2018 Double trigger fingers!!!!
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John Quiggin — We are all socialists now
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Larry Elliott — World Bank recommends fewer regulations protecting workers
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Reuters — Democrats sue Russia, Trump campaign for alleged 2016 election conspiracy
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RT — Trump not Putin is greater threat to world peace – German poll
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Asia Times China approves ambitious Xiongan New Area master plan
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Pepe Escobar — Syria, Iran and ‘chaos in international relations’
Naked Keynesianism
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Business Cycles in the Modern World System: Past, Present and Future
In case anybody is in the area around New York, the Program of the PEWS conference below. Thursday, April 26, 2018 -- 4:30 - 5:20 p.m. Reception in the DiMenna-Nyselius Library Room 107 C 5:20 p.m. Formal Opening of the Conference Library Multimedia Room Welcome: Eric Mielants (Sociology) Katsiaryna Salavei Bardos (Finance) Introduction of Keynote Speakers Dean Greenwald (CAS) Immanuel Wallerstein (Sociology, Yale University)...
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Corporate tax cuts use in one graph
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On the Blogs—The Inequality Edition
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More on China and the US
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China and US Trade Tensions in one graph
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Modern Money Theory (MMT) vs. Structural Keynesianism
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On the blogs — The Measurement Edition
Prime, Policy Research in Macroeconomics
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The Bank of England should not raise rates: here’s why
This week a friend casually explained that he and his wife considered having a second child. But having recently moved into a new house, they were having to fork out a large share of their income on mortgage interest payments. Hearing talk of potential rate rises had therefore persuaded them not to risk another pregnancy.Such are the life-changing impacts of decisions (or non-decisions) made by a group of men (and one woman) on the Monetary...
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Giving priority to “purposeful and dignified work” for all – but how?
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Italian elections: the 5 Star Movement’s policy prescriptions
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Why the Left must lead Britain away from Brexit
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Free markets & the decline of democracy
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Why building more homes will not solve Britain’s housing crisis
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A demand interpretation of productivity since WW2 and across the world
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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Architectural index, Corporate leverage, Saudi oil pricing
Muddling through at depressed levels: Saudis set price. If they decide to hike as below, it will happen: OPEC’s new price hawk Saudi Arabia seeks oil as high as $100 Apr 18 (Reuters) — Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel. OPEC, Russia and several other producers began to reduce supply in January 2017 in an attempt to erase a glut. They have extended the pact until December 2018 and...
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Housing starts, Industrial production
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Retail sales, Business inventories, Port traffic, Infrastructure
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Budget comments, ISM forecast, Global bank lending, Fed rate expectations, ECB Euro comments
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Employment, Consumer credit, Bank loans
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Small business jobs index, Balance of trade, Domestic vehicle sales
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Construction spending, Private credit growth, Turkey
Multiplier Effect
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27th Annual Minsky Conference Presentations
Michael Stephens | April 19, 2018 The 27th Minsky Conference — “Financial Stability in a World of Rising Rates and the Repeal of Dodd-Frank” — just wrapped up yesterday. Anyone interested in the slide presentations can find them below: Welcome and Introduction Jan Kregel, Director of Research, Levy InstituteRemarks in PDF Session 1. US AND GLOBAL ECONOMIC OUTLOOK MODERATOR: L. Randall...
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New Book of Essays in Honor of Roncaglia
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Join Us for the 2018 Minsky Summer Seminar
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Watch Live: A New New Deal and the Job Guarantee
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Applications Open for the Levy Institute M.S. and New One-Year M.A.
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IMF Provides Cover for Europe’s Dysfunctional Currency Union
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Event: Strategizing a New New Deal
Yanis Varoufakis: Thoughts for the Post-2008 World
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Addressing Sheffield’s Festival of Ideas: DiEM25 is here to help heal the rift between progressive Remainers and progressive Leavers – audio, 18 APR 2018
[embedded content] Ladies and gentlemen, the main reason for being here tonight is to use, in our capacity as the Democracy in Europe Movement – DiEM25 -, to press whatever resources we have into the service of healing the rift between progressive Remainers and progressive Leavers. We have enough divisions in the UK, we have enough divisions in the EU, we do not need another one along the lines of...
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Exclusive TV interview on TRT World’s ‘Crossing the Line’
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Το ΜέΡΑ25 στην Λέσβο: Διαπιστώσεις και προτάσεις για τερματισμό του συνειδητού και διαρκούς εγκλήματος που διαπράττει η ΕΕ και η ελληνική κυβέρνηση
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On MeRA25, on DiEM25’s transnational European Parliament electoral campaign, on our allies in France & around Europe – interviewed by Fabien Perrier for regards.fr (English with French subtitles)
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At home with the Financial Times – by Bruce Clark, 11 APR 2018
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Our new European party can unite Britain’s feuding Remainers and Leavers – by Yanis Varoufakis, Benoit Hamon (Generation-s), Luigi de Magistris (mayor of Naples), Rasmus Nordqvist (Alternativet); Rui Tavares, former MEP from Portugal (Livre); & Agnieszka Dziemianowicz-Bąk (Razem), op-ed in The Guardian
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Να απελευθερωθεί ο Τζούλιαν τώρα! Βίντεο του ΜέΡΑ25
Francis Coppola
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The Bitcoin Standard – a critical review
For over a century now, the world has lacked a genuinely international means of payment. This is partly due to decisions made at the Bretton Woods conference in 1944, when the US dollar was adopted as the principal international settlement currency, rather than John Maynard Keynes's suggestion of an independent global currency that he called "bancor". Although the Bretton Woods gold-backed structure ended in 1971, the US dollar...
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The EU is not a bastion of protectionism
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The sad story of Maplin Electronics
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An Alternative Brexit Polemic
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The misery of Mitie
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Clearing out Carillion’s cupboards
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The Carillion whitewash
New Economic Perspectives
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Framing the Progressive Platform
By J.D. ALT This essay was first posted at www.realprogressivesusa.com I keep reading the big challenge Democrats face in the 2018/2020 elections is that they have moved too far left, proposing a platform that includes “free” universal health care, “free” college tuition, “free” pre-school day-care—and a national infrastructure building and repair program paid for, not by the states, but by the federal government (i.e. “free infrastructure”)....
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Doing What the Market Can’t
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The Big Three
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US Penny, US Nickel and Sterling Silver Penny: Similarities and Differences
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A Comfortable Betrayal
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Once a Poster Child for Austerity, Latvia Becomes a Hotbed of Corruption
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A Booming Stock Market Does Not Mean a Strong US Economy
Credit Writedowns
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Credit Writedowns 1970-01-01 00:00:00
[unable to retrieve full-text content]
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Central bank tightening during a global growth slowdown as the curve flattens
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Links: Market volatility is here to stay
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Links: Trump enraged at Mueller investigation
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Countercyclical capital buffers as the Fed’s third tightening channel
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Links: 2018-04-09
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Links: 2018-04-08
V. Ramanan: Concerted Action
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“America First,” Fiscal Policy, And Financial Stability
“America First,” Fiscal Policy, And Financial StabilityThe Levy Institute Of Bard College was far ahead of anyone with its prescience on the fate of the U.S. economy (and also the world) before the crisis. So everyone should read them. Michalis Nikiforos and Gennaro Zezza have a new Strategic Analysis report.Abstract:The US economy has been expanding continuously for almost nine years, making the current recovery the second longest in postwar...
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Dani Rodrik On The Globalisation Backlash And How The Left Is Missing In Action
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Anthony Thirlwall’s Predictions About The Fate Of The Euro Area From The Year 2000
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Thomas Palley Answering A Few Questions On Neochartalism
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Anthony Thirlwall: A Life In Economics
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New Book: Vol II Of Michał Kalecki’s Intellectual Biography By Jan Toporowski
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Legacy: Ajit Singh
Ann Pettifor: Debtonation
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George Osborne, Hubris and Nemesis
This piece appeared in the London Observer on Sunday, 4th March, 2018 By asserting the policy of “monetary radicalism and fiscal conservatism”, Osborne and his colleagues ensured that those responsible for the crisis benefited from the Bank of England’s quantitative easing programme, which inflated asset prices largely owned by the more affluent. Simultaneously, the Conservative government, aided by Orange Book Liberal Democrats like Danny...
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Why the Left must lead Britain away from Brexit
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OXFAM, Corbyn and a dead cat
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Could Universal Basic Income reduce inequality?
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Do tax revenues finance government spending?
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The financialisation of the housing market
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Discussion and debate on UBI on TRT
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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Modern Money Theory (MMT) vs. Structural Keynesianism
1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new ideas are either misleading or wrong. The essential old idea, which everybody knows, ...
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Is the US hypocritical to Criticize Russian Election Meddling?
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Re-theorizing the Welfare State and the Political Economy of Neoliberalism’s War Against It
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The General Theory at 80: Reflections on the History and Enduring Relevance of Keynes’ Economics
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A Theory of Economic Policy Lock-in and Lock-out via Hysteresis: Rethinking Economists’ Approach to Economic Policy
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Trump and the Neocons: Doing the Unilateralist Waltz
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The Real Reasons for Trump’s Anti-Globalization Circus
Michael Hudson
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Michael Hudson 1970-01-01 00:00:00
[unable to retrieve full-text content]
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Ho Hum – More Trade Threats
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Palatial Credit: Origins of Money and Interest
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High Cost Economy
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There’s an idea – deregulate the banks!
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The Hudson Report: Ep 1 Debtors Prisons 2018
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National Security Deep State Saunter
