Heterodox
Bill Mitchell
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The Weekend Quiz – July 21-22, 2018 – 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 – July 21-22, 2018
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Australian labour market – stronger employment growth but still uncertain
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Limits to government spending are not determined by private bond markets
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The abdication of the Left – redux – Part 2
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The abdication of the Left – redux – Part 1
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The Weekend Quiz – July 14-15, 2018 – answers and discussion
Lars P. Syll
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Erdoğan hat die Demokratie endgültig abgeschafft
Erdoğan hat die Demokratie endgültig abgeschafft Am Sonntagabend sah ich Monteverdis Die Krönung der Poppea in der Berliner Staatsoper, eine mythische Geschichte aus dem Intrigenpalast von Kaiser Nero. Bei der Krönungsszene am Ende liegt die Hälfte der Helden in ihrem Blut am Boden. Anschließend ging ich zum Bebelplatz, wo die Nazis 1933 Bücher ins Feuer geworfen haben. Ich versuchte, mir diese Nacht der Bücherverbrennung...
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Healing my soul
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Mainstream economics and neoliberalism — what is the difference?
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The present state of economics
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Si dolce è il tormento
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Free Zehra Dogan
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What’s the use of economics?
Real-World Economics Review
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Discussing the GDP production boundary in a serious way
A well-known criticism of national income is thre ‘Ïf you marry your maid you will diminish national income‘ mrmr. Sigh. We should forget about this silly male fantasy and give women their due by replacing it by what really happened. Domestic workers did not marry their single masters. They left them, as they had better paying things to do. Or the income of their family rose, which enabled them to get an education or to care for their own...
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What’s the use of economics?
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Regression analysis — a case of wishful thinking
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Radical paradigm shifts
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Did developing countries really recover from the Global Crisis?
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The main reason why almost all econometric models are wrong
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Corporations and mainstream media trumpet the “horrors” of higher wages
Socialdem. 21st Century
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Steve Keen on how Private Debt and Credit cause Financial Crises
A recent talk by Steve Keen on how private debt/credit causes financial crises:[embedded content]
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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
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Steve Keen on Alternative Foundations for Macroeconomics
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Steve Keen on Endogenous Money and a Tribute to Basil Moore
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No War on Syria!
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The Witch Hunt against Sam Harris
Cullen Roche: Pragmatic Capitalism
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Thoughts on the Rise of “Democratic Socialism”, Part One
The surging popularity of Bernie Sanders in the 2016 Presidential election led to a substantial increase in the number of Democratic Socialists. The impact of this movement is real and we’re seeing it in recent elections with Alexandria Ocasio-Cortez winning a huge upset in New York. But what is Democratic Socialism and is this movement good for the country? Democratic Socialism is a political philosophy that advocates the social ownership of...
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Inflation Update – Still Not Flatin’ Too Much
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Who Are the Greatest Investors of All-Time?
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Let’s Talk About that “Rapidly” Falling Deficit
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How Blogging Changed Wall Street
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5 Questions and Answers on “Passive” Investing, Part Deux
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5 Questions and Answers on “Passive” Investing
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 Currency-Issuing Government Spends on its Own Terms
An alternative title to this post could have been, ‘The Interest Rate on Public Debt is a Policy Variable’. This remains true even though, in the neoliberal era, governments usually require themselves to follow various unnecessary rules on how their spending is to be conducted. These rules typically serve no public purpose but may have the effect of misleading the public into believing that somehow a currency issuer can run out of the currency...
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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
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A Simple Framework for Analyzing a Demand-Led Economy
EconoSpeak
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The Most Important Issue At Helsinki
No, folks, it was not the much ballyhooed issue of Russian election interference in 2016, which got so much attention because of Trump's bungled and false statements at the press conference. Oh yes, for those of us who are convinced he is a bought out stooge of Putin, this all was very delicious, but it was far from the most important issue dealt with in Helsinki.As always, the most important issue between Russia and the US is nuclear...
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Trump Tariffs Hit Largest US Aluminum Company, ALCOA
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Is Trump Bailing Out Soybean Farmers Or Not?
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How Much Do the NATO Members Spend on National Defense?
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The Value of Life and the Metaphor of Choice
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In Defense of the Francois-Baughman Analysis of the Trump Tariffs
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Pruitt’s EPA Trashing Benefit-Cost Analysis Of Environmental Policy
The Angry Bear
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The Most Important Issue At Helsinki
The Most Important Issue At Helsinki No, folks, it was not the much ballyhooed issue of Russian election interference in 2016, which got so much attention because of Trump’s bungled and false statements at the press conference. Oh yes, for those of us who are convinced he is a bought out stooge of Putin, this all was very delicious, but it was far from the most important issue dealt with in Helsinki. As always, the most important issue between...
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Reading the news
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US layoff rate at all time lows
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Trump Tariffs Hit Largest US Aluminum Company, ALCOA
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Open thread July 20, 2018
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86% of the 2018 Congressional Election Already Determined
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Annual Nelson Mandela Lecture in South Africa – Stepping Back for a Moment
Thomas Palley
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Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment
NIRP has quickly become a consensus policy within the economics establishment. This paper argues that consensus is dangerously wrong, resting on flawed theory and flawed policy assessment. Regarding theory, NIRP draws on fallacious pre-Keynesian classical economic logic that asserts there is a natural rate of interest which can ensure full employment. That pre-Keynesian logic has ...
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Modern Money Theory (MMT) vs. Structural Keynesianism
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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
Sergio Cesaratto: Politica and EconomiaBlog
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Marcello Foa sulle Doppie morali dell’euro
La bella recensione di Marcello Foa La Germania è davvero più morale dell’Italia? In quest’epoca di lodevole rottura dei frame dominanti, suggerisco la lettura di un economista tanto pacato nello stile e d’indole discreta, quanto preciso e lucido nei giudizi. Si chiama Sergio Cesaratto e qualcuno potrebbe arricciare il naso sapendo che è un keynesiano convinto e dichiarato. Ma nel suo ultimo libro si parla non di riforme...
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Tsipras’s tie – La cravatta di Tsipras in inglese-
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Il libro in Germania
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Grecia: cravatte o cappi?
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Varie ed eventuali
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“Chi non rispetta le regole” a Roma
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Cronache dal workshop di Berlino
John Quiggin
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What I’ve been writing in the last seven years or so (Part 1)
Now that I’ve finished a draft manuscript of my book, Economics in Two Lessons, I’m getting around to jobs I’ve been putting off for a long time (I started the book in 2011), such as updating my CV. At the moment, I’m working on publications in Internet outlets such as Aeon, The Conversation and the ABC’s (sadly departed now), The Drum. I’ve listed a bunch over the fold. The titles are mostly self-explanatory, so please take a look at any...
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Sandpit
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Monday Message Board
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Ghosts of privatisations past … and future?
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When is a record not a record?
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Monday Message Board
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Grattan goes denialist
Progressive Economics Forum
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An Analysis of Financial Flows in the Canadian Economy
An essential but perhaps overlooked way of looking at the economy is a sector financial balance approach. Pioneered by the late UK economist Wynne Godley, this approach starts with National Accounts data (called Financial Flow Accounts) for four broad sectors of the economy: households, corporations, government and non-residents. Here’s how it works: in any given quarter or year each sector can be a net borrower or lender, but the sum of the...
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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
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The Bank of Canada should target full employment: 61 economists
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Ontario Election: Inequality Impacts of Fiscal Plans
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NDP Math Error will Help the Party, Not Hurt It
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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Neoliberals, Liberals, Progressives, Social Democrats, and Democratic Socialists
I guess this is a post on current events in the United States. Some articles I have recently found interesting are: Sean Wilentz defends liberals from those further left. Gilad Edelman reacts in the Washington Monthly. Nathan Robinson on the range of ideas connected with socialism. I take it socialists want to work towards a society in which, "The free development of each is the condition for the free development of all" (Karl...
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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
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A Country Worse Off With Trade In Capital Goods
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More On Foreign Trade In Consumer And Capital Goods
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Ideological Innocence Of The Fox News Viewer
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Foreign Trade In Capital And Consumer Goods
Mike Norman Economics
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Publius Tacitus — America On It’s Way to Being Stalin’s Soviet Union
Nothing more sickening and offensive than the hypocrisy of a nation claiming to be the pinnacle of democracy and freedom while moving inexorably towards a state that embraces authoritarianism. And no, I do not mean that Donald Trump is the culprit. He is not. He is a weak man masquerading as a strong man while the BORG aka the Deep State pushes onward with its agenda to quash the spirit of liberty that once infused this great country. He is...
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Reuters — U.S. launches campaign to erode support for Iran’s leaders
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RT — China must speed up development of nukes to deter US aggression – state media
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Tom Luongo — In U.S., Sometimes CIA Eat You
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Marisa Fernandez — JD.com is leapfrogging rural China into online shopping
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Jake Johnson — Bernie Sanders: Trump ‘Really Sold the American People Out’ in Helsinki Summit
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Zero Hedge — “Truth Was Irrelevant” WSJ Asks: Was Brennan’s Action The Real “Treason”?
Naked Keynesianism
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IMF Programs: Past and Present
A roundtable with Daniela Gabor, Roberto Lampa and Pablo Bortz, on the IMF and its Programs this Thursday in Buenos Aires, organized by the Masters in Economic Development at the Universidad de San Martín (UNSAM).
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A crisis gone to waste
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Classical Political Economy and the Evolution of Central Banks
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At the Rick Smith Show on the Economy and the Exit from the WTO
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Path Dependency and Football
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Why Manufacturing Still Matters
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Raúl Prebisch: Peripheral Development
Prime, Policy Research in Macroeconomics
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Protecting us from the worst? The Bank of England on private debt and financial ‘stability’
Mountains of private debt? Image with acknowledgment to Wikimedia “Countries that underwent sharp credit booms have often experienced a crisis” (Bank of England, 2018, Chart A.28 p. 22)For policymakers, the importance of private debt was the key take home from the financial crisis. Though why it constituted new learning is a non-trivial question, given Irving Fisher’s 1933 debt...
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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
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On tectonic plates, the economic system & the economics profession
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The Bank of England should not raise rates: here’s why
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, Home buying index, Auto index, Summit statements
Mixed bag again, as auto sales contributions are volatile in a generally softening auto market. And the Fed estimates the tax cuts and spending increases will add about .4-.5% to GDP this year. Also, the spending numbers are not inflation adjusted, and year over year cpi has been moving higher: Highlights Strong gains for the discretionary categories of autos and restaurants and a big upward revision to May highlight the June retail sales...
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CPI, EM export growth, Corporate debt growth, QE
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Small business survey, Job openings and hires, Employment growth, Cycle comps
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Employment, Auto sales, Japan
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Construction spending, NYC real estate, Saudi pricing, Trump on Harley
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Gross domestic income, Personal income and spending
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Mtg purchase apps, Durable goods orders, Pending home sales, Rental vacancy, International trade, Trump threat
Multiplier Effect
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Banks, Capital Markets, and Institutional Investors as Providers of Long-Term Finance
This is the second in a series of blog posts on financing infrastructure assets. From 1990 to 2012, the stock of global financial assets increased from $56 trillion to $225 trillion. In 2012, it included a $50 trillion stock market, $47 trillion public debt securities market, $42 trillion in financial institution bonds outstanding, $11 trillion in non-financial corporate bonds, and $62 trillion in non-securitized loans and $13 trillion in...
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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
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Join Us for the 2018 Minsky Summer Seminar
Yanis Varoufakis: Thoughts for the Post-2008 World
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Free Gaza now!
[embedded content] No one can be free if one person is in chains, let alone a whole people. It is in the interests of all, Jews & Arabs, Europeans & Americans, Asians & Africans that the blockade of Gaza and the collective abuse of its people ends now!
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L’autre Europe de Yanis Varoufakis: Radio France Culture
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Ushering in a new school of principled politics: a discussion between Yanis Varoufakis (DiEM25) & Aldo Cazzullo (Corriere Della Sera) – openDemocracy
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Reality & Nightmare: A brief assessment of the Eurozone’s ‘reforms’ – in Der Freitag, Issue 26, 2018
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If Trump wants to blow up the world order, who will stop him? op-ed in The Guardian
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A letter to my daughter about the black magic of banking…
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AUSTERITY (in 144 pages)- A Vintage mini
Francis Coppola
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Intermezzo
No doubt you are all wondering why Coppola Comment has been quiet for the last two months. There are two reasons: the first is personal - my father is seriously ill and needs a lot of my time. But the second will I hope be music to your ears. I am writing a book. My forthcoming book will be called "The Case For People's QE" and will be published by Polity, probably in Spring 2019. Yes, I know, the title makes it sound as if I have...
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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
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The sad story of Maplin Electronics
New Economic Perspectives
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European Union Fines Google $5.1 Billion, While Trump ‘Protects Monopolists’
The EU’s Google fine should have been imposed a long time ago, but it comes better late than never. Meanwhile, the Trump administration continues to side with monopolies, leading to worse outcomes for US consumers, says NEP’s Bill Black. You can view with transcript here. [embedded content] [Translate]
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The Three Impossible Things Trump’s Base Must Believe before Breakfast
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Bill Black: Trump Sees Europe as a “Foe” Because of Key Misinformed Advisor
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Executive Coaching Achieves Miracle Success, and Self-Parody, at Nortel
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Fed Lets Goldman Sachs and Morgan Stanley Off Hook, Investors Profit Billions
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Most Ignored and Most Far-Reaching Supreme Court Ruling Yet: Anti-Trust Law Hollowed Out
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Bitcoin Does Not Protect Against Fraud
Credit Writedowns
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Central bank tightening during a global growth slowdown as the curve flattens
[unable to retrieve full-text content]Given what I know about the Fed's reaction function, I believe pre-conditions favor Fed tightening irrespective of the slope of the yield curve. The post Central bank tightening during a global growth slowdown as the curve flattens appeared first on Credit Writedowns. Feed # abf0d081857b85fe6be494728740a4f1
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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
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China cannot use its Treasury holdings as leverage. Here’s why
V. Ramanan: Concerted Action
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Barack Obama And Glenn Greenwald On The Globalisation Backlash
At an event commemorating the 100th anniversary of Nelson Mandela’s birth, Barack Obama provided a good explanation and context to understand politics around the globe in recent times. You don’t have to agree with his neoliberal ideology to appreciate what he said and how his fans or liberals in general dogmatically oppose the fact that free trade and globalisation have contributed to misery even in advanced nations.Excerpt:It should make us...
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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
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Michał Kalecki, 1933 – Stimulating The World Business Upswing
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Brad Setser On The U.S., China And The New “Adjusted Trade Balance”
Ann Pettifor: Debtonation
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Interview with Martin Sandbu
I was interviewed by Martin Sandbu about the nature of money, in particular the importance of borrowers to the creation of money. A video was filmed at Bank Job, a wonderful charity dedicated to a) promoting understanding of money, b) cancelling the debts of the people of Walthamstow and c) using art to both advocate and fundraise. A link to their website is included here. Ann being interviewed by Daniel Edelstyn [embedded content]...
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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
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Interview with New Zealand’s biggest business website
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Interview with Wallace Chapman of New Zealand Radio
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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Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment
NIRP has quickly become a consensus policy within the economics establishment. This paper argues that consensus is dangerously wrong, resting on flawed theory and flawed policy assessment. Regarding theory, NIRP draws on fallacious pre-Keynesian classical economic logic that asserts there is a natural rate of interest which can ensure full employment. That pre-Keynesian logic has ...
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Modern Money Theory (MMT) vs. Structural Keynesianism
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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
Michael Hudson
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Michael Hudson 1970-01-01 00:00:00
[unable to retrieve full-text content]
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Argentina back on the debt train
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Left Forum on Negative Economics
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China’s Export Competitiveness = Underpaying Women
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Academic Propaganda Protecting US Financial Imperialism
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Left Forum: Money Matters
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China’s housing: It Doesn’t Have to be This Way
