Tuesday , October 22 2019
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V. Ramanan: Concerted Action

Fine Heterodox Critiques Of The 2019 Economic Nobel Prize

The economics Nobel Prize was announced on Monday.There has been a good Twitter debate on the 2019 Nobel prize in economics, led by women in heterodox economics.In my opinion, the award delegitimises the political economic causes of poverty. I like this tweet by Sara Stevano:Experiments to alleviate poverty = correct the biases of the poor through narrow interventions and RCTs with huge issues in terms of ethics and research rigour. Seems completely odd at a time when many economists have...

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Anthony Thirlwall — Thoughts On Balance-Of-Payments-Constrained Growth After 40 Years

Anthony Thirlwall — Thoughts On Balance-Of-Payments-Constrained Growth After 40 YearsROKE (Review Of Keynesian Economics) has a special issue, Thirlwall’s Law At 40, celebrating Thirlwall’s law which Anthony Thilwall discovered in 1979.Thirlwall himself has an article in the issue.Interesting, from the conclusion:Structural change almost certainly requires a country to design an industrial policy embracing a national innovation system to facilitate the flow of technological knowledge across...

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The Cambridge Political Economy Society Digital Archive

I came across the Cambridge Political Economy Society digital archive today. It has scans of papers which aren’t available elsewhere.There’s an interesting article, Causes Of Growth And Recession In World Trade, there, by Francis Cripps, in which he describes the Cambridge Keynesian idea of achieving balanced trade, because nations face a balance-of-payments constraint:The main conclusion of the analysis presented below is that demand creation by means of fiscal and monetary action at the...

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RWER Issue On Neochartalism

The latest issue of Real World Economic Review is titled Modern Monetary Theory And Its Critics with 204 pages of papers is your weekend reading.Marc Lavoie talks of how the neochartalists have made it look like all Post-Keynesian monetary theory has been discovered by neochartalists themselves. Lack of credit, basically. Jo Michell challenges them on open economy issues. Thomas Palley points out how their arithmetic doesn’t add up.Long read. Just my initial impressions.I have a few comments...

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Marc Lavoie — Advances In The Post-Keynesian Analysis Of Money And Finance

Marc Lavoie — Advances In The Post-Keynesian Analysis Of Money And FinanceThere’s a new article by Marc Lavoie in a newly released book which is an interesting read. Abstract:This chapter focuses on the various monetary themes that have been emphasized by post-Keynesian economists and that turned out to have been validated by the events that occurred during and after the subprime financial crisis. These include interest rate targeting by the central bank, interest rate spreads, endogenous...

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UNCTAD Trade And Development Report 2019

UNCTAD has released its Trade And Development Report 2019. Always, one of the most important voices promoting a concerted action.Most interesting excerpt, fromChapter III, A Road Map For Global Growth And Sustainable Development,Section C, Main considerations in the design of a strategic framework,Item 7, International coordination for growth, industrialization and crisis response(pages 54-56 in print/81-83 in the pdf):Reflationary strategies cannot work as intended without explicit...

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Thomas Piketty On Globalisation And Borders

Thomas Piketty has an interesting observation on globalisation and migration/borders.From slide 11 from a lecture from July (and in earlier talks too):Why is rising inequality not leading to rising demand for redistribution?One possible explanation: globalisation & competitition between countries make vertical redistribution more difficult to organize.I.e. if the only thing the modern nation-state can do is to control borders, then unsurprisingly the political conflict will be entirely...

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Roy Harrod by Esteban Pérez Caldentey

If you’ve worked with Post-Keynesian models of the open economy, you’ll see the expression X/μ often. This, or the “foreign trade multiplier” was first discovered by Roy Harrod in the early ’30s.Esteban Pérez Caldentey has a new biography of Roy Harrod.Description:This landmark book describes and analyzes the original contributions Sir Roy Harrod made to fields including microeconomics, macroeconomics, international trade and finance, growth theory, trade cycle analysis and economic...

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Thomas Piketty’s New Book

Thomas Piketty is out with a new book Capital Et Idéologie.Picture credit L’ObsHis tweet, announcing. The English version will be released in a few months.Branko Milanovic has already read it and his review has this explanation of Piketty’s brilliant phrase, Brahmin Left:… In [the second] part, we find the Piketty who plays to his strength: bold and innovative use of data which produces a new way of looking at phenomena that we all observe but were unable to define so precisely. Here, Piketty...

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