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Home / Thomas Palley: Economics for Democratic and Open Societies (page 6)
The author Thomas Palley
Thomas Palley
Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University.

Thomas Palley: Economics for Democratic and Open Societies

Rethinking capacity utilization choice: the role of surrogate inventory and entry deterrence

This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. Analytically, the paper […]

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National Policy Space: Reframing the Political Economy of Globalization and its Implications for National Sovereignty and Democracy

This paper critiques the trilemma framing of the political economy of globalization, and offers an alternative framing rooted in the construct of national policy space. Globalization causes changes in policy space which have drop-down implications for national sovereignty and democratic politics. Globalization involves choices regarding the “degree”, “type”, and “dimensions” of international economic integration. Contrary […]

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Another Thomas Palley Critique Of Neochartalism — Ramanan

Another Thomas Palley Critique Of Neochartalism — Ramanan For the record. My view on this is that it fails to correctly present the MMT position (again).  MMT is a macroeconomic theory based on institutional analysis rather than being either an axiomatic system like conventional economics or a socio-economic and political analysis like Marxian economics. That is to say, MMT is framed in terms of the existing world system. It is an alternative to "neoliberalism," in so...

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What’s wrong with modern money theory (MMT): macro and political economic restraints on deficit financed fiscal policy

The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the capabilities of deficit financed fiscal policy. Those analytic shortcomings render it […]

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