Lars P. Syll

In Radical Uncertainty, John Kay and Mervyn King, two well-known British economists, state that rather than trying to understand the ever-changing, uncertain and ambiguous environment by trying to understand “what’s going on here”, the economics profession has become dominated by an approach to uncertainty that requires a comprehensive list of possible outcomes with well-defined numerical probabilities attached to them. Drawing widely on philosophy, anthropology, economics,...

What’s wrong with economics — a primer This is an important and fundamentally correct critique of the core methodology of economics: individualistic; analytical; ahistorical; asocial; and apolitical. What economics understands is important. What it ignores is, alas, equally important. As Skidelsky, famous as the biographer of Keynes, notes, “to maintain that market competition is a self-sufficient ordering principle is wrong. Markets are embedded in...

Das Attentat vom 20. Juli 1940  [embedded content] Wo liegt eigentlich der Punkt, an dem man widerstehen muss, wenn man nicht die Freiheit hoffnungslos preisgeben will, die Freiheit, die keine Macht der Welt wieder herstellen kann? Diese Frage lässt sich mit einem Wort beantworten. Dieses eine Wort heisst Verantwortung im Sinne letzter persönlicher Verantwortung. Wo die persönliche Verantwortung negiert und dahinten gelassen wird, gibt es keine Freiheit...

MMT = Keynes 2.0 As time goes on, and 2020 turns into 2021, the long-held idea that governments are like households and businesses that have to repay their debts, or even that government deficits must be financed by debt at all, will increasingly be exposed as a mistake. It will be more or less a return to Keynes, except with the twist that the Keynesian aim of balancing the budget over the course of the cycle – deficits in bad times, surpluses in good...

Türkei — eine Handtasche voller Pressefreiheit  [embedded content]

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Does MMT — really — ignore expectations? A view yours truly often encounters when debating MMT is that there is an inflationary bias in MMT and that its framework ignores expectations. Hmm … It is extremely difficult to recognize that description. Given its roots in the writings of Keynes, Lerner, and Minsky, it is, to say the least, rather amazing to attribute those views to MMT. Let me just quote one source to show how ill-founded the critique is on this...

[embedded content] War veteran Tom Moore won the hearts of people by raising more than £50 million for the NHS by walking laps of his garden. Thanks, Sir Tom!  [embedded content]

Pandemic depression antidote (XXI)  [embedded content] Never give in. Never give​ up.