Lars P. Syll

La femme qui est dans mon lit  [embedded content] Cette chanson a été un produit de la collaboration entre Serge Reggiani et Georges Moustaki. Les vers du commencement sont d’un poème de Charles Baudelaire.

Hyman Minsky and the IS-LM obfuscation As young research stipendiate in the U.S. yours truly had the great pleasure and privilege of having Hyman Minsky as a teacher. He was a great inspiration at the time. He still is. The concepts which it is usual to ignore or deemphasize in interpreting Keynes — the cyclical perspective, the relations between investment and finance, and uncertainty, are the keys to an understanding of the full significance of his...

MMT — modern monetary realism MMT is not, as its opponents seem to think, primarily a set of policy ideas. Rather, it is essentially a description of how a modern credit economy actually works – how money is created and destroyed, by governments and by banks, and how financial markets function. Nor is MMT new: it is based on the work of John Maynard Keynes, whose A Treatise on Money pointed out back in 1930 that “modern States” have functioned this way for...

Veckans dumstrut — finansminister Magdalena Andersson Redan nu frågar sig ekonomer vilka motiv regeringen har för att inte satsa mer och låna mer, särskilt som räntorna ligger under nollpunkten och alla ser att Sverige behöver rejäla investeringar i allt från infrastruktur till vård och välfärd. Men en intervju med affärstidningen Bloomberg har dock finansminister Magdalena Andersson sagt att hon kommer att ha en bra förklaring till att hon inte öppnat...

I am I said  [embedded content]

The need for class politics The Marxian idea of class does matter. For one thing, it is an objective fact that millions of people live lives of poverty, unfreedom and insecurity because they lack access to capital. And for another, it does help explain the popularity of Corbynism among the so-called “middle-class”: at the last election, 35% of “ABs” voted Labour. Many people even in erstwhile good professions have no hope of owning property and face stress...

 [embedded content] If thou hast shown mercy unto man, o man, that same mercy shall be shown thee there; and if on an orphan thou hast shown compassion, that same shall there deliver thee from want. If in this life the naked thou hast clothed, the same shall give thee shelter there, and sing the psalm: Alleluia.

New MMT macroeconomics textbook This book presents a comprehensive, university level study course in Macroeconomics from a Modern Monetary Theory (MMT) perspective. Our approach is grounded in the operations of real-world institutions, and our approach clearly identifies the policymaking capacity of central governments. The pedagogy thus starts by putting the currency-issuing government​ at the forefront. We want students to understand how a modern monetary...

Labor’s share — the ‘stylized fact’ that isn’t a fact at all According to one of the most widely used textbooks on mainstream theories of economic growth, one can for the United States “calculate labor’s share of GDP by looking at wage and salary payments and compensation for the self-employed as a share of GDP. These calculations reveal that the labor share has been relatively constant over time, at a value of around 0.7.” But is this “classic stylized...

How to get published in top economics journals … The reality is that the mainstream follow a formulaic approach to publications in macroeconomics that goes something like this: Assert without foundation – so-called micro-foundations – rationality, maximisation, rational expectations – imposed assumptions about human behaviour that no sociologist or psychologist would remotely recognise. These foundations cannot deal with real world people so assume there is...