Lars P. Syll

ZEIT: Die Monopolstellung ist also mehr als ein marktwirtschaftliches Problem? Ferguson: Sie ist ein riesiges Problem. In der gesamten Menschheitsgeschichte galt der öffentliche Raum als nicht kommerziell. Heute haben wir daraus einen gigantischen Anzeigenmarkt gemacht. Die Suche nach Informationen ist wie der Gang in eine Bibliothek.Durch Google ist das jetzt ein weltweiter Verkaufsraum. Dasselbe sehen Sie in der Veränderung unserer sozialen Netzwerke. Früher hatten wir...

Is it time to ditch the natural rate hypothesis? Fifty years ago Milton Friedman wrote an (in)famous article arguing that (1) the natural rate of unemployment was independent of monetary policy, and (2) trying to keep the unemployment rate below the natural rate would only give rise to higher and higher inflation. The hypothesis has always been controversial, and much theoretical and empirical work has questioned the real-world relevance of the ideas that...

  Trump and the GOP delivering a huge gift to US corporations and shareholders. The only trickle down to workers going on is probably best described in analogy to the above picture … Advertisements

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If only Trump had read Abba Lerner! The first financial responsibility of the government (since nobody else can undertake that responsibility) is to keep the total rate of spending in the country on goods and services neither greater nor less than that rate which at the current prices would buy all the goods that it is possible to produce. If total spending is allowed to go above this there will be inflation, and if it is allowed to go below this there will...

Time for an economics reformation  [embedded content] Advertisements

Heretics and mainstream defenders Larry Elliott wrote a Guardian article the other day criticizing mainstream economics arguing that we should stop treating economics as a science because it is nothing of the sort. A proper science involves testing a hypothesis against the available evidence. If the evidence doesn’t support the theory, a physicist or a biologist will discard the theory and try to come up one that does work empirically. Economics doesn’t...