Lars P. Syll

MMT is, first and foremost, a balance sheet approach to macroeconomics. At its very core lie reserve accounting, then deposit accounting, and then sectoral balances accounting. There is very little behaviour in any of this. Equilibrium rules as all balances balance – in both flows and stocks – and there are no assumptions apart from the existence of a central bank, a Treasury, a banking system and some households and firms. MMT can only be learned by mastering its balance...

Få lobbyorganisationer i landet är mäktigare än Svenska Bankföreningen, som satt i system att rekrytera ex-politiker till vd-posten. Denna organisation och dess inhyrda lakejer har systematiskt motarbetat alla försök till ökade krav på branschen, inte sällan med hjälp av domedagsscenarier där Sverige påstås regrediera till bronsåldern om inte samhället värnar storbankernas lönsamhet. Det är en pr-kampanj som rönt lysande framgångar. Sedan millennieskiftet har de sammanlagda...

A Baconian view on the ’empirical turn’ in economics The axioms now in use have been derived from a meagre and narrow experience and from a few particulars of most common occurrence… Nor should it count for much that … he often cites experiments. For he had come to his decision beforehand, without taking proper account of experience in setting up his decisions and axioms; but after laying down the law according to his own judgement, he then brings in...

A quantitative look at qualitative research

Life among the Econ .[embedded content] So when ‘modern’ mainstream economists use their models — standardly assuming rational expectations, Walrasian market clearing, unique equilibria, time invariance, linear separability and homogeneity of both inputs/outputs and technology, infinitely lived intertemporally optimizing representative agents with homothetic and identical preferences, etc. — and standardly ignoring complexity, diversity, uncertainty,...

.[embedded content] Though I speak with the tongues of angels, If I have not love… My words would resound with but a tinkling cymbal. And though I have the gift of prophesy… And understand all mysteries… and all knowledge… And though I have all faith So that I could remove mountains, If I have not love… I am nothing.

The darkest day (personal) Thirty years ago today, the unthinkable happened. Shortly after giving birth to our second child, my beloved wife Kristina died from an intracranial aneurysm. People say that time heals all wounds. I wish that was true. But some wounds never heal. Even after thirty years, you must learn to live with the scars. But in dreams,I can hear your name.And in dreams,We will meet again. When the seas and mountains fallAnd we come to end...

Girig-Sverige — eller när kommer kraschen? Ekonomijournalistgruppen har en hel del tydliga devota och inställsamma inslag, där många, kanske de flesta, med tiden har valt att gå ”all in” och blivit PR-konsulter eller pressansvariga på något företag. Andreas Cervenka är ett lysande undantag och hans ”Girig-Sverige” är ekonomijournalistik när den är som bäst, kritisk, upplysande och underhållande … Sverige har numera enligt Cervenkas lista 541...

Minsky and Keynes show the way out of the crisis American economist Hyman Minsky described capitalism as a “two price” system. On one side are asset prices—both financial, like government or corporate bonds, and physical like residential or commercial property. On the other, there are consumer prices—goods and services that determine current output and consumer price inflation.   In the contemporary global economy, asset prices are much more sensitive to...

The truly scientific attitude I recall, with sadness, a comment made to me by the author of a well-known textbook. Upon being asked whether he accepted my analysis of demand theory as presented first in 1948, the reply was positive. He added that it would not be included in his advanced textbook because “it would upset too many things and be too disturbing, i.e., Dicta non movere.” So much for the acceptance of new scientific results and for a truly...