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Mike Norman Economics

Book review: Minsky by Daniel H. Neilson — Sahil Jai Dutta

As Daniel Neilson describes in this crucial introduction, this is what occupied the mind of the iconoclast economist Hyman Minsky. Rather than a standard academic overview, Neilson’s book is more biographical. He situates Minsky in time and place, exploring a thinker who was forever responding to events around him.... By narrating Minsky’s theoretical developments in their historical context, Neilson introduces with clarity a body of economic thought that has become very influential in the...

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The disempowerment of markets in the euro area — Dirk Ehnts

The ECB is aware of its role and is ready to play it: “The Governing Council will do everything necessary within its mandate.”This is the end of financial markets’ power over national governments. This is a very positive development that makes a repeat of the austerity policy after the financial crisis at least less likely. The other problem that countries see is the Commission’s deficit limits. However, these have been suspended for the time being. It is up to politicians to adjust these...

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Michael Hudson — Dollar Recycling and Military Encirclement

On 22-24 November 2019, International Seminar on Land, Finance, and De-dollarization was held in Macau, China, which was co-organized by Global University for Sustainability, Lingnan University, Southwest University, and the Federal University of Espirito Santo.... Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismDollar Recycling and Military Encirclement Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street...

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Russia’s Crisis Policy — Gordon M. Hahn

Some myths are being propagated: that Putin is hiding, sloughing off responsibility to others, and providing little to no support to the population or sectors thereof during the crisis. The reality is quite different and more complex, but the crisis bodes ill for both Putin, Russia, and the world. It remains unclear who will remain standing once the multiple pandemic, oil, and economic crises have had their say.... Fairly detained look at Russia's political and economic response. Russian...

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What is money? An explanation — Richard Murphy

Warren Mosler sums it up pithily: Modern money as state-issued currency is a tax credit. Richard Murphy unpacks this a bit.Tax Research UKWhat is money? An explanation Richard Murphy | Professor of Practice in International Political Economy at City University, London; Director of Tax Research UK; non-executive director of Cambridge Econometrics, and a member of the Progressive Economy ForumAlso from Richard Murphy I would say that MMT is well-defined by the MMT economists. Most...

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