Naked Keynesianism

Progressives for balanced budgets and free trade It was the best of times; it was the worst of times. Or that is what you would think if you follow the economics press lately. Sebastian Mallaby has a column on Trumponomics a while ago, suggesting Trumponomics is not working. I wouldn't disagree with the verdict, but the explanation is far from correct, and that is a common feature of discussions of Trumponomics in the media, and frankly by many progressive (not just liberal, in the US...

In case you missed it, and are interested on the topic, the video of my webinar is available here.

Opening comments, "Roundtable on Sraffian Economics as Part of the Radical Political Economics Tradition," URPE 50th Anniversary Conference, September 28th, 2018. What should the purpose of studying the history of economic thought be? That purpose doesn't, of course, have to be singular, but it's a question that I regularly feel pushed to answer as I often find myself teaching undergraduate courses in the history of economic thought, as I'm sure many of us do. At one level I feel...

So I have no insider knowledge on what the Argentinean government plans to do. And the White House is a mess; they don't have any knowledge on what they plan to do. But Larry Kudlow, the Director of the National Economic Council, said that the Treasury is deeply involved in a plan to dollarize the Argentinean economy (Guillermo Calvo, an influential conservative economist, has also spoken in favor of dollarization; see here in Spanish). [embedded content] He supports a Currency Board to...

Tobin and Godley The Review of Keynesian Economics (ROKE) created of the Godley-Tobin Lectures, an annual lecture to be delivered at the Eastern Economic Association meetings. James Galbraith provided the first lecture, to be published in the first issue of 2019.Wynne Godley and James Tobin represent the best among Keynesian economists. Both scholars insisted they were non-hyphenated Keynesians, meaning Keynesianism transcends the political disputes that often accompany economics. There...

Thomas Palley (guest blogger)Some progressive economists are now arguing for the idea of a Job Guarantee Program (JGP), and their advocacy has begun to gain political traction. For instance, in the US, Bernie Sanders and some other leading Democrats have recently signaled a willingness to embrace the idea. In a recent research paper I have examined the macroeconomics of such a program. Whereas a JGP would deliver real macroeconomic benefits, it also raises some significant troubling...

There is a trend in the history of economic thought field to depend more on archival research. It is certainly nothing new, since some of the best research in the history of ideas, e.g. Sraffa's reconstruction of Ricardian theory, was essentially dependent on archives. The publication of Keynes collected papers have also sparked a wealth of interpretations about his theories, not all worth reading. I have done some research in Marriner Eccles archives at the University of Utah.In part,...

Mind blowing stuff A while ago now I discussed technological determinism, and the existence of economic laws, even if not in the same sense that in the so-called hard sciences. This semester I'm teaching a class for first year students (non Econ majors, to clarify for those outside the US) titled somewhat facetiously 'From Fire to Uber.' In fact, the first reading is Heilbroner's 1967 paper discussed in the first link provided above, on whether machines make history.Bob was on the side...

This seminar series focuses on the analysis of Economic Development in the XXIst century. The notions of distribution, industrial policy and balance of payments constraints will be profoundly analyzed during these four sessions. As there is much disagreement about what drives economic development - and at the same time it is a central objective for developing economies - this question merits deep reflection. Through these seminars there will be a particular focus on the external...

From Geoff Schneider ICAPE's Executive Director: Proposals for papers, workshops and panels at ICAPE are due Tuesday, September 4th. I hope you can join us for this conference that brings together all of the heterodox perspectives.Information below. International Confederation of Associations for Pluralism in Economics (ICAPE) Call for Papers, Panels and Workshops Agnes Scott College, Atlanta, GA January 3, 2019, 7:00 AM to 5:00 PM Gender, Race, Class and Crises:...