Naked Keynesianism

By Jesus Felipe and Matías VernengoALTHOUGH the economies of Argentina and the Philippines are very different, the two share structural problems that make both nations’ development a complex process. The election of Javier Milei as the new president elect of Argentina, gives us the opportunity to review the differences and parallels between the two economies.Milei is a radical libertarian populist economist with authoritarian tendencies. His proposals range from the dangerous in economics...

Leading academic and Keynesian best known for Thirlwall’s Law on economic growthJohn McCombieThe economist Tony Thirlwall, who has died aged 82, was, in his own words, an “unreconstructed Keynesian”. He saw this not as a pejorative title, but more as an accolade, considering that many of the insights of John Maynard Keynes, and in particular the importance of demand, are still relevant for understanding today’s economy.Tony is perhaps best known for his original way of thinking about...

Extended post with Sergio Cesaratto on the website of Brave New Europe. A comparison of dollarization with some of the effects of the euro, and the similarities and differences between Argentina and Southern European countries.

 A Socialist Rag My old Will Lyons  Lecture at Franklin & Marshall College in the Spring of 2021 is now a working paper. Prof. Lyons was a Bucknell Graduate, and a professor at F&M. The topic was based on the, at that time, recent reading of Jim Crotty's book. From the abstract:Right-wing critics of Keynes have often suggested that he was a socialist. His policy proposals were very often described as a slippery slope that would lead society into a totalitarian nightmare....

[embedded content] First part of my interview with Diego Polanco on the Argentine election, and the never ending crisis of the economy. Second part in a couple of weeks.

Javier Milei will be Argentina’s next president. Milei is an extreme right-wing populist, with authoritarian, some may say Fascistic, tendencies. He is an admirer of Trump and Bolsonaro. He is rumored to talk with his deceased dog, that he had cloned. His party’s proposals range from the dangerous – like dollarization, the closing of the Central Bank, the drastic reduction of social spending, the loosening gun ownership laws, and the criminalization of abortions – to the insane – like...

  “When I discovered that the economic order produced social disorder, they took away my scholarship.”New working paper by Tom Palley. From the abstract:This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and ultra-easy monetary policy. Current policy rests...

The 7th Godley-Tobin Lecture will be given by Antonella Stirati at the Eastern Economic Association meeting next Spring in Boston. The previous lecture by Professor Joseph Stiglitz will be published in the January issue of ROKE.

My piece in Phenomenal World on the Milei phenomenon, the possibility of dollarization, and the recent electoral results in Argentina. Read it here.

Updated version of a textbook chapter on exchange rate arrangements. It is for undergraduate use. From the abstract:The paper tries to provide a concise summary of the main debates on exchange rate arrangements. It a simple taxonomy of exchange rate arrangements, fixed, flexible and managed, and a brief analysis of the main debates about their advantages and disadvantages. It emphasizes the different policy objectives of mainstream and heterodox schools of thought, suggesting that they tend...