Naked Keynesianism

The original letter I co-signed is here, and the debate that followed was posted by Bill Black here.

There are many issues I take exception with the piece at the Deseret News on the new Marriner S. Eccles Marriner S. Eccles Institute for Economics and Quantitative Analysis at the University of Utah’s David Eccles School of Business. In the first place, the notion that it, somehow, “will provide some philosophical balance to the university’s educational offerings and scholarship on economics.” Not just because there is no need for more balance. Everybody in the David Eccles School is...

Esteban Pérez Caldentey will be talking about the topic in the next conference of the central bank of Bolivia. Program, that includes also Luis Bértola speaking on heterodox (presumably the unconventional, but not heterodox as in not mainstream inspired) monetary policy, is available here.

Slow posting will continue the rest of the Summer. Here a paper by Sergio Cesaratto that might be of interest. From the abstract: The paper is a contribution to a long-run theory of effective demand with elements from monetary circuit theory, Modern Monetary Theory and endogenous finance analysis. Some shortcomings of the still influential neo-Kaleckian growth model and monetary circuit theory are underlined, and the Sraffian supermultiplier is indicated as the most promising heterodox...

Just a couple of years ago Argentina’s left of center government was besieged by foreign investors, the hedge funds known as Vulture Funds, that demanded full payment for their bonds acquired at heavily discounted prices in the secondary markets. The New York courts ruled in favor of the Vulture Funds, and Argentina was unable to borrow in international markets, even though during the successive governments of the late Néstor Kirchner and her wife Cristina Fernández de Kirchner the country...

New paper by Thomas Palley tilted "A theory of economic policy lock-in and lock-out via hysteresis: rethinking economists’ approach to economic policy" has been published. From the abstract: This paper uses hysteresis to develop the concept of policy lock-in and lock-out. Policy changes may near-irrevocably change the economy’s structure, thereby changing the distribution of wealth, income and power. That may lock-in policy by changing the political equilibrium. Exit costs that block...

[embedded content] I briefly discuss the Senate Bill, and how it really it's just a tax cut for the wealthy, rather than a health plan. It's as Trump himself admitted just mean. I also discuss how bleak the prospects for the near future are.

You can read here the Power Point of our presentation at History of Economics Society conference on Prebisch and Central Banking and his role as a Money Doctor in the 1940s after he left the Central Bank of Argentina.

This is my short response, originally posted here, to William I. Robinson's post here and Fred Magdoff's note in the comment section of that post:While I generally agree with Robinson's and Magdoff's analyses, what is absent, specifically with respect to Robinson's discussion, is a concrete assessment of the acute variables that measure the degree to which national States have the capacity to engage in power-maximizing behavior and, thus, pursue certain responses, i.e. imperialism, to the...

By Lance TaylorPresident Trump, in his inaugural address and elsewhere, rightly says that over the decades since 1980 American household distributions of income and wealth became strikingly unequal. But if recent budget and legislative proposals from Trump and the House of Representatives come into effect, today’s distributional mess would become visibly worse.First, I will sketch how the mess happened, then I will propose some ideas about how it might be cleaned up. I will show that...