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Naked Keynesianism

Hysteresis in economics

 Hysteresis, not hysteria New paper by Thomas Palley. From the abstract:This paper argues for broadening the application of hysteresis to institutions, policy lock-in, psychology, identity, and economic ideas. Hysteresis is an element of historical processes, and the real world is historical. That explains why hysteresis is pervasive and important. Hysteresis should be a fundamental building block of political economy. Expanding its application in economics is both an opportunity and a...

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Lulismo’s Past and Present

Lula da Silva’s return to the presidency in Brazil has opened up the possibility of deepening democracy and expanding the scope of egalitarian advance for the Brazilian working class. In what ways might his administration pursue expansionary fiscal and redistributive policies that would improve the conditions of his political base?In the latest print issue of Catalyst, Matías Vernengo explores the historical and contemporary contours of Brazil’s political economy and outlines how the Lula...

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On Milei’s economic plans for Argentina

 Sturzenegger thanks Milei for his support while he was at the BCRA Javier Milei's victory in the primary election has set alarms in Argentina. Many suggest that this was unexpected, and in a sense, given the more recent polls, it was. Also, many have suggested that his strong showing represents a protest vote, since he is a complete outsider, and that this is a repeat of the 2001/2 protests that demanded that all established politicians were ousted (que se vayan todos). But these are at...

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Some brief thoughts on Bidenomics

There has been a lot of writing about Bidenomics (a name that might stick, like Reaganomics; nobody really thinks of Clintonomics as a thing) recently. It is fundamentally about the return of industrial policy, even if I personally think that this is less momentous than what people think. Don't get me wrong, both the rediscovery of fiscal policy after the 2007-9 recession (no fiscal packages after the 1990-91 or 2001 recessions, but packages after both 2007-9 and Pandemic in 2020), and the...

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Inflation Paranoia and the Return of the New Consensus in Macroeconomics

 And inflation will remain high, very highThis was published a while ago. I forgot to link it here. Their summary: Economists have proposed two main theories to explain the recent spike in prices. Progressives have attributed the rise in inflation to corporate greed and have suggested price controls in response. Other economists have turned back to the New Consensus in Macroeconomics that arose in the 1970s in response to steep inflation blamed on the large Keynesian fiscal expansion of the...

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Review of Keynesian Economics New Impact Factor

I am pleased to let you know that the 2023 Impact Factor for ROKE has gone up to 1.6 from 1.219. This puts us as one of the top heterodox journals. There are a few above, in my understanding, like the Cambridge Journal (2), and some incredibly good ones that were not ranked until recently, like the Review of Political Economy (now 1.5). One, of course, should take those ranks with some degree of caution. And old post on that here.

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New directions in the Sraffian approach

 Call for Papers (ROPE)65 years after Production of Commodities by Means of Commodities: new directions in the Sraffian approachGuest Editor: Santiago José GahnInternal Editor: Sylvio KappesThe year 2025 marks the 65th anniversary of the publication of the book Production of Commodities by Means of Commodities by Piero Sraffa (1960). Not all economists are capable of transforming their name into a legacy, into a school. Piero Sraffa belongs to this select group. Exiled from fascism, he built...

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