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Tag Archives: Debtwatch

Lecture05 Why Economists Disagree: The common blindspot on the Environment

The posi­tion of the econ­omy in the envi­ron­ment is a shared blindspot in eco­nom­ics: no exist­ing school han­dles the topic well, and yet this is the key issue we need to under­stand. I explain the Laws of Thermodynamics–as well as I could in an intro­duc­tory class with­out using mathematics–and pro­vide some links to impor­tant top­ics that stu­dents wouldn’t nor­mally hear about in an eco­nom­ics degree. [embedded content] Click here for the Pow­er­point slides....

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Becoming An Economist Lecture 4: Post Keynesians

This lec­ture cov­ers the Post Key­ne­sian school of thought in eco­nom­ics, focus­ing mainly on its mod­ern empha­sis upon endoge­nous money, sec­toral bal­ances, and Minsky’s Finan­cial Insta­bil­ity Hypoth­e­sis. I also show how to do non-equilibrium mod­el­ing (using my Open Source mod­el­ing pro­gram Min­sky of course). [embedded content] Click here to down­load the Pow­er­point slides.

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The Unnatural Rate Of Interest (Ultra-Wonkish)

Paul Krugman’s lat­est col­umn—“Check Out Our Low, Low (Nat­ural) Rates” (which he didn’t flag as “Wonk­ish”, even though it is so in spades—noted that the “nat­ural real rate of inter­est” was falling, and that this jus­ti­fied the low inter­est rate set by the Fed­eral Reserve. And this made me think about Karl Marx. Click here to read the rest of this post.

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Economists Prove That Capitalism Is Unnecessary

Actu­ally they’ve done no such thing. But they do effec­tively assume that it’s unnec­es­sary all the time. This tran­scen­den­tal truth became appar­ent to me in the reac­tions I have had from main­stream econ­o­mists to a lec­ture I gave to my Kingston stu­dents this month (which is posted on my YouTube chan­nel and blog). Click here to read the rest of this post.

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Lecture 3 in Becoming an Economist at Kingston University

This lec­ture intro­duce the Aus­trian school of thought, which is closely related to the Neo­clas­si­cal mainstream–in that it shares its util­i­tar­ian the­ory of value, accepts basic sup­ply and demand analy­sis, and sees cap­i­tal­ism as gen­er­ally tend­ing towards equi­lib­rium. But it is also highly crit­i­cal of the main­stream for the absurd assump­tions about indi­vid­ual knowl­edge that it is will­ing to make to pre­serve its equilibrium-oriented math­e­mat­i­cal approach. It...

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Edinburgh University Talk: financial instability, endogenous money & government budgets

This talk covers all "the usual suspects" for me--the Neoclassical obsession with equilibrium, financial instability, the Loanable Funds myth and the reality of Endogenous Money, and the foolishness of governments trying to run a surplus as if they are households, when the better analogy is that they are banks and should run deficits to create part of the money supply the non-bank private sector needs.[embedded content] Click here to download the Powerpoint file (Minsky files are embedded...

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Lecture 2 in “Becoming an Economist” at Kingston University

Becom­ing an Econ­o­mist is the intro­duc­tory course on eco­nom­ics for under­grad­u­ates at Kingston Uni­ver­sity. This is the second of 11 lec­tures in the sub­ject; I’ll post the oth­ers as I write them over the next few months. This lec­ture dis­cusses why the Mainstream approach, starting from the fundamental question Walras posed "Can a system of free markets reach a set of prices that ensures that supply equals demand in all markets?" The answer was "No", but that didn't stop the...

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Call for papers for new journal on private debt

The Pri­vate Debt Project (this web­site will become active as of Decem­ber 2015) invites pro­pos­als for arti­cles, papers, and research notes related to the study of pri­vate debt and its rela­tion­ship to eco­nomic growth and finan­cial sta­bil­ity. The Project will pro­vide hon­o­rar­ium for all pub­lished work. In cases involv­ing papers with orig­i­nal research, it will also con­sider small research grants to help cover the cost of the research. Com­mis­sioned arti­cles, papers, and...

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Fellowship for economic journalism

The Friends Prov­i­dent Foun­da­tion has just estab­lished a Fel­low­ship for UK jour­nal­ism to pro­duce a “a sig­nif­i­cant work of long form jour­nal­ism in any medium on the theme of build­ing resilient economies.” I’ve copied the full press release below. For fur­ther details, click on this link. The full press release is copied below. Jour­nal­ist Fel­low­ship 2016 The Foundation’s trustees have cre­ated a jour­nal­ist fel­low­ship to build a bet­ter under­stand­ing of eco­nom­ics in...

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Lecture 1 in “Becoming an Economist” at Kingston University

Becom­ing an Econ­o­mist is the intro­duc­tory course on eco­nom­ics for under­grad­u­ates at Kingston Uni­ver­sity. This is the first of 11 lec­tures in the sub­ject; I’ll post the oth­ers as I write them over the next few months. This lec­ture dis­cusses why econ­o­mists dis­agree with each other, and draws analo­gies with astron­omy at the time when Galileo dis­cov­ered craters on the Moon, and moons orbit­ing Jupiter and Saturn. [embedded content] This is the Pow­er­point file for the...

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