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Tag Archives: Economic History

Rethinking the economics of extreme events

Review of Worst-Case Economics: Extreme Events in Climate and Finance by Frank Ackerman *** Long ago economics was termed “the dismal science,” but in recent years that title has arguably been passed on to climate science, with its regular and dire warnings that humanity needs to rapidly transition off of its use of fossil fuels for energy. In the face of such calls to action, progress has been frustratingly slow. The 2015 Paris Agreement offers some hope, as does the small-but-growing share...

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Michael Hudson — Origins of Money and Interest: Palatial Credit, not Barter

Neolithic and Bronze Age economies operated mainly on credit. Because of the time gap between planting and harvesting, few payments were made at the time of purchase. When Babylonians went to the local alehouse, they did not pay by carrying grain around in their pockets. They ran up a tab to be settled at harvest time on the threshing floor. The ale women who ran these “pubs” would then pay most of this grain to the palace for consignments advanced to them during the crop year. These...

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Michael Hudson – Charles Goodhart — Could/Should Jubilee Debt Cancellations be Reintroduced Today?

Michael Hudson and Charles Goodhart team up. Longish and detailed but an easy read.CounterpunchCould/Should Jubilee Debt Cancellations be Reintroduced Today? Michael Hudson – Charles Goodhartalso Irrespective of what we may think of Syria, this is little but a full-scale assault on international law and the normative system embedded in the UN Charter that has taken decades of hard work to build, a fundamental cornerstone of the management and civilizational development of the world order...

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Oscar Jorda — The rate of return on everything

Important. The rate of return on capital plays a pivotal role in shaping current macroeconomic debates. This column presents findings from a new dataset covering returns of major asset classes in the advanced economies over the last 150 years. The data offer new insights on several long-standing puzzles in economics, and uncover new relationships that seem at odds with some fundamental economic tenets. VOX - CEPR's Policy Portal The rate of return on everything Òscar Jordà, Katharina...

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Brad DeLong — John Maynard Keynes: Essays In Biography

Brad rates this as a should-read. For anyone interested in Keynesianism, Post Keynesianism and MMT, the history of economics, or economic theory, it is a must-read. Conventional economists have apparently concluded that they don't need to read it if they even thought about, which most probably haven't, being under the spell of the "normal paradigm" in spite of its poor results empirically.Washington Center for Equitable GrowthJohn Maynard Keynes: Essays In Biography Brad DeLong Here...

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Timothy B. Lee — Is Bitcoin a bubble? Here’s what two bubble experts told us

Is Bitcoin a bubble? It's a natural question to ask—especially after Bitcoin's price shot up from $12,000 to $15,000 this week. So we decided to ask a couple of experts on bubbles what they thought: Brent Goldfarb is a business professor at the University of Maryland, and William Deringer is a historian at MIT. Both have done research on the history and economics of bubbles, and they talked to Ars by phone this week as Bitcoin continues its surge. Both academics saw clear parallels...

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