Tag Archives: Political Economy

This paper examines the relationship between inequality and growth in the neo-Kaleckian and Cambridge growth models. The paper explores the channels whereby functional and personal income distribution impact growth. The growth – inequality relationship can be negative or positive, depending on the economy’s characteristics. Contrary to widespread claims, inequality per se does not impact growth [...]

By David FieldsNote: The references below are drawn from The Marx-Engels Reader, edited by Robert C. Tucker.Is Marx’s concern with aspects of alienation subsumed in his mature writings? To suggest so is a falsity. Marx’s depiction of the proletariat becoming, in the Hegelian sense, emancipated from the objective conditions of estranged labour, is not withered as the analysis moves toward the technical conditions of production. Marx’s humanism is still apparent.In Wages, Labour, and...

Paul Krugman has a new op-ed (“A Protectionist Moment?”) in which he tries to walk away from his own contribution as an elite trade economist to the damage done by globalization, while also continuing to lend his political support to Hillary Clinton and the neoliberal globalization wing of the Democratic Party. His article inadvertently spotlights [...]

This paper explores zero lower bound (ZLB) economics. The ZLB is widely invoked to explain stagnation and it fits with the long tradition that argues Keynesian economics is a special case based on nominal rigidities. The ZLB represents the newest rigidity. Contrary to ZLB economics, not only does a laissez-faire monetary economy lack a mechanism [...]

In-depth analysis on Credit Writedowns Pro. You are here: Political Economy » Britain, Brexit, and sovereignty By Marc Chandler originally posted at Marc’s blog, Marc to Market As the European Union grew, the unanimity in decision-making increasingly gave way to qualified majority voting.  This development took away an important weapon the UK deployed to pursue its national interest.  It use often to frustrate the collectivist decision-making in Brussels and...

By Thomas Palley, Louis-Philippe Rochon and Matías Vernengo This year marks two important anniversaries in macroeconomics: the 80th anniversary of the publication of Keynes’s The General Theory of Employment, Interest and Money, and the 70th anniversary of Keynes’s premature death, at the age of 63. To mark these anniversaries, the first issue of the fourth year [...]

In-depth analysis on Credit Writedowns Pro. By Frances Coppola originally posted at Coppola Comment Japan has just introduced negative rates on reserves, following the example of the Riksbank, the Danish National Bank, the ECB and the Swiss National Bank. The Bank of Japan has of course been doing QE in very large amounts for quite some time now, and interest rates have been close to zero for a long time. But this is its first experiment with negative rates. The new negative rate...

The mission of radical political economy is to accentuate the perseverance of critical social scientific enquiry. As such, the aim is to make palpable how the insights of social justice research widely make apparent how the global socioeconomic system does not automatically generate efficient situations whereby unique organizations of production, exchange, and distribution guarantee the attainment of maximum social welfare.The idea that humans are simple instrumentally rationalists, who...

Ten years ago (September 2005) I launched my website. To mark this anniversary, here are ten postings that I think got it right. Many of them are included in my book, The Economic Crisis: Notes From The Underground (2012). 1. Keynesianism: what it is and why it still matters (September 18, 2005). My first post. [...]

August’s Employment Report showed the unemployment rate fell to 5.1 percent and creation of 173,000 new jobs. Predictably, the decline in the unemployment rate has triggered calls for higher interest rates from Wall Street Hawks on grounds that higher core inflation is just around the corner. That is the same call we heard when the [...]