Tag Archives: Political Economy

I’m hoping next year we will make progress getting some of the crazier stuff out of the room. Here’s a little YouTube teaser from Down Under (give it a minute to get to the punchline): Who’s crazy now? All the best in 2022, Tom

EURAS organises an online conference (Wednesday, December 8th) on the ‘Social Consequences of Covid-19 Pandemic in Turkey and the World’. I will present a paper on ‘The Political Economy of the COVID-19 Pandemic’.

This paper explores the economics and political economy of financialization using Matt Taibbi’s vampire squid metaphor to characterize it. The paper makes five innovations. First, it focuses on the mechanics of the “vampire squid” process whereby financialization rotates through the economy loading sector balance sheets with debt. Second, it identifies the critical role of government […]

This paper explores the economics and political economy of financialization using Matt Taibbi’s vampire squid metaphor to characterize it. The paper makes five innovations. First, it focuses on the mechanics of the “vampire squid” process whereby financialization rotates through the economy loading sector balance sheets with debt. Second, it identifies the critical role of government […]

This paper critically assesses the economics of New Developmentalism (ND). It begins by identifying and formalizing the principal components of ND which are identified as neutralizing Dutch disease, ending growth with foreign saving, development driven by a technologically advanced and internationally competitive manufacturing private sector, and getting macroeconomic prices right. It then examines four strands […]

This paper reconstructs the Keynesian income – expenditure (IE) model to include distinctions between government purchases of private sector output, government production, and government job guarantee program (JGP) employment. Analytically, including those distinctions transforms the model from a single sector model into a multi-sector model. It also surfaces the logic behind the automatic stabilizer property […]

This essay argues that some forty years ago the Republican Party struck a Faustian bargain whereby it traded integrity and decency for tax cuts and a corporate dominated economy. Now, the Republican party is reaping the consequences of that bargain in the form of its capture by Donald Trump and his followers. However, it also […]

Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing has spread far and wide, so that […]

In the recent issue of INTERNATIONAL CRITICAL THOUGHT it is included an article authored by me and titled ‘The economic and political consequences of the COVID-19 pandemic’. It can be assesed, downloaded (and even listened to through the LISTEN button) via the following link: https://www.tandfonline.com/doi/full/10.1080/21598282.2020.1866235 Research Article The Economic and Political Consequences of the COVID-19 Pandemic Stavros Mavroudeas Received 11 Jun 2020, Accepted...

This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. Analytically, the paper […]