Tag Archives: Uncategorized

from Lars Syll Ninety years ago Keynes could congratulate Great Britain on finally having got rid of the biggest ”barbarous relic” of his time — the gold standard. He lamented that advocates of the ancient standard do not observe how remote it now is from the spirit and the requirement of the age … [T]he long age of Commodity Money has at last passed away before the age of Representative Money. Gold has ceased to be a coin, a hoard, a tangible claim to wealth … It has become a much more...

from Andri Stahel  and RWER current issue  What does modern economics have in common with medieval theology? At a first glimpse, very little. After all, economics presents itself as a science, based on the same mathematical principles and ideals of objectivity and empiricism on which mechanical physics is grounded and which, as is known, replaced medieval theological description of reality. Moreover, they apply to different subjects: heavenly, spiritual matters for theology, earthly...

from Dean Baker Paul Krugman’s column this morning raises the issue of whether China is on the edge of seeing a real estate bubble burst, in the same way that Japan saw its real estate and stock bubble burst in 1990. Krugman points out that this did lead to slower growth for Japan, but it was not an economic catastrophe, as it still saw rises in GDP, relative to its working age population, that were comparable to the U.S. (I would add that one reason why Japan did not see more GDP growth...

from Lars Syll Macroeconomic models may be an informative tool for research. But if practitioners of ‘New Keynesian’ macroeconomics do not investigate and make an effort of providing a justification for the credibility of the assumptions on which they erect their building, it will not fulfill its tasks. There is a gap between its aspirations and its accomplishments, and without more supportive evidence to substantiate its claims, critics will continue to consider its ultimate argument as...

 by New Deal democrat Weekly Indicators for September 20 – 24 at Seeking Alpha My Weekly Indicators post is up at Seeking Alpha. With Delta definitely receding, it appears it had no meaningful impact on the consumer economy. What *is* continuing to happen, however, is that transportation bottlenecks are continuing to drive up related prices to levels not seen in a decade or more. As usual, clicking over and reading should bring you up...

Are we creating a society Jane Austen might recognise? An updated version of an article I wrote a few years back, published in Inside Story Share this:Like this:Like Loading...

from Jayati Ghosh Climate change is posing immediate threats to humanity, and indeed to all living organisms on the planet, in extreme weather events across the globe. Other environmental stresses include rising water levels or falling water tables, desertification and salination. Agriculture—especially industrial agriculture requiring chemical inputs—is cause and victim of these changes. Cultivation patterns such as mono-cropping, with heavy reliance on groundwater and chemical inputs,...

“Global oil shortage at 2.77 million barrels per day in August as OPEC, Output falls short of quota by 684,000 barrels per day,” Commenter and Blogger, RJS, Focus on Fracking OPEC’s Monthly Oil Market Report “The Latest US Oil Supply and Disposition Data from the EIA”  Monday of this week saw the release of OPEC’s September Oil Market Report, which covers OPEC & global oil data for August, and hence it gives us a picture of the global oil...