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download whole issue Has economics become a new theology?           2Andri W. Stahel Beyond dollar creditocracy: A geopolitical economy           20Radhika Desai and Michael Hudson A black-swan shock exposes the deep fissures, endemic imbalances, and structural weaknesses of the U.S. economy           40John Komlos Fuck the market           62Terry Hathaway The ritual of capitalization           78Blair Fix Economic hypocrisies in the pandemic age           96Raphael Sassower The politics...

from Lars Syll The experiment reported here was designed to reflect the fact that revealed preference theory is concerned with hypothetical choices rather than actual choices over time. In contrast to earlier experimental studies, the possibility that the different choices are made under different preference patterns can almost be ruled out. We find a considerable number of violations of the revealed preference axioms, which contradicts the neoclassical theory of the consumer maximising...

In this post, I want to get a sense of foreign exchange crises since 2008. The data that I am using is taken from the World Bank. It is not perfect. It is a bit spotty and could be improved upon. It is also annual data, so it will not pick up intrayear crises. But it is solid enough that it should give us a good first cut on the dynamics of foreign exchange crises. The first question to ask is simple enough: how many foreign exchange crises were experienced in this time period? For...

from C. P. Chandrasekhar Carbon prices in the European Union (EU), or the value of one unit of an EU allowance (EUA) that gives the holder the right to emit one tonne of carbon dioxide (or its equivalent of other greenhouse gasses), are soaring. From 33.69 euros per tonne at the beginning of the year, the prices of EUAs traded through the EU’s emission trading system (ETS) had risen to a high of 62.75 euros on September 9, or by more than 80 per cent. Since the ETS was created to generate...

As Evergrande looks about to default on its debt many are asking whether this might be a Lehman moment for China. That is, are we about to see a wave of defaults that bring down the Chinese financial system as we did in Western countries in 2008? Much of the discussion is based on a misunderstanding. The Western financial system as it stood in 2008 was a largely laissez-faire system. There were, of course, regulations in place and there were also protections – most notably, deposit...

Πέθανε στις 17/9/2021 ο Terry McDonough. Στη μνήμη του αναρτήθηκε στην ιστοσελίδα της Επιστημονικής Εταιρείας Πολιτικής Οικονομίας (https://politicaleconomy.gr/main/en/memoriam-terrence-mcdonough) το ακόλουθο κείμενο στα ελληνικά και στα αγγλικά Στη μνήμη του Terrence McDonough O θάνατος του Terrence McDonough στις 7 Σεπτεμβρίου 2021 κάνει το ρεύμα της Πολιτικής Οικονομίας φτωχότερο. Ο Terrence McDonough ήταν ένας από τους σημαντικότερους νεώτερους υποστηρικτές της...

… We need more flexibility. That’s the headline for my latest piece in The Conversation https://theconversation.com/australias-covid-plan-was-designed-before-we-knew-how-delta-would-hit-us-we-need-more-flexibility-168189 (with Richard Holden and Steven Hamilton) Conclusion In these rapidly changing times it makes no sense to fix a policy plan based on a months-old model. We need to respond flexibly to new evidence as it comes to hand. We need to consider all kinds of data,...

from Dean Baker   Now that George W. Bush is back in the news with his attacks on the Trumpist insurrectionists, it might be worth reviving one of the great lines of his presidency. After the September 11th attack, when Bush decided to go after not just the terrorists who planned the hijackings, but all sorts of people around the world he didn’t like, he lumped them together as “evil doers.” That may not be the most eloquent phrase, but it works well as a description of the modern...

Much of the United States (especially Washington, DC) is in the grip of a contagious lethal anti-China fever which is spreading fast. Even people I usually admire and respect have become infected. Reason and facts have lost all capacity to inoculate. Fortunately, I was sent a vaccine (that takes one minute to administer) which I […]