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from Richard Parker and current issue of RWER So then what might a project for a Post-Neoliberal Economics entail?  Since I think “neoliberalism” as concept and practice represents one more of an ongoing series of ultimately ad hoc justifications for the hierarchic structuring of human societies, and think that the larger concept of “capitalism” contains already many visibly differentiated stages of its own in that long story of hierarchies, here are several modest ideas I’d propose....

from Lars Syll Government deficits always lead to a dollar-for-dollar increase in the supply of net financial assets held in the nongovernment bucket. That’s not a theory. That’s not an opinion. It’s just the cold hard reality of stock-flow consistent accounting. So fiscal deficits — even with government borrowing — can’t leave behind a smaller supply of dollar savings. And if that can’t happen, then a shrinking pool of dollar savings can’t be responsible for driving borrowing costs...

Tags: open thread

from Richard Koo in current issue of RWER When Milton Friedman visited Japan in the 1950s and spoke to economist Kazushi Nagasu, he had strong things to say about the plight of his people: “I am a Jew…I do not think I need to tell you what kind of horrible deaths Jewish people had to face. The real drive behind my argument for free markets is the bloodied cries of Jewish people who perished under Hitler’s and Stalin’s regimes, and their message is that the best way to happiness is to...

Volume 11, Issue 2 – July 2021download the whole issue EU taxation capabilities and the way forward towards institutional progress in Europe: an interview with Jakob KapellerMitja Stefancic Beyond Economism (Extract from R B Norgaard article) Economics — a severe case of misplaced idolatry of ‘rigour’ Lars Syll Austerity and gender in Brazil: insights from the international literatureAna Luíza Matos de Oliveira and Magali N. Alloatti Each paradigm in economics is a scientific and...

from Richard Norgaard and current issue of RWER Planet Earth is now experiencing more rapid environmental change and greater extremes, clear indicators that humanity faces a challenging if not grim future. Unfolding in real time before our eyes are the staid forebodings of five assessments by the Intergovernmental Panel on Climate Change and the urgent warnings of natural scientists (Hobbs and Cramer, 2008; Beach and Clark, 2015; Bradford et al., 2018; Vosen, 2020; Ripple et al.,...

Not good. Analysts/politicians/voters expected more gains as Federal benefits expired: Not good: Not good: Typical bounce after the covid dip that followed the tariff decline, but so far only back to prior levels, and less when adjusted for inflation:

 by New Deal democrat Weekly Indicators for July 26 – 30 at Seeking Alpha My Weekly Indicators post is up at Seeking Alpha. Ironically, as the bond market smells weakness ahead, driving long term rates down, it also sets up a rebound from that weakness further out. In the meantime, Q2 corporate profits are through the roof. As usual, clicking over and reading should bring you up to the virtual moment, and bring me some change for a...

Manufacturing sector continues to be on fire; but real construction spending plunges August data started out mixed.  The ISM manufacturing index continued to show strong expansion. Both the overall and new orders components declined slightly m/m, but at 59.5 and 64.9 remained far about the breakeven point between expansion and contractions of 50.0: The simplest way to read this is that the manufacturing sector remains on fire. The...

from Maria Alejandra Mad In the 1960s, Hayek argued that: “in the field of complex phenomena, the term” law “, as well as the concepts of cause and effect, are not applicable”. Regarding “The Theory of Complex Phenomena”, Hayek warned that in the case of complex phenomena, the scientist must give priority to the development of theoretical assumptions, instead of privileging empirical tests. The economist perceives the market system as a complex system in which the coordination process of...