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from Lars Syll In practice, what math does is let macro-economists locate the FWUTVs [facts with unknown truth values] farther away from the discussion of identification … Relying on a micro-foundation lets an author say, “Assume A, assume B, … blah blah blah … And so we have proven that P is true. Then the model is identified.” … Distributional assumptions about error terms are a good place to bury things because hardly anyone pays attention to them. Moreover, if a critic does see that...

from Jayati Ghosh The international-development sector has become fixated on calculating financing gaps. Hardly a day goes by without new estimates of the funds low- and middle-income countries (LMICs) need to meet their climate targets and achieve the United Nations Sustainable Development Goals (SDGs). The Independent High-Level Expert Group on Climate Finance, for example, estimates that developing and emerging economies (excluding China) need $2.4 trillion annually by 2030 to close...

Brad DeLong (in a recent post summarising a joint podcast with Noah Smith) walks back his previous suggestion that it was time for neoliberals, among whom he had numbered himself, to pass the baton to “the Left”. The political basis for this is that 20 or so Senate Republicans have been willing to pass legislation from time to time, rather than shutting down the government altogether. I don’t find this compelling, but I also don’t want to debate the issue. Rather, I’m interested...

Armine Yalnizyan, Atkinson Fellow on the Future for Workers – Recipient of the 2023 Galbraith Prize in Economics This lecture was delivered on May 31, 2024, at the Canadian Economics Association Annual Meetings, Toronto Metropolitan University Thank you for the immense honour of being awarded the Galbraith Prize in Economics — and for agreeing to wait a year to hear this speech in Toronto instead of Winnipeg.  Some of you know why the delay occurred. Others can find me later and...

Some time ago, I delved into the unique advantages of the Theil index of inequality over the Gini index, when data is available. The Theil index offers a distinct advantage in its ability to provide a consistent quantitative deconstruction of inequality. It does so by utilizing various concepts such as class, region, gender, or any other relevant factor. This feature allows for a comprehensive explanation of (changes in) inequality using the same set of concepts. The Theil index...

Corporate profits have received much more scrutiny in recent years. High inflation provoked on-going debates about the role of profit margins with terms like “greedflation” and “price gouging” levelled at corporations. People recognized that, at minimum, corporations are profiting from inflation. Analysis of 4,550 publicly-listed corporations found that 33% had record operating profits in 2021 or 2022.[1] Further, corporations with pricing power were found to be actively worsening...

from Dean Baker Suppose the G-7 finance ministers sat down and worked out a plan to spend tens of billions of dollars a year to subsidize developing countries in their transition to a green economy. Many of us might think this is a good idea since global warming poses a real threat to the planet. Unfortunately, the G-7 finance ministers seem to have done the exact opposite. According to the coverage in the New York Times, they discussed ways to retaliate against China over its own plans...

The Conversation asked economists about the budget. I thought the questions poorly framed. Q: What grade would you give the budget, given Chalmers’ stated objective of “fighting inflation in the near term and then growth in the medium term”? A, B, C, D, E or F My answer: An exclusive, or even primary, focus on a rapid return to an arbitrary inflation target represents a misconception of the role of fiscal policy. I decline to offer a rating on this basis. Considered more...

by Ten Bears Homeless on the High Desert Mormon Militia Moves To Take Over Central, Eastern Oregon Government Note that the link is to an article in The Guardian, a British publication that is to my observation the straightest, least bias / most honest reporting today. Bear in mind as you read these happenings out on the Oregon High Desert that people are reading about them in England, and around the English-speaking world Sometimes...

Εκδήλωση – συζήτηση  Σάββατο 25/5, 6.30μ.μ., ΚΑΠΗ Πόρτο – Ράφτη Θα μιλήσει : Σταύρος Μαυρουδέας, Καθηγητής Παντείου, υποψήφιος στις ευρωεκλογές Θα ακολουθήσει συζήτηση με συμμετοχή και άλλων υποψήφιων.  Ευρωεκλογές: ψηφίζουμε ΑΝΤΑΡΣΥΑ – Ανατρεπτική Συνεργασία  ...