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from Lars Syll Expansionary policy with a strong redistributive component is an attractive proposal … Higher output and real wages would likely stimulate productivity growth. Global warming can and should be attacked seriously. With regard to foundation myths for MMT, Chartalism adds little to the observation that a modern macro economy operates on the basis of fiat money supported by state power which transcends enforcing the mere payment of taxes. Functional finance is the heart of...

from Norbert Häring In Germany and beyond, public policy in response to the Corona crisis operates with an unspoken basic assumption: the claims of capital are sacred. This is unfair and economically unreasonable. German economists largely agreed on how not to deal with the corona crisis. Sending a cheque to all taxpayers, as the US government did, is considered an unsuitable anti-crisis measure. After all, the 1200 dollars were too little for 30 million who lost their jobs within a few...

In the immigration handbook he wrote for then Alabama Senator Sessions, Stephen Miller cited U.S. Civil Rights Commissioner, Peter Kirsanow, who subsequently was considered by Trump during the transition as a potential nominee for Secretary of Labor. In Kirsanow’s June 4 feature for National Review, Flames from False Narratives, he claimed that Black men are not disproportionately the targets of police violence and that the perception they are is a...

from Alanso Kihano (originally posted as a comment) What’s the use of economics? I think Alan Kirman’s post is completely off the target. Economics is used to achieve political aims. Politics it the first and major use of economics! The major purpose of economics today is to educate (or brainwash if you prefer) specialists, who can serve, and run the current socio-economic system without understanding it. Therefore, economics is obliged to create complex, but inadequate models. That suits...

from Ikonoclast (originally posted as a comment) The key obstacle to theoretical progress is the fact that economics is both a prescriptive and a descriptive discipline. We have not developed an economic ontologly to deal with this issue. The real economy is a real system. The natural environment is a real system. The set of legal laws, legal property relations, institutional arrangements, financial rules and calculations which we innovate and use as “rules and score-keeping of the game”...

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This article provides powerful evidence of the value of racial diversity and integration. At the New York Times this past week, it was black reporters who led the newsroom protest over the decision to publish the appalling Op-Ed of Senator Tom Cotton.  Their leadership – based on their different perspective – forced James Bennet to step down as opinion editor.  A similar story unfolded at the Philadelphia Inquirer. The presence of black reporters has...

from David Ruccio There are lies, there are outrageous lies, and there are statistics. — Robert Giffen, Economic Journal (1892) Are U.S. unemployment numbers rigged? Sure, they are! They’re not rigged in the way Paul Krugman implied last Friday (“This being the Trump era, you can’t completely discount the possibility that they’ve gotten to the BLS”). Or in the way former General Electric CEO Jack Welch suggested back in 2012 (when he asserted that the Obama White House had manipulated the...

Back again with another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. If you would like to receive my (hopefully) regular email news, please sign up using the following link http://eepurl.com/dAv6sX You can also follow me on Twitter @JohnQuiggin, at my Facebook public page   and at my Economics in Two Lessons page Like this:Like Loading...