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from L. Randall Wray MMT provides an analysis of fiscal and monetary policy that is applicable to national governments with sovereign currencies. We argue that there are four essential requirements that qualify a national currency as sovereign in the sense in which we use the term: the National government chooses a money of account in which the currency is denominated; the National government imposes obligations (taxes, fees, fines, tribute, tithes) denominated in the chosen money of...

from Lars Syll At least since the time of Keynes’s famous critique of Tinbergen’s econometric methods, those of us in the social science community who have been impolite enough to dare to question the preferred methods and models applied in quantitative research in general and economics more specifically, are as a rule met with disapproval. Although people seem to get very agitated and upset by the critique — just read the commentaries on this blog if you don’t believe me — defenders of...

In an impressive overview of the state of Canadian Political Economy, a new book Change and Continuity ed. by Mark P. Thomas et.al. includes two important articles on the continuing relevance of the staple thesis. On the one hand, Jim Stanford’s “Staples Dependence Renewed and Betrayed: Canada’s Twenty-First Century Boom and Best” does just as its title tells because of the reversion to dependence on petroleum as a staple export since 2000 and the deindustrializing effect on the national...

In an impressive overview of the state of Canadian Political Economy, a new book Change and Continuity ed. by Mark P. Thomas et.al. includes two important articles on the continuing relevance of the staple thesis. On the one hand, Jim Stanford’s “Staples Dependence Renewed and Betrayed: Canada’s Twenty-First Century Boom and Best” does just as its title tells because of the reversion to dependence on petroleum as a staple export since 2000 and the deindustrializing effect...

We are guided by an ideology so familiar and pervasive that we do not even recognise it as an ideology. It is called consumerism. It has been crafted with the help of skilful advertisers and marketers, by corporate celebrity culture, and by a media that casts us as the recipients of goods and services rather than the creators of political reality. It is locked in by transport, town planning and energy systems that make good choices all but impossible. It spreads like a stain through...

from Asad Zaman This series of posts is based on a single lecture (Lecture 13 of Advanced Macro II) exploring the evolving functions of Central Banks through time. It goes through a vast amount of material in a very short time, and hence is a very sketchy treatment. This is the 3rd post,  which deals with the period from WW! to the 1980s.  read more

from Blair Fix If you ask the average person what ‘science’ is, they’ll probably answer something like ‘it’s what we know about the world’. To the lay person, ‘science’ is a body of facts. To the trained scientist, however, ‘science’ means something different. It’s not a body of knowledge. It’s a method for determining what’s true and what’s not. To determine the way the world works, science appeals to evidence.The ideal of science is beautifully summarized by the motto of the Royal...

real-world economics review Please click here to support this journal and the WEA issue no. 89Modern monetary theory and its criticsdownload whole issue Introduction: Whither MMT?The editors Alternative paths to modern money theoryL. Randall Wray Initiating a parallel electronic currency in a eurocrisis country – why it would workTrond Andresen An MMT perspective on macroeconomic policy spacePhil Armstrong Monetary sovereignty is a spectrum: MMT and developing countriesBruno Bonizzi,...

September jobs report: excellent in coincident and lagging sectors, cautionary in leading sectors HEADLINES: +136,000 jobs added (+135,000 ex-Census) U3 unemployment rate declined -0.2% from 3.7% to 3.5% (NEW LOW) U6 underemployment rate declined -0.3% from 7.2% to 6.9% (NEW LOW) Leading employment indicators of a slowdown or recession I am highlighting these because many leading indicators overall strongly suggest that an employment slowdown is coming....