Tag Archives: Uncategorized

from David Ruccio They keep promising, ever since the recovery from the Great Recession started more than eight years ago, that the share of national income going to American workers will finally begin to increase. But it’s not.  Sure, profits continue to rise. And so is the stock market. But not what workers receive. In fact, as is clear from the magnified section of the chart above, the labor share has actually been declining in recent quarters—even as the unemployment rate has fallen...

The latest issue of Coalwire, a weekly newsletter covering the transition away from coal list three separate corruption cases involving coal: in Indonesia, South Africa and Bangladesh. These aren’t isolated instances: in just about every jurisdiction that isn’t moving away from coal at a rapid rate, the industry is associated with cronyism at best, and outright corruption at worst. In Australia, for example, the push to develop the Galilee Basin is being driven by a set of...

from Lars Syll Is there some reason the straightforward framework Krugman laid out is wrong? Yes, as even its creator went on to acknowledge. MMT rejects the IS-LM framework that Krugman uses to demonstrate the conclusion that widening budget deficits put upward pressure on interest rates and crowd out private investment. The model remains the workhorse for many mainstream Keynesians. MMT considers it fundamentally flawed … Keep this in mind: Higher deficits give rise to higher interest...

from David Richardson Krugman has decided to take on the MMT supporters and based his New York opinion piece on criticising the views of influential Stephanie Kelton. In particular it seems Krugman does not like the idea that, as he puts it, “expansionary fiscal policy is automatically expansionary monetary policy”. Earlier I argued (Richardson 2015) that fiscal magnitudes need to be examined in a stock-flow consistent analysis. I pointed out that when government spending increases, that...

from Lars Syll Paul Krugman is back again telling usthat he doesn’t really want to spend time on arguing about MMT — and then goes on complaining that well-known MMTer Stephanie Kelton says things “obviously indefensible.” What has especially irritated the self-proclaimed ‘conventional’ Keynesian is that Kelton “seems to claim that expansionary fiscal policy … will lead to lower, not higher interest rates.” Now, the logic behind Krugman’s “conventional Keynesian”...

In fact, externalities are “external” only in the language of conventional economics and conventional politics, for those who benefit from them.  They are external to the system of economic power and its intellectual representations, to the hierarchy that produces the dominant discourse and practices. They are gains (“positive externalities”) for hegemonic classes, groups, and countries, and often a condition of their prosperity, and are externalized by power practices and conventional...

from Lars Syll Almost a hundred years after John Maynard Keynes wrote his seminal A Treatise on Probability (1921), it is still very difficult to find statistics books that seriously try to incorporate his far-reaching and incisive analysis of induction and evidential weight. The standard view in statistics — and the axiomatic probability theory underlying it — is to a large extent based on the rather simplistic idea that more is better. But as Keynes argues — more of the same is not what...