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from C. P. Chandrasekhar and Jayati Ghosh Well over half of all workers in India are self-employed. The proportions of self-employed workers are significantly higher in rural areas, and among women. In rural areas, it is presumed that it is the dominance of small-scale agriculture that leads to more self-employment, but in fact self-employed workers are around half of those engaged in non-agricultural employment as well. Even in urban areas, those working without any defined employer...

from Lars Syll Almost sixty years ago Milton Friedman wrote an (in)famous article arguing that (1) the natural rate of unemployment was independent of monetary policy and that (2) trying to keep the unemployment rate below the natural rate would only give rise to higher and higher inflation. The hypothesis has always been controversial, and much theoretical and empirical work has questioned the real-world relevance of the idea that unemployment really is independent of monetary policy and...

from Dean Baker There is a standard tale of politics where conservatives want to leave things to the market, whereas the left want a big role for government. The right likes to tell this story because it advantages them politically, since most people tend to have a positive view of the market. The left likes to tell it because they are not very good at politics and have an aversion to serious thinking. The Silicon Valley Bank (SVB) bailout is yet another great example of how the right is...

Open Thread March 28, 2023, Angry Bear, Angry Bear Blog Tags: open thread

real-world economics review issue 103 31 March 2023 You may post comments on these papers here. Please click here to support this open-access journal and the WEA download whole issue How to Make the Oil Industry Go BustBlair Fix     2 Technological Change and Strategic Sabotage: A Capital as Power Analysis of the US Semiconductor BusinessChristopher Mouré     26 Do copyrights and paywalls on academic journals violate the US Constitution?Spencer Graves     56 Mainstream economics – the...

That’s the headline for a piece I published in the Lowy Interpreter. The shorter version Despite noisy sabre-rattling China has allowed other countries to extract oil and gas from disputed parts of the South China Sea That’s because the resource has never been valuable enough to fight over, and will soon be worthless Australia’s decision to go ahead with the purchase of nuclear-powered submarines from the United States and United Kingdom reflects a judgement that China, and...

This ECB graph below, showing the interrelation between credit and money in the Euro Area (source) is thoroughly (Post-)Keynesian in nature: Modern Monetary Statistics (MMS). I’ll return to that. First, what does it tell? For some months, a gentle Euro Area ‘liquidity crunch’ has been going on. The yellow and the orange bars are getting smaller meaning that year on year growth rates of ‘M3’ money creating ‘credit’ are declining. Three month flow data are already negative. Loans are...

from Lars Syll In a recent essay titled “What Economists (Including Me) Got Wrong About Globalization,” adapted from a forthcoming book on inequality, Krugman writes that he and other mainstream economists “missed a crucial part of the story” in failing to realize that globalization would lead to “hyperglobalization” and huge economic and social upheaval, particularly of the industrial middle class in America. And many of these working-class communities have been hit hard by Chinese...

Open thread March 17, 2023, Angry Bear (angrybearblog.com) Tags: open thread

Pseudo-objectivity about pseudo-objectivity Jay Rosen coined the phrase “the view from nowhere” to describe the default stance of political journalism in the US and elsewhere, often defended as “objectivity”. This is closely linked to the concept of the Overton window, which I wrote about recently in relation to the AUKUS nuclear subs deal In essence, the “view from nowhere” amounts to treating all positions within the Overton window as equally valid, and providing neutral...