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Tag Archives: Uncategorized

Government Spending in the Income-Expenditure Model: Spending Composition, the Multiplier, and Job Guarantee Programs

This paper reconstructs the income – expenditure (IE) model to include a distinction between government purchases of output versus government production. The distinction has important consequences for output and employment multipliers. The paper also extends the IE model to incorporate a government job guarantee program (JGP), and the extended model illuminates the automatic stabilizer properties [...]

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Ten years after

from David Ruccio Everyone, it seems, is writing their version of the lessons to be learned after the crash of 2008. And most of them are getting it wrong. Here, for the record, are some of the lessons I’ve taken from the crash: What has changed—and, equally significant, what hasn’t—during the past decade? Mainstream economists got globalization wrong The policy consensus on economics has not fundamentally changed Mainstream economics has fallen in the eyes of the public—and for good...

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Progressive International Movement

from Yanis Varoufakis Our new international movement will fight rising fascism and globalists Our era will be remembered for the triumphant march of a globally unifying rightwing – a Nationalist International – that sprang out of the cesspool of financialised capitalism. Whether it will also be remembered for a successful humanist challenge to this menace depends on the willingness of progressives in the United States, the European Union, the United Kingdom as well as countries like...

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The Indefatigable Efforts of J. M. Keynes

This is an extract from an article written for The Times Literary Supplement From TLSThe international and financial dimensions of Keynes’ work are today neglected in favour of the laissez-faire economics that Keynes had so vigorously contested. His profession is dominated by economists concerned overwhelmingly with the activities of individuals, households and firms. Management of the macroeconomy and of financial globalization is left largely to investors and speculators in capital...

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The housing bubble and financial crisis was easy to see coming

from Dean Baker Ten years ago we saw the culmination of a period of ungodly economic mismanagement with the collapse of Lehman Brothers and a full-fledged financial crisis. The folks who led us into this disaster rushed to do triage and tend to the most important problem: saving the bankrupt banks. They also had to cover their tracks. They insisted that the financial crisis was some sort of fluke event — a lot of bad things went wrong simultaneously — and who could have predicted or...

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Hard-won, self-acquired, self-earned property?!

from David Ruccio Almost 30 thousand people joined the ranks of the global super-rich last year, as booming global stock markets and corporate profits boosted the fortunes of the already very-rich and bumped them up into the ultra-high-net-worth bracket. The global population of ultra-high-net-worth people, classed as those with more than $30 million in assets, increased by 12.9 percent last year to a record 255,810 people,  while their combined wealth surged by 16.3 percent to $31.5...

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Structural econometrics

from Lars Syll In the ongoing discussion on the ’empirical revolution’ in economics, some econometricians criticise — rightfully — the view that quasi-experiments and RCTs are the (only) true solutions to finding causal parameters. But — the alternative they put forward, structural models, have their own monumental problems. Structural econometrics — essentially going back to the Cowles programme — more or less takes for granted the possibility of a priori postulating relations that...

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Reality, not greenies, the enemy of irrigation expansion

That’s the title of my latest piece in The Guardian, responding to a Matt Canavan spray against critics of a recent CSIRO report canvassing options for expanded irrigation in Northern Australia. Interestingly, although Canavan comes across as a typical North Queensland developmentalist (for whom I would have some sympathy) he’s actually from the South-East corner, a UQ economics graduate and a former senior official of the Productivity Commission. Ten years ago, he’d have been debunking...

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Bernanke, Geithner, and Paulson still don’t have a clue about the housing bubble

from Dean Baker NYT readers were no doubt disturbed to see a column in which former Fed Reserve Board chair Ben Bernanke, Obama Treasury Secretary Timothy Geithner, and Bush Treasury Secretary Henry Paulson patted themselves on the back for their performance in the financial crisis. First, as they acknowledge in the piece, all three completely failed to see the crisis coming. During the years when house prices were getting way out of line with both their long-term trend and rents,...

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