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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...

from Lars Syll As long as reading is for us the instigator whose magic keys have opened the door to those dwelling-places deep within us that we would not have known how to enter, its role in our lives is salutary.  It becomes dangerous, on the other hand, when, instead of awakening us to the personal life of the mind, reading tends to take its place, when the truth no longer appears to us as an ideal which we can realize only by the intimate progress of our own thought and the efforts of...

The latest Productivity Commission report marks the end of an era That’s the headline for my latest piece in Inside Story I look at the rise and decline of the Productivity Commission as an advocate of radical neoliberal reform. It spans the fifty years from the creation of the Industries Assistance Commission, replacing the old Tariff Board to the present, a period that spans my entire adult life. think I have outlived neoliberalism, at least as an intellectually credible...