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from Lars Syll Unfortunately, nothing is more dangerous than dogmas donned with scientific feathers. The current crisis might offer an excellent occasion for a paradigm change, previously called for by prominent economists like John Maynard Keynes, Alan Kirman and Steve Keen. They have forcefully highlighted the shortcomings and contradictions of the classical economictheory, but progress has been slow. The task looks so formidable that some economists argue that it is better to stick...

(Dan here…lifted from Roberts Stochastic Thoughts) Totally Twitty Fiskin of Antoine Levy Antoine Levy has some ideas about how the European Central Bank could help uncompetitive economies on the European perifery. I would like to read it and decide if he has good ideas. Unfortunately, to do so, I have to sfogare (let off steam) with some francophobic Euroskepticism. This is therapy. don’t waste time reading it”The euro improved the credibility of monetary...

from David Ruccio American capitalists love immigration. So, as it turns out, should American workers. The last time I addressed the issue of immigration, I made the argument that recent waves of immigration have benefited a tiny group of employers at the top, who in turn have managed to shift the costs—through wage reductions and higher taxes—onto workers (both recent immigrants and native-born workers). In fact, just a couple of weeks ago, American corporate titans used a collegial...

from June Sekera In standard economics scripting, government is most often cast in the role of bumbler or villain. Whether as market fixer, intervenor, enforcer or redistributor, its actions are portrayed as resulting in “distortion,” “inefficiency,” “deadweight loss,” and worse. Three quarters of a century ago, Paul Studenski rejected such casting. He found government to be a vital figure whose role was not simply to intervene or redistribute. Government was a producer. A professor of...

from Lars Syll Professors may find themselves ill-prepared for the macro classroom. To become academics they had to answer erudite questions posed by more senior members of the discipline. To become good teachers of introductory macro, they have to give clear answers to muddled students. That requires an intuitive feel for the subject. It is not enough to crank through the equations. Indeed, Mr Rowe attributes part of his success as a teacher to his shortcomings as a mathematician. He...

My extended take on housing permits and starts at Seeking Alpha – by New Deal democrat My long-form take on housing sales, updated with yesterday morning’s housing permits and starts report, is up at Seeking Alpha. Like my Weekly Indicators posts, I make a penny or two when you decide to read.  So decide to read! Also worth mentioning: my overall view of housing differs somewhat from that of Bill McBride a/k/a Calculated Risk.  Like Bill, I don’t think...

Source: http://politicsthatwork.com/graphs/share-of-wealth   Source: http://gabriel-zucman.eu/uswealth/