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Milton Friedman revolutionized macroeconomics with his 1967 presidential speech to the American Economics Association (AEA), which presented a theory of the so-called natural rate of unemployment for the first time. That speech, which played a major role in discrediting the brand of Keynesianism that prevailed in postwar liberal economic policy thinking, remains one of the […]

During last night’s CNN “town hall” fiasco Trump had this to say about the debt ceiling: Former President Donald Trump on Wednesday urged Republican lawmakers to let the United States default on its debt if Democrats don’t agree to spending cuts. “I say to the Republicans out there — congressmen, senators — if they don’t give you massive cuts, you’re going to have to do a default,” said Trump, who is again running for president. “And I don’t...

from Norbert Häring The Central Bank of Kazakhstan published a report in July 2022 that developed the criteria for deciding on the design of the planned digital tenge. The tenge is the national currency of Kazakhstan. At the heart of the report is the conceptual groundwork of two guides from the International Monetary Fund and the World Economic Forum, the lobby of the 1,000 largest international corporations. The World Economic Forum’s guide is the one which is quoted more...

Open Thread April 29, 2023, Angry Bear, angrybearblog.com Tags: open thread

from Lars Syll Mainstream economists do not believe that “countries that borrow in their own currency should not worry about government deficits because they can always create money to finance their debt.” Looking at the result from a survey, not a single economist agreed with that statement. If these economists had been right, we would see lots of governments running out of money in 2020 and 2021. After all, tax revenues collapsed, government spending was increased and accordingly public...

Scenes from the April employment report: the Fed just can’t kill the employment “beast”  – by New Deal democrat There’s no economic news this morning, so let’s take a closer look at some important trends from last Friday’s April jobs report . As I and many others wrote, an important theme was that the deceleration in job gains continued, as shown in this graph since January 2021 (note 222,000 is subtracted so that latest average is at zero...

Hobart’s new stadium can only make Tasmania’s housing crisis worse That’s the headline for my latest piece in The Conversation The Albanese government’s announcement it will provide $240 million for a new stadium in Hobart has not had the favourable reception it might have hoped. Those concerned with the proper operation of the federal system can point out that this kind of funding is the concern of state and local governments. Twitter, CC BY Concerns about process are...

from Asad Zaman The truth-sensing section of the brain is lobotomized by Friedman’s methodology, according to which wildly inaccurate assumptions lead to the most significant theoretical advances. But also, complete omission of power and class struggle makes it impossible to find solutions to our economic problems.[embedded content] Even though the current economic crisis in Pakistan has a simple cause, and an equally simple solution, policy debate in Pakistan focuses almost entirely on...

On this blog, I’ve stated that economics needs a ‘periodic table of prices’. There are many different prices beyond ‘market prices’: Cost prices, Administrated prices, Government prices, Factor prices and whatever. We need a grid which enables a classification. As I, clearly, do not seem to be your average inspiring charismatic direction setting economists, nobody followed up on my statements…. With this blog, I want to start my journey towards the framework, to boldly go from where...

  Το σχέδιο ΔΗΜΗΤΡΑ και οι οικονομικές  και πολιτικές αλχημείες του Γ.Βαρουφάκη Στ. Μαυρουδέας* & Θ.Χατζηραφαηλίδης** *καθηγητής Πολιτικής Οικονομίας, Τμήμα Κοινων. Πολιτικής, Πάντειο Πανεπιστήμιο ** υποψ. διδάκτορας, Τμήμα Οικονομικών, ΕΚΠΑ 1. Μηντιακοί «σωτήρες» σε καιρούς κρίσης Σε καιρούς κρίσης είναι συχνό το φαινόμενο εμφάνισης «σωτήρων» που υπόσχονται στις χειμαζόμενες λαϊκές μάζες την σωτηρία μέσω ευφάνταστων σχεδίων που θα μεταρρυθμίσουν το σύστημα και...