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from Gregory A. Daneke  Given the numerous disasters exhibited of late involving Mainstream Economics, various heterodox economists have called for much greater consideration of ecological processes (both natural and social, see Fullbrook & Morgan, 2001).  Such processes, in turn, have become increasingly illuminated through the burgeoning science of complex adaptive systems (e.g., Preiser, et al, 2018). What some of these earnest observers fail to fully appreciate, however, is that...

from Oxfam An age of crisis, causing huge suffering for most of humanity As billionaires, government leaders and corporate executives jet in to meet atop their mountain in Davos, Switzerland, the world faces a dramatic, dangerous and destructive set of simultaneous crises. These are having a terrible impact on the majority of people, something Oxfam sees in its work across the world. In 2022, the World Bank announced that we will fail to meet the goal of ending extreme poverty by 2030,...

My thoughts on why the exposure of Adani’s dubious dealings came as no surprise Share this:Like this:Like Loading...

from Lars Syll As a young research stipendiate in the U.S. yours truly had the pleasure and privilege of having Hyman Minsky as a teacher. He was a great inspiration at the time. He still is. The concepts which it is usual to ignore or deemphasize in interpreting Keynes — the cyclical perspective, the relations between investment and finance, and uncertainty, are the keys to an understanding of the full significance of his contribution … The glib assumption made by Professor Hicks in his...

Your thoughts on the national day. Share this:Like this:Like Loading...

Open thread Jan. 17, 2022 – Angry Bear, angry bear blog

from Dean Baker The economy can have a problem of too much demand, leading to serious inflationary pressures. It can also have a problem of too little demand, leading to slow growth and unemployment. But can it have both at the same time? Apparently, the leading lights in economic policy circles seem to think so. As I noted a few days ago, back in the 1990s and 00s economists were almost universally warning of the bad effects of an aging population. The issue was that we would have too...

Can ChatGPT run a business?  Color me very skeptical. ChatGPT has now successfully passed a Wharton MBA exam. Sure, this isn’t the hardest problem, but to execute it in 1 second is the breakthrough. pic.twitter.com/3W8T7UIV4E— Aaron Levie (@levie) January 22, 2023This is a shockingly easy question, but I would not have predicted that ChatGPT would get it right, given its limited ability to do math and think logically.  So, I am updating my...

The Bank of Canada is widely expected to increase its policy interest rate again this week, for the eighth time in the last 10 months. Media and financial market commentary on its decision has made numerous throwaway references to how Canada’s economy is still “running hot,” and that i why a rate hike is needed. This common claim is surprising, and not consistent with economic evidence. Canada’s economy is not “running hot” by any concrete measure. Here are six: 1. Final domestic...