The third in the famous trilogy of spurious Chinese curses that begins with “May you live in interesting times” is “May all your wishes come true”. I may have triggered this curse with a piece I wrote for The Conversation in March. headlined “Dutton wants a ‘mature debate’ about nuclear power. By the time we’ve had one, new plants will be too late to replace coal” which ended Talk about hypothetical future technologies is, at this point, nothing more than a distraction. If Dutton...

My latest in The Guardian henever I mention concepts such as gross domestic product (GDP), there’s a high probability that arguments about the merits of “growth” and “degrowth” will erupt. Almost invariably, these arguments are stuck in a conceptual framework that’s 50 years out of date, or even more. The national accounting system, of which GDP is a central part, was developed in the 1930s. It was designed to measure the working of the industrial economy that had emerged in the...

A phrase I hardly ever use and here’s why. 

As an advocate of Post Keynesian economics, I reject Marx’s economic theories in the three volumes of Capital because they are founded on the false Labour Theory of Value (LTV). Here is a concise case against the LTV, although I limit myself only to some of the most serious criticisms of the theory: (1) Marx’s Argument for the LTV is Logically Flawed: Marx does not prove it is a real Empirically-Relevant Concept In chapter 1, volume 1 of Capital, Marx assumes that, when one commodity...

The Marxist Paul Cockshott presents his defence of the Labour Theory of Value in this video:[embedded content]It appears that Paul Cockshott defends the Labour Theory of Value (LTV) found in volume 1 of Capital, albeit in a grossly simplified way.He defines the LTV in three senses, as follows:(1) The average price of a good will be proportional to the average amount of labour used to make it;(2) The value added in an industry will thus be roughly proportional to the labour it uses.(3) Price...

Record highs are being driven by a handful of big cap stocks. The broader market is not doing as well. 

BloombergOdd Lots Podcast: Warren Mosler Says US Is Spending Too MuchMAEIL BUSINESS NEWSPAPER Korea's No. 1 Economic MediaWarren Mosler warns of snowball U.S. fiscal deficit "There's no guarantee that high interest rates will bring down inflation".Yoon Wan SupMachine Translation

Die Wokeness-Bewegung — eine Kritik .[embedded content] Die Verteidigung der Aufklärung und die Kritik am Wokeness von Susan Neiman ist sowohl kraftvoll als auch überzeugend. Die Ideen der Aufklärung sind trotz der zahlreichen Kritiken, die gegen sie erhoben wurden, immer noch relevant. Die Aufklärung war gekennzeichnet von einem Geist der Erkundung, der zu neuen Entdeckungen sowohl in der Wissenschaft als auch in der Kultur führte. Anstatt eine enge...

That’s Citigroup’s forecast, and it could happen. 

from Peter Radford “Economics has become irrelevant.” PART ONE Oh my.  Apparently Brad DeLong and I have the same problem.  He, of course, is part of the elite club.  I am decidedly not.  So it is quite a shock to share something. What? He set out to write an 800 word review of Dan Davies’ new book and ended up about 5,000 words later still writing.  I set out to write 1,000 words on William Janeway’s recent article on mesoeconomics, and here I am nearly 5,000 words later, still writing. ...