Το 17ο Φόρουμ της Παγκόσμιας Εταιρίας Πολιτικής Οικονομίας (WAPE) θα πραγματοποιηθεί 2-4 Αυγούστου 2024 στο Πάντειο Πανεπιστήμιο με τη συνδιοργάνωση της Επιστημονικής Εταιρίας Πολιτικής Οικονομίας (GAPE) και του Παντείου Πανεπιστημίου. To κεντρικό θέμα του είναι «Πολιτική Οικονομία έναντι Οικονομικών σε ένα ταραχώδη και πολυπολικό κόσμο» και επικεντρώνεται στη μακροχρόνια διαμάχη μεταξύ των δύο κύριων εναλλακτικών παραδόσεων στην οικονομική ανάλυση: Πολιτική Οικονομία (την κοινωνική και...

This is the way I want to live .[embedded content] To my children — David, Amanda, Tora, Sebastian, and Linnea So if you’re feeling sort of down and outDon’t loose your faith, wipe away the doubtYou must take a stand that’s what it is about

Teeing up a cut in September.

Bizarro-world stuff, folks.

from Lars Syll We’ve lots of evidence from different times and places that the elasticity of output with respect to capital is indeed small. In his famous paper which kickstarted this approach to thinking about economic growth, Robert Solow estimated (pdf) that only one-eighth of the increase in US GDP per worker between 1900 and 1949 was due to increases in the capital stock. The rest, he said, was due to technical progress. In Fully Grown, Dietrich Vollrath estimated that from 1950 to...

Book proposal: Marx’s Fetters and the Realm of Freedom: a remedial reading — part 2.0 The second part of my book proposal is a chapter outline and summary. I will be doing that on the installment plan, one chapter at a time. Below is a table of contents: Fetters/Der Gefesselte Marx Ambivalence Inversion Alienated labour and disposable time Pauperism and “minus-labour” From sufficiency to planned obsolescence… and back? The...

One of the undercurrents at the recent UK MMT Conference in Leeds was the apparent unwillingness of MMT economists to acknowledge their mistake in dealing with international trade. In our new book – Modern Monetary Theory: Bill and Warren’s Excellent Adventure (published July 2024) – we devote a chapter to this issue. There are various strands to the criticisms we receive ranging from claims we are simply wrong at the most elemental level to others claiming trade has no part in the MMT...

.[embedded content] .[embedded content]

 I have my usual thoughts about inflation. People confuse levels and changes. I think this is a fundamental cognitive illusion. I think perceived inflation and the perceived effect of inflation on real incomes are based on an impressive pair of errors. 1) people estimate inflation from the price level comparing current prices to prices they remember and consider reasonable. As noted by Krugman and Nate Silver, this is not necessarily an error. It...

.[embedded content]