Figure 1: Wage Curves and Rent for an Example of Intensive Rent This post is a continuation of a previous example. This is a fluke case insofar as the Alpha and Delta wage curves intersect at the scale factor for the rate of profits that is the maximum possible for the Epsilon technique. This fluke case is associated with a qualitative change in the range of the scale factor for the rate of profits in which no cost-minimizing technique exists. The technology, endowments, requirements...

This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and ultra-easy monetary policy. Current policy rests on Keynesian logic whereby […]

Blog It’s time for interest rates to go green The UK’s overdependence on fossil fuels makes us vulnerable to price shocks, we need the Bank of England and the government to be encouraging green investment By Theo Harris 01 November 2023 Higher...

More crazy clueless stuff from Stanley Druckenmiller. 

Economy as Circulation System

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The LATE approach — a critique One of the reasons Guido Imbens and Joshua Angrist won the 2021 ‘Nobel prize’ in economics is their LATE approach used especially in instrumental variables estimation of causal effects. Another prominent ‘Nobel prize’ winner in economics — Angus Deaton — is not overly impressed: Without explicit prior consideration of the effect of the instrument choice on the parameter being estimated, such a procedure is effectively the...

No borrowing. Money already there.

Progress or Destruction?

Εκδήλωση – συζήτηση για την Παλαιστίνη Η ΠΕΝΕΝ και η Παλαιστινιακή Ένωση Εργαζομένων Ελλάδας διοργανώνουν εκδήλωση – συζήτηση ενάντια στην βάρβαρη επίθεση του Ισραήλ στην μαρτυρική Γάζα. Ομιλητές: – Μαρουάν Εμίλ Τουμπάσι (πρώην πρεσβευτής της Παλαιστίνης) – Καπόπουλος Γιώργος (δημοσιογράφος) – Μαυρουδέας Σταύρος (καθηγητής Παντείου Πανεπιστημίου) – Παπακωνσταντίνου Πέτρος (δημοσιογράφος) – Εισαγωγική τοποθέτηση ο πρόεδρος της ΠΕΝΕΝ Παρεμβαίνουν: – Πρωτοβουλία...