How to get a ‘Nobel Prize’ in economics — talking absolute nonsense! Many people would argue that, in this case, the inefficiency was primarily in the credit markets, not the stock market—that there was a credit bubble that inflated and ultimately burst. Eugene Fama: I don’t even know what that means. People who get credit have to get it from somewhere. Does a credit bubble mean that people save too much during that period? I don’t know what a credit bubble...

from Dean Baker Mark Twain famously quipped that everyone always talks about the weather, but no one ever does anything about it. (This was before global warming.) In the same vein, it is common for people to rant about billionaires, like Rupert Murdoch and Elon Musk, controlling major media outlets and using them to advance their political whims. But, no one seems to do anything about it. There is a reason for inaction. For the foreseeable future, it is hard to envision a political...

Economic Growth Dooming Planet?

Yves here. This post and its companion piece on neoliberal ideology illustrate the hold that economic belief systems have on policy. One big one that does not get enough mention is that neoliberal theories posit that economies have a native propensity towards equilibrium….oh, and at full employment! This charming story serves to justify capitalist systems as virtuous and self regulating. The reason this clearly false view has been successfully and aggressively promoted is not just that it...

I recorded aon September 27, 2023, a fairly long interview with Lynn Fries, who is an American Journalist producing video content at Global Political Economy or – GPEnewsdocs – which is based in Geneva.The conversations – Seeking Full Employment Without Falling Prey to Neoliberal Traps – contains access and a full transcript of the conversation.William Mitchell — Modern Monetary TheoryVideo conversation – Seeking Full Employment Without Falling Prey to Neoliberal TrapsBill Mitchell...

Latest update.The LensFinding the Money: Winning Awards and Coming to a Theatre Near YouStephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

Initially reported as 22 dead and maybe 50 wounded by a single white US terrorist in Lewiston, Maine. No reasoning for it. Maybe mental illness. When does reality come to America? Bullet spewing weapons are getting into the hands of people who should never have them. Time to grow up America. Lewiston is the second most populous city in the U.S. state of Maine and the most central city in Androscoggin County.  Edited: “Robert Card, 40, as a...

Just got done exchanging a couple of emails with Steve about Suzanne’s and his latest commentary about the growing privatization of the VA. Looks like the VA is farming out more of the veteran’s care to contractors which will come at a much higher cost. Outsourcing to for-profit entities is not a good practice. We can see how Medicare Advantage plans are costing far more than Medicare and depleting Medicare funding. Similar is happening with the VA...

The bifurcation in the new vs. existing home market continues  – by New Deal democrat Last week we saw that sales of existing homes plummeted to a 28 year low, save for one month in 2010; but prices for the very limited number of such homes on the market rose 2.8% YoY. This morning we saw the exact converse happen with new home sales, which rose to a 12 month high of 759,000 annualized, up 83,000 from one month ago; while prices declined...

The definition of courage is being afraid and doing it anyway.