Politics rules.This leaves the left with two options: either accept fiscal orthodoxy and try to win elections on the argument that the other side is being hypocritical, or hop into the Modern Monetary Theory camp and argue that the only real constraint is the tolerance of inflation. Of course, the establishment centre-left is generally going with the first option, and is discovering that electorates do not really care that much about hypocrisy.Bond Economics"Paying For Two Wars"Brian...

Climate Change at Risk of Global War

"The medium is the message." (Marshall McLuhon) See also The Medium is the Massage.Taking Warren Mosler's business card analogy a step up in the communications and public education game in an era of "infowar" as an ongoing battle for hearts and minds. William Mitchell — Modern Monetary TheoryMMTed goes manga – The Smith FamilyBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Biden people are just going to have to keep telling their CB to increase the overnight risk free rate to reverse this… Chicken prices hit record highs under Biden administration as US inflation keep beef, pork out of reachhttps://t.co/YjPRc4Lt76— stanley stack (@stack_stan37447) October 19, 2023

We compare the conditions of two isolated market systems A and B. Both are equal in size and population figures, the state of technological knowledge, and in natural resources. They differ from one another only in the supply of capital goods, this supply being larger in A than in B. This enjoins that in A many processes of production are employed with which the output is greater per unit of input than with those employed in B. In B one cannot consider the adoption of these processes on...

The last holdout in housing data has turned; ‘recession watch’ for next 12 months remains  – by New Deal democrat Last month I wrote that: “the biggest news was what happened with units under construction. The total declined slightly, as did single family units. But most significantly, for the first time since February 2021, multi-family units under construction also declined. “Why is this so important? Because, as this long term...

from Blair Fix Economists are not known for their literary imaginations. Flip through any economics textbook and you’ll find a barrage of terms like the ‘Philips curve’ and the ‘Fisher effect’. The jargon is simple enough — empirical relations are usually named after the person who discovered them. But this convention is neither descriptive nor fun. The exception to this vanilla naming practice is a pattern called the ‘Great Gatsby curve’.1 It’s named after F. Scott Fitzgerald’s famous...

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With the recent events in the middle east, we couldn't resist having our resident expert on conflict Timothy Clancy join in this week. Problems are Timothy's passion and this passion led to a career of two arcs. The first arc spanned twenty-five years of working with clients in corporate, government, military and non-profit environments to solve their most challenging problems. The second arc was his personal journey along the way studying problems and the best methods to solve them. That...

Lex Fridman Asks Me: What is American Socialism?