Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please. I’m now using Substack as a blogging platform, and for my monthly email newsletter. For the moment, I’ll post both at this blog and on Substack. You can also follow me on Mastodon here. Share this:Like this:Like Loading...

I am seeing numerous articles on Social Security as of late. How to save it from running a deficit. Is this really, what this is about? Even though, the nation has almost always run a deficit except during Clinton(?). There are different ways in which Social Security can be funded. As one finance expert proclaimed, print more money to fund it or MMT theory. As long as the dollar is in demand globally, we are safe. Another possibility is to open...

I am seeing numerous articles on Social Security as of late. How to save it from running a deficit. Is this really, what this is about? Even though, the nation has almost always run a deficit except during Clinton(?). There are different ways in which Social Security can be funded. As one finance expert proclaimed, print more money to fund it or MMT theory. As long as the dollar is in demand globally, we are safe. Another possibility is to open...

Contrary to what we were taught in the graduate schools of half-a-century ago (the heyday of monetarism), monetary policy now typically means setting or influencing the interest rate that commercial banks pay on loans of central bank base money in the overnight market — the policy rate. What I mean by the ‘real’ policy rate is the nominal policy rate (the actual percentage rate quoted) less the currently observed rate of inflation. Such a zero real policy rate (ZRPR) will achieve as close an...

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I recently helped organize a homelessness study tour of New York City. Our group consisted of 30 Canadians from the non-profit sector, government, law enforcement and academia. We toured six sites over a three-day period. Here’s my ‘top 10’ overview of the tour: https://nickfalvo.ca/ten-things-to-know-about-homelessness-in-new-york-city/

The dangers of using ontologically ungrounded idealizations Using ‘simplifying’ tractability or ‘heuristic’ assumptions — rational expectations, common knowledge, representative agents, linearity, additivity, ergodicity, etc — because otherwise they cannot ‘manipulate’ their models or come up with ‘rigorous ‘ and ‘precise’ predictions and explanations, does not exempt economists from having to justify their modelling choices. Being able to ‘manipulate’...

Over years, I have considered how Marx continues and differs from classical political economy. I have also documented some foreshadowings and outlines of the transformation problem. This is another letter in a series In this letter, Marx alludes to prices of production and the transformation problem. Apparently, he thinks at this time that volumes 2 and 3 will be a single volume. Here he sets out three points which he thinks are original to the first volume of Capital. The first is that...

This is more of an introduction to the Human Right Watch Org and the review of healthcare in the United States. The topic is no surprise as we have touched upon this in earlier commentaries. In this short piece they are finding private nonprofit hospitals are not so nonprofit. Indeed, they are skimping on healthcare to those who can not afford to pay for it. There is a 62-page report I have not read as of yet. When I do I will be providing more...

This is more of an introduction to the Human Right Watch Org and the review of healthcare in the United States. The topic is no surprise as we have touched upon this in earlier commentaries. In this short piece they are finding private nonprofit hospitals are not so nonprofit. Indeed, they are skimping on healthcare to those who can not afford to pay for it. There is a 62-page report I have not read as of yet. When I do I will be providing more...