It’s a rare day when an economist plays the key role in a novel, and even rarer when one of the supporting players is John Maynard Keynes himself.  So, spurred on by enthusiastic reviews, I sailed through Martin Riker’s The Guest Lecture this week, a novel in which a woman, just denied tenure by the all-male economics department at her university, lies awake at night in a hotel room, rehearsing a lecture she’ll be giving the next day while re-evaluating the twists and turns of her life’s...

Professor Radzicki is an economist, creator of WPI’s program in system dynamics, and co-creator of WPI’s program in trading and investment system development. He received his Ph.D. in economics from the University of Notre Dame and his training in system dynamics computer simulation modeling from the Massachusetts Institute of Technology. In addition, he is a certified Rapid-I Predictive Analytics Analyst.

Not MMT but MMT-related in that it considers "money" institutionally. The article views the need for a new set of institutional arrangements as compelling for the Global South and suggests parameters for a solution as well as an outline of a possible solution While the article does not mention it, this appears to be akin to the bancor system devised by J. M. Keynes and E. F. Schumacher and proposed by the UK at Bretton Woods. It was rejected in favor of the US proposal of a dollar-based...

from Blair Fix To manage inflation, governments have a simple tool at their disposal: raise wages as fast as possible.— Milton Fryman For the last few months, I’ve been diving into the economics of inflation. In this post, I’m excited to review some forgotten history. Our journey starts with a basic question: what is the key policy tool for managing the rate of inflation? According to mainstream economics, the key tool is the rate of interest. Hike this rate, economists argue, and you...

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Just finished reading “Bloodlands,” a book by Yale historian Timothy Snyder. It was published in 2010, but now has a lengthy afterword that discusses the book’s reception and ties the theme to current events. I was inspired to read this book because of events in Ukraine and I believe that I have a much better understanding of the current conflict from having read it.The bloodlands refers to the territory lying between central Poland and, roughly, the...

The American Federal Deposit Insurance Corporation (FDIC) made the unusual step of shutting down the flailing Silicon Valley Bank (hereafter, SVB) during business hours yesterday (Friday). (FDIC Friday usually involves teams swooping in after the close on Friday.) Since I have to write this article quickly in the morning, I am not sure of what the latest developments are for SVB, rather I want to discuss the possibility of contagion....Bond Economics Oh No, Panic In Silicon VAlleyBrian...

1.0 Introduction Here are some attempts to step back, but not very far, from some of the details in my numeric examples. 2.0 Henry George and Piero Sraffa Henry George's book Progress and Poverty misrepresents classical political economy. I cannot justify this claim, since I read George's book more than a decade ago. But George and his followers are absolutely correct on a couple of points. Marginalism developed by extending the theory of intensive rent, as in David Ricardo's...

Japan, The U.S., The Moon And More, Weldon Berger, Bad Crow Review Links are at the end, with the steam trains. The train station had a 7-11 outside the platforms. The station was near my hotel and I went there for evening snacks a few times—bentos and musubi and azuki bean pastries and the like. Good food, really, in context. I miss trains, as regular readers will know. Trains and crows, neither of which I got any good shots, the latter...

Infidel753: Cultural vandalism As soon as all the corrections which happened to be necessary in any particular number of ‘The Times’ had been assembled and collated, that number would be reprinted, the original copy destroyed, and the corrected copy placed on the files in its stead.  This process of continuous alteration was applied not only to newspapers, but to books, periodicals, pamphlets, posters, leaflets, films, sound-tracks,...