My Lords, the Chancellor’s Autumn Statement is designed to reassure the markets of the sustainability of the public finances. That is, the Chancellor accepts as binding the views of the City of London, whether they are right or wrong. It is what the markets think that matters, not how matters really are—a nice intrusion of post-modernist thinking in what is supposed to be the hard science of economic policy-making. It is pretty obvious why the Government should pay such attention to...

It’s Wednesday and I am reverting to my usual pattern of discussing a few items in less detailed form and including some music to lighten the load. Today we consider the apology that the RBA governor issued to mortgage holders that the central bank duped. We also consider the question of what is ‘normal’ in a pandemic. And more....Bill Mitchell – billy blogRBA governor apologises for duping Australians – but then says we didn’t read the literature closely enoughBill Mitchell | Professor in...

– by New Deal democrat House price indexes continue to show the top is in The FHFA and Case Shiller house price indexes were reported this morning, with both continuing to show that the peak in house prices took place during the summer. For the month, the seasonally adjusted FHFA index rose +0.1%, vs. a +0.9% increase one year ago, and following two months of -0.6% and -0.7%, respectively. The Case Shiller national index declined -0.5%,...

The one logic lecture mainstream economists did not attend .[embedded content] Using formal mathematical modelling, mainstream economists sure can guarantee that the conclusions hold given the assumptions. However the validity we get in abstract model worlds does not warrant transfer to real-world economies. Validity may be good, but it is not enough. Mainstream economists are proud of having an ever-growing smorgasbord of models to cherry-pick from (as...

Just doing a review of the potential strike being by railroad workers. To sum up the issue(s), proposed wage increases barely keep up with inflation, health care premiums nearly doubling, and a lack of paid sick days in the agreement. It doesn’t sound like that much of a big deal. More in a bit. In recent years, railroads reduced the workforce by 30%. Or, a smaller workforce is moving more freight. Smaller workforce results in less Overhead and...

by Joseph Joyce The Struggle for Hegemony The restrictions by the Biden administration on the sale of semiconductor chips and the equipment to manufacture them represent a new stage in the division between China and the U.S. The belief that increased trade would lead to a convergence of Chinese and U.S. interests faded years ago. The history of globalization shows clearly that the chances of Chinese as well as Russian acceptance of a liberal...

Το Σάββατο 3/12/2022 (4μμ, Πολυτεχνείο ΑΠΘ) σχήματα της ΕΑΑΚ διοργανώνουν εκδήλωση με θέμα «Το σύγχρονο Επιχειρηματικό Πανεπιστήμιο και οι αντιστάσεις απέναντι του». Στην εκδήλωση θα συμμετάσχω ως ομιλητής. Οι σημειώσεις της ομιλίας μου ακολουθούν παρακάτω: [embedded content] View this document on Scribd Βοηθητικά κείμενα και βιβλιογραφία Μαυρουδέας Στ. (2005), «Οι τρεις εποχές του πανεπιστημίου – Το πανεπιστήμιο στον καπιταλισμό», Ελληνικά Γράμματα...

Blog The victim-blaming culture of housing associations has trickled down from the government There are 940,000 homes in England with damp and mould. This government should take a healthy share of responsibility for this. By Heather Kennedy 30 November 2022...

Necessary and sufficient (student stuff) .[embedded content]

The market term structure recently flipped from backwardation to contango. This has important ramifications for the price outlook. Trade and invest using the concepts of MMT. Get a 30-day free trial to MMT Trader. https://www.mmteconomics.com/ Mike Norman Twitter https://twitter.com/mikenorman Mike Norman Economics: https://mikenormaneconomics.blogspot.com/ Understanding the Daily Treasury Statement video course....