Minsky quote that underlies not only Keynes but also MMT.Lars P. Syll’s BlogOn Sraffa and KeynesLars P. Syll | Professor, Malmo University

[unable to retrieve full-text content]– by New Deal democrat [I was busy doing my civic duty the past few days. I’ll have something to say about the election at some point later, but not now.] Yesterday the ISM services report came in very strong for the second month in a row, with the headline at 56.0 and the more […] The post The economically weighted ISM average indicates economy expanding nicely, but likely in latter stage of the cycle appeared first on Angry Bear.

On Sraffa and Keynes Both neo-classical and Sraffian theory stand mute when it comes to money and accumulation under capitalist conditions. In both frameworks the central areas of “the theory of money and the theory of capitalist accumulation” are among “the difficult analytical problems” that “remain to be settled” … A profit flows based analysis of an accumulating capitalist economy requires that the analysis include money and banking from the very...

It’s a good day!

November 5 2024. A date that will live in infamy.

[unable to retrieve full-text content]Monthly Construction Spending, September 2024, Census Bureau Construction spending estimates are comprised of estimates based on mail-out/mail-back and interview surveys of selected construction projects and building owners, and estimates developed or compiled from other Census Bureau, federal agency, and private data sources. Total ConstructionConstruction spending during September 2024 was estimated at a seasonally adjusted annual […] The post...

Logic and truth in economics To be ‘analytical’ and ‘logical’ is something most people find recommendable. These words have a positive connotation. Scientists think more deeply than most other people because they use ‘logical’ and ‘analytical’ methods. In dictionaries, logic is often defined as “reasoning conducted or assessed according to strict principles of validity” and ‘analysis’ as having to do with “breaking something down.” But that’s not the whole...

Stick to the process. It breaks down to increments.

from Lars Syll We have already shown that deficit spending increases our collective savings. But what happens if Uncle Sam borrows when he runs a deficit? Is that wht eats up savings and forces interest rates higher? The answer is no. The financial crowding-out story asks us to imagine that there’s a fixed supply of savings from which anyone can attempt to borrow … MMT rejects the loanable funds story, which is rooted in the idea that borrowing is limited by access to scarce financial...

[unable to retrieve full-text content]Explore Richard Wolff and Michael Hudson's analysis on the state of U.S. politics, revealing the bipartisan silence on global power shifts, economic priorities, and the illusion of choice in upcoming elections. From U.S. foreign policy to the influence of corporate interests, they discuss the challenges America faces in an era of declining empire and rising global alliances. The post US Election: The Illusion of Choice first appeared on Michael Hudson.