Tag: Free markets and their discontents

Bill Black: The Day Orthodox Economists Lost Their Minds and Integrity (#MMT)

Yves here. I’m behind reposting Bill Black’s series debunking the barrage of intellectually dishonest attacks being launched against MMT. I’m skipping over his fourth piece, Four “Tells” That Show Krugman Knows He Cannot Win an Honest Debate, but urge you to read it as well. By Bill Black, the author of The Best Way to Rob […]

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“Middle Class” Once Meant Stability and Now Means Fragility

By Alissa Quart, Executive Editor, Economic Hardship Reporting Project. Cross posted from the Institute for New Economic Thinking website feel that being middle class is not what it once was and that we are all running in place as fast as we can to stay the same, to quote Alice in Wonderland’s Red Queen,” Brenda […]

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Outsourcing Giant Interserve with 65,000 Employees Collapses

Yves here. Forgive us for being a bit heavy on UK stories, but it is proving to be a case study in how end-state neoliberalism produces incompetence and corruption. As Don Quijones described, the failure of a second major outsourcing player in barely more than a year provides strong evidence that the UK approach to […]

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Of Course We Can Pay for a Green New Deal, but We Can’t Escape Hard Choices

Yves here. This post on the Green New Deal highlights an issue that hasn’t come close to getting the attention it warrants: the operational and organizational demands. However, it’s odd that the author does not consider revenue sharing, a program launched by that great American socialist Richard Nixon. Nixon believed that the federal government was […]

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Bill Black: Three Natural Experiments Documenting Krugman’s Bias Against MMT

By Bill Black, the author of The Best Way to Rob a Bank is to Own One, an associate professor of economics and law at the University of Missouri-Kansas City, and co-founder of Bank Whistleblowers United. Originally published at New Economic Perspectives Third article in a series on MMT[1] I urge readers to review Scott Fullwiler’s brief […]

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MMT Responds to Brad DeLong’s Challenge

By L. Randall Wray, a professor of economics at Bard College. Originally published at New Economic Perspectives In recent days MMT has captured the attention of anyone who can fog a mirror—even those long thought dead. The critics are out in full force—from the crazy right to the insular left. A short list includes Doug […]

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Martin Wolf: Why Economists Failed as “Experts”—and How to Make Them Matter Again

Yves here. Even though Martin Wolf’s post makes many important observations, I feel the need to take issue with his conclusion. Economists have been and continue to be enormously successful as experts. PhDs in economics make roughly twice as much as those in other social sciences. Economists are the only social scientists to have a […]

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The EU Is Facing Gigantic Questions About Its Future That Are Hidden in Obscure Bank Policy Decisions

By Marshall Auerback, a market analyst and commentator. Produced by Economy for All, a project of the Independent Media Institute After dramatically lowering its growth forecast for the European Union (EU), the European Central Bank president, Mario Draghi, announced that the ECB would keep interest rate rises on hold for at least another year, as well […]

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Bill Black: MMT Takes Center Stage – and Orthodox Economists Freak

By Bill Black, the author of The Best Way to Rob a Bank is to Own One, an associate professor of economics and law at the University of Missouri-Kansas City, and co-founder of Bank Whistleblowers United. Jointly published with New Economic Perspectives First Article in a Series The massive, coordinated assault on Modern Monetary Theory (MMT) scholars […]

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Boeing Crapification: Second 737 Max Plane Within Five Months Crashes Just After Takeoff

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Yesterday, an Ethiopian Airlines flight crashed minutes after takeoff, killing all 157 passengers on board. The crash occurred  less than five months after a Lion Air jet crashed near Jakarta, Indonesia, also […]

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Medicare for All (the Perplexed)

Yves here. Michael Olenick is correct to point out how one of the many bad features of US exceptionalism is that we refuse to learn from the experience of other countries, particularly with health care. And that’s before you get to the fact that big swathes of the public have been propagandized to view foreign […]

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Bill Black Analyzes Brad DeLong’s Stunning Concession: Neoliberals Should Pass the Baton and Let the Left Lead

Jerri-Lynn here. The times they are a’changin. In this Real News network interview, Bill Black analyzes Brad DeLong’s stunning concession that neoliberals should get out of the way and let the left lead since their coalition with Republicans did not work. Black is the author of The Best Way to Rob a Bank is to Own […]

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Charter School Cap Efforts Gain Momentum

By Matthew Gardner Kelly, Assistant Professor of Education, Pennsylvania State University. Originally published at The Conversation From California to Wisconsin, efforts to stop charter school growth are gaining momentum. In the April 2019 mayoral election in Chicago, both candidates say they want to halt charter school expansion. Financial issues lie at the core of these […]

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The Doomsday Economics of ‘Proof-of-Work’ in Cryptocurrencies

Yves here. An important post, in that it describes fundamental limits of cryptocurrencies, namely, the high cost of transaction verification, which is destined to reduce their liquidity. By Raphael Auer, Principal Economist, Bank for International Settlements. Originally published at VoxEU Bitcoin and related cryptocurrencies are exchanged via simple technical protocols for communication between participants, as […]

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Cities And Counties Unlikely To Heed FDA Warning On Importing Foreign Drugs

Yves here. I found this article more than a bit frustrating, in that it didn’t clarify the legal and medical issues regarding ordering drugs from foreign suppliers. I’m not sure whether this is due to the author being too close to the subject matter or a Kaiser Health News editorial stance of not getting very […]

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#MeToo Whistleblowing Is Upending Century-Old Legal Precedent Demanding Loyalty to the Boss

Yves here. I have to confess that I didn’t know that legal protection for whistleblowers is a relatively new development. By Elizabeth C. Tippett, Associate Professor, School of Law, University of Oregon. Originally published at The Conversation When was the last time you agreed to keep a secret? Perhaps it was a personal confidence shared […]

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Do Real Estate Markets Make Our Cities Less Livable?

By Aaron Freedman, Communications Strategist & Economics Editor, Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Economics Editor Aaron Freedman talks to Samuel Stein, a geography PhD candidate at the City University of New York Graduate Center and an Urban Studies instructor at Hunter College, about his new […]

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Have We Already Passed World Peak Oil and World Peak Coal?

By Gail Tverberg, an actuary interested in finite world issues – oil depletion, natural gas depletion, water shortages, and climate change. Originally published at Our Finite World Most people expect that our signal of an impending reduction in world oil or coal production will be high prices. Looking at historical data (for example, this post […]

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Bezos Admits His Fortune Is Due to Public Infrastructure….Even as He Fought Paying a Homeless Tax in Seattle, Shakes Down Cities for Subsidies

As the lawyers like to say, res ipsa loquitur, or the thing speaks for itself. But I wanted to add a comment to this section of a section from a lightly edited Q&A held with Jeff Bezos at the Yale Club, published in Business Insider. Another factor that helped boost Amazon sales was its avoidance […]

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