Tag: Macroeconomic policy

Keynes Was Really a Conservative

Yves here. Note that Keynes was not concerned with the preoccupations of classical economists, who saw curbing rentiers as important, since their profiteering interfered with productive activity. Keynes had a more benign view of commerce. But he might have needed to see, say, the US health care industry in action to get a more rounded […]

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Kalecki, Minsky, and “Old Keynesianism” Vs. “New Keynesianism” on the Effect of Monetary Policy

By Tracy Mott, Professor, University of Denver. Originally published at the Institute for New Economic Thinking website In a postco-authored with Anna Stansbury, Larry Summers repudiates economic orthodoxy in regard to whether interest rate cuts suffice to restore full employment and looks at a more “original” Keynesianism to find adequate responses to secular stagnation. Tracy […]

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Axios: What’s the Actual Cost of Not Addressing Climate Change?

Yves here. To put the cost of Sanders’ Green New Deal plan in context, it’s roughly what we spend on the US military when you throw in all the black budgets. Yet we somehow can’t afford to save the climate, particularly, as the article points out, the “cost” pays for itself? But sadly, as some […]

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Summers and the Road to Damascus

By Servaas Storm, Senior Lecturer of Economics, Delft University of Technology, an economist who works on macroeconomics, technological progress, income distribution, economic growth, finance, development and structural change, and climate change. Originally published at The Institute for New Economic Thinking website Why Pushing on a String Has Never Worked In what constitutes a volte-face, Lawrence Summers […]

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Marshall Auerback: We Are Clearly Living in a Bizarro Capitalism Era—And It’s Time to Change How the World Manages Economies

Lambert here: For those not familiar with “Bizarro World”: More pertinently: By Marshall Auerback, a market analyst and commentator. This article was produced by Economy for All, a project of the Independent Media Institute. Remember “Bizarro Superman,” the character who represented the polar opposite of Superman and all that he stood for? Today we have […]

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Cheerleading for Austerity

Yves here. Yet more tired arguments for not just “Why you can’t have nice things,” but “Why you must wear the austerity hairshirt.” Peter Dorman is likely correct in seeing that this scare talk is being revved up for 2020. Can’t have Sanders or Warren, now can we? By Peter Dorman, professor of economics at […]

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Neoliberalism: Political Success, Economic Failure

Lambert here: Well, except for those who can build bunkers in New Zealand or escape to Mars. By Robert Kuttner, The American Prospect. Reposted from Alternet. Since the late 1970s, we’ve had a grand experiment to test the claim that free markets really do work best. This resurrection occurred despite the practical failure of laissez-faire […]

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Syriza, R.I.P.

Mark Ames e-mailed me earlier this month: “Seems you should write an obit on Syriza’s failure, seeing as you were the only one on the left calling out their failure from early on (and taking so much heat for it).” For those of you new to the site, we posted intensively on the 2015 Greek […]

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Michael Hudson: U.S. Economic Warfare and Likely Foreign Defenses

By Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College. His latest book is “and forgive them their debts”: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year    Keynote paper delivered at the 14th Forum […]

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The ‘New Right’ Is Not a Reaction to Neoliberalism, but Its Offspring

By Lars Cornelissen, who holds a PhD in the Humanities and works as a researcher and editor for the Independent Social Research Foundation. Originally published at openDemocracy The ongoing and increasingly intense conservative backlash currently taking place across Europe is often understood as a populist reaction to neoliberal policy. The neoliberal assault on the welfare […]

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Martin Wolf v. Trumponomics Whiffs Due to Fealty to Orthodoxy

There’s a lot not to like about what passes for Trump’s economic policy. But theFinancial Times Martin Wolf’s critique of it, in Donald Trump’s boom will prove to be hot air, leaves a lot to be desired. The fact that “boom” appears in the headline is a big tell. It’s a reasonable surmise that Trump […]

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The Myth of Expansionary Austerity

By Christian Breuer, Junior Professor, Chemnitz University of Technology and Head of Wirtschaftsdienst and Intereconomics, zbw – the Leibniz Information Centre for Economics. Originally published at the Institute for New Economic Thinking website Many critics have sharply attacked orthodox economics, the International Monetary Fund, the European Central Bank, and policymakers for their emphasis on austerity […]

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The Global Capital Flows Cycle and Its Drivers: Not Only a US Monetary Policy Story

Lambert here: “… which, taken at the flood, leads on to fortune.” By Maurizio Michael Habib, Senior Economist, European Central Bank, and Fabrizio Venditti Principal Economist, ECB. Originally published at VoxEU. There is global cycle in capital flows that is intimately connected to global risk. This column argues that, contrary to common wisdom, US monetary […]

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Michael Hudson Discusses the IMF and World Bank: Partners In Backwardness

Yves here. Get a cup of coffee. This interview with Michael Hudson on the role of the IMF and World Bank has lots of juicy detail. From Guns and Butter, produced by Bonnie Faulkner, Yarrow Mahko and Tony Rango. Visit them at gunsandbutter.orgto listen to past programs, comment on shows, or join their email list […]

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Revealed: Americans Care More About Social Needs Than Deficits

Yves here. It’s frustrating that writers treat it as news that Americans want more social spending. It’s another example of how positions presented in the media as mainstream are actually to the right of the center of gravity of political opinion. As Richard Kline wrote in a classic post, Progressively Losing: “Progressive goals are not […]

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Richard Murphy: For MMT (Long and Wonkish)

Yves here. Even though Richard Murphy is debunking some UK-based complaints (they don’t rise to the level of being critiques) about MMT, similar arguments come up in the US, so I thought his piece would be instructive on this side of the pond too. By Richard Murphy, a chartered accountant and a political economist. He […]

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Why Martin Wolf Is Wrong on Modern Monetary Theory (MMT)

Yves here. I’m glad Richard Murphy did the heavy lifting on Martin Wolf’s comment today on MMT. A small point: Murphy remarks that he believes that Wolf got something wrong “deliberately”. That might seem like a stretch. But I imagine that Murphy has been reading Wolf regularly longer than I have, and I can point […]

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How Shortening the Work Week Can Help Reduce Carbon Emissions

By Lambert Strether of Corrente A new study by Philipp Frey of Autonomy, a UK think tank, “The Ecological Limits of Work: on carbon emissions, carbon budgets and working time,” has garnered significant press coverage, but the headlines (“Much shorter working weeks needed to tackle climate crisis – study“, or “Climate crisis: UK should dramatically […]

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