Tag: The dismal science

Greening Monetary Policy

Yves here. Obviously, the observations about the pro-carbon-emissions bias in monetary policy applies to the US too. Will someone page AOC? By Dirk Schoenmaker, Professor of Banking and Finance at the Rotterdam School of Management, Erasmus University Rotterdam. Originally published at VoxEU Central banks traditionally take a long-term perspective on economic and financial developments. Through […]

Read More

MMT, Models, Multidisciplinarity

By Pavlina R. Tcherneva, an associate professor of economics and director of the economics program at Bard College. Originally published at New Economic Perspectives The attacks on MMT are taking a comical turn. A recent one, courtesy of Noah Smith, takes aim at a paper I wrote in the 90s titled “Monopoly Money: The State […]

Read More

Bill Black: Tom Friedman Just Noticed that the UK “Has Gone Mad”

Yves here. Bill Black does a systematic and well-deserved vivisection of The World According to Thomas Friedman, using his latest column as a point of departure. One of Black’s remarkable finds is that Friedman acknowledged that deregulation and globalization would make financial crises “endemic,” yet couldn’t be bothered to consider that they would impose massive […]

Read More

Belief in Meritocracy Is Not Only False, It’s Bad for You

Yves here. The fact that meritocracy is a useful illusion ties into the discussion in the Michael Hudson interview today by John Siman of how in antiquity, Stoicism’s emphasis on resignation helped citizens accept iniquities that they otherwise might have opposed. By Clifton Mark. Originally published at Aeon ‘We are true to our creed when […]

Read More

The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: A New “Reality Economics” Curriculum Is Needed (Part 4)

By John Siman, who is also the author of Part 1, Part 2, and Part 3  in this series John Siman:I want to spell out the implications of the points that Socrates brought up, and with which you and I agree. That leaves the question facing us today: Is the American oligarchy and state as […]

Read More

The Media Endlessly Talks About Interest Rates—Are They Even an Effective Economic Tool at This Point?

By Marshall Auerback, a market analyst and commentator. Produced by Economy for All, a project of the Independent Media Institute The one silver lining in the nomination of political hack Steve Moore to the Federal Reserve is that it might spur a productive discussion on the benefits (or lack of them) of monetary policy as […]

Read More

MMT Scholars’ Predictive and Policy Successes – Part A

Yves here. Now that MMT is getting mainstream attention and has become the regular object of blistering, and typically very much off-base attacks, it’s hard to understand what the vitriol is about. One issue is that MMT offends the aesthetics of a lot of economists, who fetishize elegant models even when their real world applications […]

Read More

A Must Read: Why Does Everyone Hate MMT?

By Randy Wray. Originally published at New Economic Perspectives The attacks on MMT continue full steam ahead. Janet Yellen (former Fed chair, but clueless on money and banking)—a centrist–has joined the fray. Jerry Epstein—on the official left–has ramped up his ridiculous claims, now associating MMT with “America First” and fascism (you knew that was coming—it […]

Read More

Does Capitalism Kill Cooperation?

Yves here. A minor quibble. While this post provides grist for discussion about the importance of cooperation, anyone who treats venture-capital-backed companies as representative of entrepreneurship needs to recalibrate. Only about 1% of all companies are VC funded. New ventures are typically funded bysavings, borrowing (vendor finance at best but credit cards are way more […]

Read More

Work of the Past, Work of the Future

By David Autor, Ford Professor, MIT Department of Economics. Originally published at VoxEU Labour markets in US cities today are vastly more educated and skill-intensive than they were 50 years ago, but urban non-college workers now perform much less skilled work than they did. This column shows that automation and international trade have eliminated many […]

Read More

Brexit Delay Will Not Postpone Deglobalisation

By Peter A.G. van Bergeijk, Professor of International Economics and Macroeconomics, Institute of Social Studies, Erasmus University. Originally published at VoxEU Many associate Brexit and the Trumpian trade wars with the start of a new phase of deglobalisation. This column argues that we should view them as symptoms rather than causes, as the world had […]

Read More

The #MMT Case for Progressive Taxes

By Steve Roth, the Publisher of Evonomics. He is a Seattle-based serial entrepreneur, and a student of economics and evolution. He blogs at Asymptosis, Angry Bear, and Seeking Alpha. Twitter: @asymptosis. Originally published at Evonomics There’s a curious fact among the current crop of discussions surrounding Modern Monetary Theory: Leading figures in the MMT world […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

Can the US Treasury Run Out of Money When the US Government Can’t?

Yves here. One quibble with an otherwise very informative post. Tymoigne claims that informed commentators understood that S&P’s threat to downgrade the US credit rating, which it delivered on, would be a nothingburger. That’s false. The business and even political press had leading stories virtually daily that a downgrade would be a meteor wiping out […]

Read More

The Incoherence of Larry Summers, a Serious Economist

Yves here. Larry Summers, like Hillary Clinton, does not seem willing to get the message that it would behoove him to retreat from public life. By J. D. Alt, author of The Architect Who Couldn’t Sing, available at Amazon.com or iBooks. Originally published at www.realprogressivesusa.com Lawrence Summers, according to Lawrence Summers, is a “serious economist.” […]

Read More