How Far Can We Push Fiscal Spending in Light of MMT? Some Optimistic Reflections on the Potential For Economic Experimentation
Estimating where MMT’s inflation constraint on fiscal spending kicks in.
Read more...Category Archives: Economic fundamentals
The Great Deformation: Why Income Inequality Has Become Intractable
Recent work on iinequality by Lance Taylor says this will be a particularly hard problem to solve.
Read more...Empire and Economics: The Long History of Debt Cancellation from Antiquity to Today
Get a cup of coffee. A meaty talk by Michael Hudson, Liz Theoharis, and Aliou Niang on the social and economic logic of debt cancellation back when it was a regular practice.
Read more...Embedded Internationalism: The Only Way to Fight the Global Oligarchy
Rethinking internationalism as a way to counter the power of a rootless global elite.
Read more...Why China’s Current Account Balance Approaches Zero
China’s once-hefty current account surpluses are falling away. What are the implications?
Read more...Warren’s Antitrust Proposal: Should We Break Up Big Tech, or Just Regulate It Better?
While it is gratifying to see Senator and presidential contender Elizabeth Warren focusing on antitrust and the abuse of monopoly power, her $25 billlion fix looks too simplistic.
Read more...Italy: How to Ruin a Country in Three Decades
How Italy became an economic mess.
Read more...MMT, Models, Multidisciplinarity
Pavlina Tcherneva does the heavy lifting of debunking an off-the-mark attack on MMT by Noah Smith.
Read more...World Bank Financialization Strategy Serves Big Finance
The World Bank continues its proud tradition of making the world safe for rentiers, um, financiers.
Read more...The Return of la Marine
Today, the divide from which Marine Le Pen profits has reached alarming proportions, most recently with the eruption of the revolt of the gilets jaunes.
Read more...Bill Black: Tom Friedman Just Noticed that the UK “Has Gone Mad”
Bill Black uses Tom Friedman’s recognition just this week that Brexit is a mess as the foundation of a detailed takedown of Friedman’s propaganda, um, views.
Read more...The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: A New “Reality Economics” Curriculum Is Needed (Part 4)
How mainstream economics ignores the lessons from antiquity on the destructiveness of oligachies, and how early industrialists and business schools promoted anti-rentier, socialit policies.
Read more...The Media Endlessly Talks About Interest Rates—Are They Even an Effective Economic Tool at This Point?
Interest rates are a poor substitute for fiscal spending and as we’ve seen, over-reliance on monetary policy produces speculative booms and busts. More and more people recognize this formula isn’t working, but what will it take to change course?
Read more...The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: The Inherent Financial Instability in Western Civilization’s DNA (Part 3)
By John Siman, who is also the author of Part 1 and Part 2 in this series John Siman: It seems that unless there’s a Hammurabi-style “divine king” or some elected civic regulatory authority, oligarchies will arise and exploit their societies as much as they can, while trying to prevent the victimized economy from defending […]
Read more...The Delphic Oracle Was Their Davos: A Four-Part Interview With Michael Hudson: Mixed Economies Today, Compared To Those Of Antiquity (Part 2)
How mixed economies have mixed it up over time.
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