Economists Fear Fed Minutes Show Central Bank Bent on ‘Unleashing Mass Unemployment’
The Fed confirms its true colors of being in the business of disciplining labor, whether it makes sense of not.
Read more...Category Archives: The dismal science
Does Nature Have Rights? Victorian Polymath John Ruskin Thought So
Jeffrey Spear discusses how the insights of John Ruskin can help create a new paradigm for protecting the planet.
Read more...Striking a Bargain: Narrative Identification of Wage Bargaining Shocks
Workers and employers bargain over the surplus income generated by an employment relationship. This column uses information about key events in Germany relevant for wage negotiations, like labour strikes and the introduction of a minimum wage, to pinpoint changes in bargaining power between workers and employers. It finds that such wage bargaining ‘shocks’ are important drivers of unemployment and inflation and that their effect on wages is almost fully reflected in prices. Furthermore, they reduce the vacancy rate and increase firms’ profits and the labour share of income in the short run, but not in the long run.
Read more...The Fervent Debate Over the Best Way to Confront Global Warming
Supporters of cutting carbon emissions to tackle global warming have long struggled against advocates of climate-change adaptation strategies
Read more...Yanis Varoufakis: Inflation as a Political Power Play Gone Wrong
Looking at inflation through a class warfare lens.
Read more...Michael Hudson on Finance Capitalism’s Self-Destructive Nature
Michael Hudson rings the changes on a favorite theme: the differences between the financial capitalism and industrial capitalism systems
Read more...Dollar Diplomacy: Michael Hudson and Steve Keen on Real Progressives
A wide-ranging and free-wheeling discussion of money, oligarchy, trade, China, the future of the dollar….with an eye to MMT.
Read more...Wage Stagnation and Productivity: Challenging the Conventional Analysis
Stagnating real wages may have contributed to the slowdown of US productivity.
Read more...There is No Nobel Prize in Economics
Yves here. From time to time, readers chide us for lacking the patience to spell out the proper name of economics profession’s imitation Nobel Prize. J.R. Swenson is particularly annoyed by this practice and is highlighting some of the (sadly still few) instances within the discipline of pushing back against the brand appropriation. To highlight […]
Read more...Michael Hudson: From Junk Economics to a False View of History – Where Western Civilization Took a Wrong Turn
Hudson reviews how economics has misrepresented the evolution of money and land ownership and promoted oligarchy.
Read more...Michael Hudson: A Depression Is Coming
Economist Michael Hudson explains the inflation crisis and warns a “long depression” is coming, due to the new cold war on Russia and China.
Read more...The Fed Tackles Kalecki
A well regarded paper by Fed researchers challenges conventional views on the relationship between inflation and employment
Read more...Michael Hudson: The Fed’s Austerity Program to Reduce Wages
The Fed, following neoclassical orthodoxy, hates having ordinary workers properly paid.
Read more...Michael Hudson Talks About Almost Everything with Jonathan Brown
Another blockbuster interview with Michael Hudson.
Read more...Global Supply Chains Rattled by Winds of War
An analysis of the concentration of key commodities in supply chains shows why the Russia sanctions are having some outsized effects.
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