Category Archives: The dismal science

Are Economists Blocking Progress on Climate Change?

As they so often do, by promoting unrealisitc models, economists have become part of problem rather than the solution.

Economic Growth: A Short History of a Controversial Idea

Environmentalists and even some economists question the relentless pursuit of GDP growth. But where did the idea come from?

Conservative Economists Embrace Adam Smith as a Hero — But Many Scholars Say His Legacy Has Been Distorted

In popular imagination, Smith’s invisible hand has become so strongly associated with Friedman’s openly conservative economic agenda that people often take for granted that is what Smith meant.

Eight Reasons Why Inequality Ruins the Economy

Econimists have noticed, awfully late in the game, that high levels of inequality are correlated with lower growth. There are reasons to think this relationship is causal.

Richard Murphy: For MMT (Long and Wonkish)

MMT opponents try presenting their objections as technical, but they really are political.

Does Japan Do MMT?

In case you had any doubts, Japan is not following MMT economic policy prescriptions.

The Intergenerational Effects of a Large Wealth Shock: Evidence from the US Civil War

The US Civil War did not do lasting damage to the economic position of wealthy slaveholding famiies.

Is Conservatism Running on Brand Fumes?

Why the foundations of conservatism are crumbling.

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

A shame that someone like Martin Wolf does get the core idea of MMT but still really can’t or won’t accept its implications.

Why We Need New Measures of Potential Output—and What They Tell Us

Economists and policy makers are waking up to the fact that estimates of what is possible in the economy – “potential output” – are way off: this paper explains why.

ZEN and the Art of Modern Money, Part 3 (MMT)

More MMT for people in a hurry.

The Roots of Health Inequality and the Value of Intra-Family Expertise

Having doctors in the family is good for your healh. Who’d have thunk it?

All Eyes on the Fed

The latest round of debate on what the Fed might do down the road.

ZEN and the Art of Modern Money (MMT)

Working through a primer on MMT.