Inequality Represents a Wasted Opportunity for Poverty Reduction
If poverty is falling, why you should still care about what happens to inequality.
Read more...Category Archives: The dismal science
Randy Wray: Modern Monetary Theory – How I Came to MMT and What I Include in MMT
A short history of MMT and and overview of core principles.
Read more...Steve Keen: How Economics Became a Cult
Steve Keen, author of Debunking Economics and one of the few economists to foresee the crisis, explains what is wrong with the discipline.
Read more...The Bank of International Settlement’s Claudio Borio, Who Warned About the Crisis, Says the World Economy Is About to Get Very Sick
BIS chief economist Claudio Borio warns that central bankers have overdone the liquidity party, and investors are not being paid enough to take ris
Read more...Why the Public Debt Should Be Treated as an Asset
Debunking the misconceptions about the role of debt of a currency issuer like the US or UK.
Read more...Why the “Green New Deal” Is a Headfake
How “Green New Deal” proponents repeat the intellectual errors made by the critics of the 1970s Limits to Growth studies.
Read more...J.D. Alt: Paying for Hurricanes
A reminder that the budgetary “paying for things” framing is a way to deny resources to citizens.
Read more...Double Whammy: Implicit Subsidies and the Great Financial Crisis
Follow the subsidies, and you will understand why we had the crisis and why not enough has been done to prevent a recurrence.
Read more...Jumping the Abyss: Marriner S. Eccles and the New Deal, 1933-1940
An in-depth look at Marriner Eccles’ ideas and policies, and how well they have withstood the test of time.
Read more...Victorian Central Banks and the Myth of Independence
Central banks have not always been independent, inflation targeting bodies, and to treat them as such is to obscure their complex histories and alternative institutional constellations.
Read more...Marshall Auerback: Central Bankers as ‘Dealers of Last Resort’
In their 21st-century role as counterparty/dealer/insurer of last resort, central bankers must not simply use their balance sheets indiscriminately to provide a liquidity backstop during the downturns. They must embrace this counterparty role as an umpire, rather than an enabler.
Read more...Why We Should Worry About Monopsony
Why the Fed is, rather late in the game, concerned about monopsony power.
Read more...The “Petrodollar” Has No Bearing on Any Country’s Ability to Employ Its People Fully
Debunking the petrodollar myth.
Read more...Market Power, Low Productivity, and Lagging Wages: The Real Drivers
To understand labor productivity—and growing inequality—you have to look at the “dual economy”
Read more...Lump-of-Labor Fallacy: The Nastiest Motives of Nasty People
Why the lump-of-labor fallacy is bad for workers and for economics.
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