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 the Fed is, rather late in the game, concerned about monopsony power.
Read more...Debunking the petrodollar myth.
Read more...To understand labor productivity—and growing inequality—you have to look at the “dual economy”
Read more...Why the lump-of-labor fallacy is bad for workers and for economics.
Read more...A takedown of the Mercatus #MedicareForAll debacle from MMT’s macro-economic bookkeeping perspective.
Read more...A new report examines the path to global social progress. Unfortunately, there are no easy answers.
Read more...Which countries fit criteria that would lead them to be classified as empires?
Read more...Labour’s economists show their Third Way colors and advocate austerity-generating policy rules that might as well have been penned by former Treasury Secretary, later Citigroup vice chairman Bob Rubin.
Read more...Michael Hudson discusses his life as a young Communist intellectual, how he became interested in economics and finance, his life in academia, and his recent work on rentier capitalism and debt jubilees.
Read more...How hedge fund activists, who largely operate as a type of corporate raider, have subverted the notion of “shareholder democracy” and what can be done to rein them in.
Read more...Why US Treasury bond issuance and Federal deficits are functionally not debt at all.
Read more...Has the rising role of intangibles, as in intangible assets. helped cause secular stagnation?
Read more...Social and medical sciences depend on randomised controlled trials, even though they harbor more assumptions and biases than commonly understood.
Read more...Job reallocation is an important determinant of productivity. This column uses US data to show that a decline in the degree of job reallocation in response to shocks is behind the overall fall in the rate of reallocation over the past decades.
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