Don’t panic over milk prices. Inflation is bad for the 1 percent but helps out almost everyone else. It’s true, we’re talking about the cost of milk having gone up from say $10.00 last year to $10.62 this year, due mostly to supply constraints from the pandemic last year. But wages went … Continue reading Inflation Is Good for You
The assumption that raising productivity is the key to higher GDP looks like it needs a rethink. During the 2016 presidential primary campaign, some supporters of Bernie Sanders argued that their candidate’s spending proposals … Continue reading Maybe We Have the Economic-Growth Equation Backward | Bloomberg
Why focus on production of goods, rather than on health, education and environment? We need to focus on the wellbeing of the people instead of a number that has no reflection on … Continue reading GDP is not a good measure of wellbeing – it’s too materialistic | Joseph Stiglitz | Business | The Guardian
James Galbraith says academic economics is in need of radical reform. The University of Texas economist outlines how the profession has become “self-dealing”—creating a tribal and restrictive hierarchy through journals and university … Continue reading Academic economics is in need of radical reform
A morally odious theory is empirically unsupportable and increasingly questioned by a younger generation of central bankers. Expect politicians to make more noise about the Fed’s controversial choices after Yellen is gone. … Continue reading NAIRU: not just bad economics, now also bad politics
Neoclassical economics has become an unquestioned belief system and treats those challenging the creed as dangerous So very true. Source: Heretics welcome! Economics needs a new Reformation | Larry Elliott | Business | The Guardian Continue reading Heretics welcome! Economics needs a new Reformation | Larry Elliott | The Guardian
What happens when Trump drops the mother of all policy bombs on the Fed? Who’s going to win this war, what will the US economy look like in it’s aftermath & what … Continue reading McSquared – The Coming War between Trump & The Fed
Economics isn’t always the best starting point in understanding our world. Sometimes a philosopher, sociologist, or historian might be better for analysis Or, rather, they need to stop sticking to ideas that have been proven time and time again to be false, such as the idea that austerity is needed when the … Continue reading Economists have to let go of the delusion that they have all the answers
By David L. Glotzer An Employer of Last Resort, also known as a job guarantee (JG), is exactly what it sounds like. It is a promise by the government through either private partners … Continue reading Employer Of Last Resort: A Completely American Solution To Unemployment
I’m intrigued by Modern Monetary Theory, which maintains governments can create (or ‘print’) money to fill public needs and can’t go into debt to themselves, though they should … Continue reading Can we come out now that deficit hysteria is over?
Economists traditionally dominate policy making in Washington, but they don’t have all the answers. Sociologists have a lot to teach us. That being unemployed is much more than just being unemployed… the … Continue reading What if Sociologists Had as Much Influence as Economists?
The Eurozone was built on flawed foundations and was always destined to fail. Great book by Bill Michell. In this video he explains why the EU was always destined to fail.. and … Continue reading Eurozone Dystopia – Bill Mitchell