Heterodox economics
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Incorporating the Rentier Sectors into a Financial Model | Michael Hudson

Incorporating the Rentier Sectors into a Financial Model | Michael Hudson | Heterodox economics | Scoop.it

In principle, all monopolies should be included in this rentier sector, as they represent a special privilege (control over markets, especially for necessities) whose return in the form of prices and income in excess of necessary costs of production is a form of economic rent, that is, a transfer payment rather than “earned” income.

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Heterodox economics
Economics is a social science which requires a critical pluralistic approach, to be useful.
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US Imperialism funded by the conquered | Michael Hudson

US Imperialism funded by the conquered | Michael Hudson | Heterodox economics | Scoop.it
Michael Hudson on the contortions of economic understanding through the prism of US economic history.
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How a Ruthless Network of Super-Rich Ideologues Killed Choice and Destroyed People’s Faith in Politics - Evonomics

How a Ruthless Network of Super-Rich Ideologues Killed Choice and Destroyed People’s Faith in Politics - Evonomics | Heterodox economics | Scoop.it
The events that led to Donald Trump’s election started in England in 1975. At a meeting a few months after Margaret Thatcher became leader of the Conservative party, one of her colleagues, or so the story goes, was explaining what he saw as the core beliefs of conservatism. She snapped open her handbag, pulled out a dog-eared book, and slammed it on the table. “This is what we believe,” she said. A political revolution that would sweep the world had begun.

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What’s wrong with macroeconomics? – Mosquito Ridge

What’s wrong with macroeconomics? – Mosquito Ridge | Heterodox economics | Scoop.it
My father in law was an engineering worker. When people asked him: “what do you make in there?” he replied: we make tools and excuses, and the excuses are excellent.” My starting point is that…
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Using welfare systems to hide the problem of deindustrialisation

Using welfare systems to hide the problem of deindustrialisation | Heterodox economics | Scoop.it
There have been lots of E-mail requests overnight for commentary on the US election result. I think that space is pretty crowded at present – with Clinton supporters trying to reconstruct eve…
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Worker shortages for UK food industry reach worst level since 2004

Worker shortages for UK food industry reach worst level since 2004 | Heterodox economics | Scoop.it
Fall in sterling’s value and fears of anti-migrant sentiment has put EU nationals, who make up 90% of jobs in sector, off applying for vacancies

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Graham Watson's curator insight, November 2, 2016 6:42 PM
Another consequence of Brexit? If the Association of Labour Providers is correct - then expect to pay more for your Christmas dinner as a result of labour shortages.

That said, the absence of Brussels sprouts is unlikely to cause a significant outflow of tears - and may help make the festive season rather more sweetly fragranced.
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Janet Yellen to macroeconomists: that whole (aggregate) supply-demand thing might need a rethink | FT Alphaville

Janet Yellen’s speech on Friday to the Boston Fed conference was like a greatest-hits collection of the frustrations long expressed by advocates of more-stimulative demand policy.

One of those frustrations has been rooted in the belief that a more aggressive counter-cyclical response to recessions doesn’t merely jumpstart the economy again, but also prevents semi-permanent damage to the economy’s very capacity for growth — in other words, weak demand now can damage potential supply into the future.

This causal relationship can exist through a few obvious channels. People without jobs lose their skills and their contacts, making them less productive even in later years. The investment in equipment, buildings, and research needed to make innovative breakthroughs is foregone.

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Plutocrats Brag: We Win Because You Fail to Vote

Plutocrats Brag: We Win Because You Fail to Vote | Heterodox economics | Scoop.it
By William K. Black
October 20, 2016     Kansas City, MO

The New Democrats and their Republican counterparts’ economic policies have created a rigged system of crony capitalism.
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It’s time to junk the flawed economic models that make the world a dangerous place

It’s time to junk the flawed economic models that make the world a dangerous place | Heterodox economics | Scoop.it
Mainstream economics is terrible at understanding the reality of human behaviour. Now, even the respected thinker Paul Romer is calling for change
Nicholas Ripley's insight:
 
The danger of mathematical model thinking in economics
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Robbing Banks

Robbing Banks | Heterodox economics | Scoop.it
NEP's Bill Black appears on the Ralph Nader Radio Hour.
Nowadays we have zero prosecutions of any of the people that led the three fraud epidemics that drove this crisis.
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Monetary policy has to work hand-in-glove with fiscal policy to be effective

Monetary policy has to work hand-in-glove with fiscal policy to be effective | Heterodox economics | Scoop.it
In a paper – Fiscal Policy, Monetary Policy and Central Bank Independence – delivered to the Jackson Hole Economic Policy Symposium, hosted by the Federal Reserve Bank of Kansas City, l…
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Cash handouts are best way to boost British growth, say economists

Cash handouts are best way to boost British growth, say economists | Heterodox economics | Scoop.it
In letter to the Guardian, 35 economists state that providing money directly to households would be most effective policy

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Graham Watson's curator insight, August 4, 2016 6:09 AM
What is it with economists and letters; there have been lots of them about in the recent past. And in this case, the 35 economists listed are advocating cash handouts and the Bank of England funding infrastructure investment. It's a from of helicopter money, although the Bank would require Treasury approval if it were to adopt such a policy.
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The Bank of Japan needs to introduce Overt Monetary Financing next

The Bank of Japan needs to introduce Overt Monetary Financing next | Heterodox economics | Scoop.it
The latest survey data from the Bank of Japan is interesting and supports a growing awareness among policy makers that monetary policy has run its course and will have to work more closely with act…
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All the good stuff that cannot be measured :Yanis Varoufakis

Noam Chomsky Yanis Varoufakis
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David Graeber on Bullshit Jobs

David Graeber on Bullshit Jobs. A clip from Episode 1 of Renegade Inc. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Renegade Inc. provides its members with the conten

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Innocuous Proclaimations | Michael Hudson

Innocuous Proclaimations | Michael Hudson | Heterodox economics | Scoop.it
Michael Hudson on Meet the Renegades, delving into economic history as only he can.
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Why Economic Recovery Requires Rethinking Capitalism | naked capitalism

Why Economic Recovery Requires Rethinking Capitalism | naked capitalism | Heterodox economics | Scoop.it
Capitalism needs a dose of socialism, aka public works. Mission-oriented public investment is vital to revive private-sector investment.
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The penny drops – WSJ acknowledges UK government can never run out of money

The penny drops – WSJ acknowledges UK government can never run out of money | Heterodox economics | Scoop.it
When a News Corp newspaper starts writing articles that reflect the insights provided by Modern Monetary Theory (MMT) you know that progress in the dissemination of those ideas is being made. Even …
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Bad Growth vs Good Growth: How to Protect the Earth and Have a Vibrant, More Equitable Market Economy - Evonomics

Bad Growth vs Good Growth: How to Protect the Earth and Have a Vibrant, More Equitable Market Economy - Evonomics | Heterodox economics | Scoop.it
I’ve been a businessman. My first venture, back in the 1970s, was a worker-owned cooperative that installed solar water heating systems. Our six co-founders wanted the business to stay small and democratic—one person, one vote. And for a while we did, until some of us had kids and others wanted to learn new skills. So we grew the business, became more hierarchal, and earned more income.

My second venture, Working Assets (now Credo Mobile), is a traditionally structured private company with a self-chosen mission: to support progressive causes while earning a profit. It seeks growth as a way to reward early investors and increase its social impact.

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Steve Keen 2016 On gold Dollar Capitalism Double Shot Interview Prof Steve Keen with Bernard Hickey

Steve Keen 2016 On gold Dollar Capitalism Double Shot Interview Prof Steve Keen with Bernard Hickey Steve Keen It's Gold Don't Why Brexit is good fo
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Rentier Capitalism - Veblen in the 21st century | Michael Hudson

Rentier Capitalism - Veblen in the 21st century | Michael Hudson | Heterodox economics | Scoop.it
Michael Hudson on the critical approach to economic theory Veblen provided.
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When asset managers go MAD

When asset managers go MAD | Heterodox economics | Scoop.it
Thomas Belsham. What do the Cold War powers of the United States and the USSR have in common with modern day asset managers?  The capacity for mutually assured destruction.  During the 1950s game theorists described a model of strategic interaction to demonstrate how it might be that two nations would choose to annihilate each other…
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Modern Monetary Theory – what is new about it?

Modern Monetary Theory – what is new about it? | Heterodox economics | Scoop.it
In a few weeks I am off to the US to present a keynote talk at the – International Post Keynesian Conference – which will be held at the University of Missouri – Kansas City between Sep…
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Bill Black| Detecting, Investigating, & Documenting, Fraud,Eco & US Dollar, Collapse ,F-Crisis

Bill Black: "Detecting, Investigating and Documenting Fraud" Economic Collapse - America 2016 - US Dollar Collapse - Financial Crisis - W.K. Black - U
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Days of Revolt: How We Got to Junk Economics

In this episode of teleSUR's Days of Revolt, Chris Hedges interviews economist Michael Hudson on the history of classical economics and explores Marx’
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