Heterodox economics
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Money multiplier – missing feared dead | Bill Mitchell – billy blog

Money multiplier – missing feared dead | Bill Mitchell – billy blog | Heterodox economics | Scoop.it

The problem with the current explanations of the “disappearing” money multiplier is that they are just made up.

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Heterodox economics
Economics is a social science which requires a critical pluralistic approach, to be useful.
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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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How Do the Economic Elites Get the Idea That They ‘Deserve’ More? - Evonomics

How Do the Economic Elites Get the Idea That They ‘Deserve’ More? - Evonomics | Heterodox economics | Scoop.it
The ‘haves’ of the world are always convinced that they deserve their wealth. That their gargantuan income reflects their ingenuity, ‘human capital’, the risks they (or their parents) took, their work ethic, their acumen, their application, their good luck even. The economists (especially members of the so-called Chicago School. e.g. Gary Becker) aid and abet the self-serving beliefs of the powerful by arguing that arbitrary discrimination in the distribution of wealth and social roles cannot survive for long the pressures of competition (i.e. that, sooner or later, people will be rewarded in proportion to their contribution to society). Most of the rest of us suspect that this is plainly false. That the distribution of power and wealth can be, and usually is, highly arbitrary and independent of ‘marginal productivity’, ‘risk taking’ or, indeed, any personal characteristic of those who rise to the top.

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Brexit: The Crisis Begins | naked capitalism

Brexit: The Crisis Begins | naked capitalism | Heterodox economics | Scoop.it
The Brexit vote was a stunning repudiation of neoliberalism and austerity. But what comes next?
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Fix our debt addiction to fix our economy | Michael Hudson

Fix our debt addiction to fix our economy | Michael Hudson | Heterodox economics | Scoop.it
Michael Hudson in the Washington Post on the control bankers have over democracy and the resultant debt-weight society endures.
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Lecture 4 The Post Keynesians: Realism Uncertainty, Endogenous Money & Financial Instability - YouTube

Post Keynesians diverged from the mainstream when Hicks re-imagined Keynes asamarginalist.Defining features include an emphasis upon realism in modeling, ...
Nicholas Ripley's insight:

The dangers of governments running surpluses are best heeded by the great depression

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General equilibrium theory -- a gross misallocation of intellectual resources and time

General equilibrium theory -- a gross misallocation of intellectual resources and time | Heterodox economics | Scoop.it
General equilibrium is fundamental to economics on a more normative level as well. A story about Adam Smith, the invisible hand, and the merits of markets pervades introductory textbooks, classroom...
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Banks are not intermediaries of loanable funds – and why this matters

Banks are not intermediaries of loanable funds – and why this matters | Heterodox economics | Scoop.it
Problems in the banking sector played a critical role in triggering and prolonging the Great Recession. Unfortunately, standard macroeconomic models were initially not ready to provide much support...
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Global Financialization 2015 - The state of play | Michael Hudson

Michael Hudson in fine form digging into the geo-political plays determined by financial rent-seeking.
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Bank of England finally catches on – mainstream monetary theory is erroneous | Bill Mitchell – billy blog

Bank of England finally catches on – mainstream monetary theory is erroneous | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
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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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We starve the state and public infrastructure development at our peril

We starve the state and public infrastructure development at our peril | Heterodox economics | Scoop.it
Australia is at the end of a long federal election campaign (albeit not as long as the US) and the vote is on Saturday (July 2). Both major parties – the conservatives (who call themselves li…
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We're Not as Selfish as Economists Think We Are. Here's the Proof. - Evonomics

We're Not as Selfish as Economists Think We Are. Here's the Proof. - Evonomics | Heterodox economics | Scoop.it
The pessimism about human nature is unwarrented
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Austerity is killing off the hopes of our youth

Austerity is killing off the hopes of our youth | Heterodox economics | Scoop.it
Sometimes, it is almost as if I have to pinch myself to establish that what I am reading is not a dream. A few reports lately have had that effect, not the least being the latest IMF report –…
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The mass consumption era and the rise of neo-liberalism

The mass consumption era and the rise of neo-liberalism | Heterodox economics | Scoop.it
I was having a talk with a friend in San Francisco last Monday aboutglobalisationand the capacity of the state, which is the topic of the upcoming book I am working on (manuscript due around May…
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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
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Rewriting Economic Thought | Michael Hudson

Prof Michael Hudson on CounterPunch radio discussing how economic theory was rewritten to avoid Killing the Host.
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Krugman is right -- public debt is good!

Krugman is right -- public debt is good! | Heterodox economics | Scoop.it
The U.S.economyhas, on the whole, done pretty well these past 180 years, suggesting thathaving the government owethe private sector money might not be all that bad a thing. The Britishgovernme...
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Thomas Piketty explains the meaning of economic models, and why we can’t rely on them

Thomas Piketty explains the meaning of economic models, and why we can’t rely on them | Heterodox economics | Scoop.it

Keep these words in mind the next time you're perplexed by a complex-looking economic argument.

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How rising debt causes inequality and crisis

How rising debt causes inequality and crisis | Heterodox economics | Scoop.it
In a (for me!) brief presentation with 7 slides, I explain why rising private debt necessarily causes increased inequality, and leads to an
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