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The rentier economy

The rentier economy | Heterodox economics | Scoop.it

There has been some useful analysis on the state of the UK economy following the release of the Q4’2012 GDP figures last week (see my last post, Britain deep down).  In my last post, I dealt with the apparent conundrum of the UK unemployment rate falling while the economy stagnated in real terms in 2012.  I argued that the employment data hid the reality that more temporary and part-time jobs had been created to replace the loss of full-time, permanent jobs.  And this was part of the explanation for the decline in unemployment and the disappearance of any productivity growth in the UK.   The other key factor is the lack of sufficient investment growth as profitability remains well below the previous peak, particularly in the productive sectors of manufacturing (see my post,http://thenextrecession.wordpress.com/2012/12/05/osbornes-mess/).


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Heterodox economics
Economics is a social science which requires a critical pluralistic approach, to be useful.
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[156] Michael Hudson & Anthony Randazzo talk Effect of Zero Rates - YouTube

Our lead story: It's no secret that we are living in an increasingly water-stressed world, and that water resources are becoming an instrument of power. Roug...
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Europe takes a battering for Brussels' stability and growth delusions

Europe takes a battering for Brussels' stability and growth delusions | Heterodox economics | Scoop.it
For Southern Europe to climb out of its Great Depression, Brussels needs to admit defeat and finally abandon its foolish policy of trying to eliminate government deficits at any cost.
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David Harvey Reviews Piketty's Capital in the 21st Century

David Harvey Reviews Piketty's Capital in the 21st Century | Heterodox economics | Scoop.it
Professor David Harvey reviews Thomas Piketty's Capital in the Twenty-First Century.
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Paul Krugman -- a case of dangerous neglect of methodological reflection

Paul Krugman -- a case of dangerous neglect of methodological reflection | Heterodox economics | Scoop.it
Alex Rosenberg -- chair of the philosophy department at Duke University, renowned economic methodologist and author of Economics -- Mathematical politics or Science of Diminshing Returns -- had an ...
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Uncertainty in Contemporary DSGE Modeling: Not Even Wrong

Uncertainty in Contemporary DSGE Modeling: Not Even Wrong | Heterodox economics | Scoop.it
Pilkington uses DSGE models, a widely used type of macroeconomic forecasting model, to illustrate intellectual bankruptcy in economics
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Ricardian equivalence -- total horseshit

Ricardian equivalence -- total horseshit | Heterodox economics | Scoop.it
Ricardian equivalence basically means that financing government expenditures through taxes or debts is equivalent, since debt financing must be repaid with interest, and agents -- equipped with rat...
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Wolf Richter: The Big Hoax Of The Wall Street Hype Machine - naked capitalism

Wolf Richter: The Big Hoax Of The Wall Street Hype Machine - naked capitalism | Heterodox economics | Scoop.it
Wall Street earnings are running on hype, momentum, and earnings expectations gamesmanship. Investors beware!
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How economics became a science | Adbusters Culturejammer Headquarters

How economics became a science | Adbusters Culturejammer Headquarters | Heterodox economics | Scoop.it
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Why Minsky Matters

Why Minsky Matters | Heterodox economics | Scoop.it
American economist Hyman Minsky died in 1996, but his theories offer one of the most compelling explanations of the 2008 financial crisis. His key idea is simple enough to be a t-shirt slogan: "Stability is destabilising".

BBC Radio 4's Analysis program
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The Center of the Universe » Blog Archive » proactive fiscal tightening damages income growth

The Center of the Universe » Blog Archive » proactive fiscal tightening damages income growth | Heterodox economics | Scoop.it
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Palley's Critique of MMT: Post Keynesian or neo-Keynesian?

Palley's Critique of MMT: Post Keynesian or neo-Keynesian? | Heterodox economics | Scoop.it
So, Tom Palley has a new criticism out of MMT. Frankly, I'm not hugely concerned with the critique itself. The criticisms are old and I don't think that Palley will convince anyone of the ills of M...
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Modeling Financial Instability

Modeling Financial Instability | Heterodox economics | Scoop.it
This paper will be published in a forthcoming book on the crisis edited by Malliaris, Shaw and Shefrin. In what follows, I derive a correcte
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The embarrassing truth about trickle-down

The embarrassing truth about trickle-down | Heterodox economics | Scoop.it
A 50p tax rate will help, not hurt, our economy
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Why hasn't post-Keynesian economics embraced the principles of Modern Monetary Theory

Why hasn't post-Keynesian economics embraced the principles of Modern Monetary Theory?

 

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L. Randall Wray -- MODERN MONEY: the way a sovereign currency "works" - YouTube

Economics Professor Randy Wray answers the questions: What is Money? Why is at accepted? What is the relationship between money & government? What backs up o...
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Leaked document shows EU is going for a trade deal that will weaken financial regulation

Leaked document shows EU is going for a trade deal that will weaken financial regulation | Heterodox economics | Scoop.it
According to a leaked document, the EU is bent on using the TTIP negotiations with the US to get an agreement on financial regulation that, according to this analysis by Kenneth Haar of Corporate Europe Observatory (CEO) and Myriam Vander Stichele of The Centre for Research on Multinational Corporations (SOMO) will weaken reform and control of the financial sector.
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84th BIS Annual Report, 2013/2014

A new policy compass is needed to help the global economy step out of the shadow of the Great Financial Crisis. This will involve adjustments to the current policy mix and to policy frameworks with the aim of restoring sustainable and balanced economic growth.
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Thoughts on Robert Skidelsky's Manifesto for the Reform of the Anglo-Saxon Economics Curriculum: Wednesday Focus for June 18, 2014 - Washington Center for Equitable Growth

The extremely wise Robert Skidelsky has an excellent rant against Anglo-Saxon economics departments: Robert Skidesky: Knocking the scientific halo off mainstream economists’ teaching and research: “The growing discontent of economics students… …with the university curriculum…. Students at the University of Manchester advocated an approach ‘that begins with economic phenomena and then gives students a toolkit …
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Changes to unemployment benefit entitlements – the work of sociopaths | Bill Mitchell – billy blog

Changes to unemployment benefit entitlements – the work of sociopaths | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
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Randy Wray: What are Taxes For? The MMT Approach - naked capitalism

Randy Wray: What are Taxes For? The MMT Approach - naked capitalism | Heterodox economics | Scoop.it
Modern monetary theory stresses that, for a fiat currency issuer like the US government, taxes are not necessary for spending.
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DEBATE: Can accountants be trusted? | Economia

DEBATE: Can accountants be trusted? | Economia | Heterodox economics | Scoop.it
This month's debate asks - can you really trust an accountant?
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Money multiplier and other myths | Bill Mitchell – billy blog

Money multiplier and other myths | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
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Philip Pilkington: Keynes’ Liquidity Preference Trumps Debt Deflation in 1931 and 2008 - naked capitalism

Why defining "liquidity trap" precisely matters in understanding crisis dynamics, and Keynes, and not Krugman, got it right.
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Paul Krugman Pushes Factually Inaccurate Arguments About Argentina to Support His Discredited Monetarist Ideas

Paul Krugman Pushes Factually Inaccurate Arguments About Argentina to Support His Discredited Monetarist Ideas | Heterodox economics | Scoop.it
Well, Paul Krugman is out again waving his true colours in the wind while his die hard followers try desperately to look the other way and pretend that he's not making stuff up. Basically Krugman i...
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Philip Pilkington: Abstraction, Language and Modelling in Economics - naked capitalism

Alciphron is the title of the book by the philosopher George Berkeley that was most popular in his own time and is probably his least popular in ours. But in the Seventh Dialogue, Berkeley sketches out some very interesting ideas on human language — something that he recognised as being an absolutely central philosophical question and one that bears directly upon economics.
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