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Keynesian economics in the DSGE trap

Mainstream Keynesian economics is caught in a trap of its own making, a bit like the Keynesian liquidity trap in a zero lower bound interest rate economy.  Let me explain.  In my view, there are two great merits of Keynes’ contribution to understanding an economy.  The first was a return to analysing an economy in its aggregate, not at the level of individual consumer’s or firm’s behaviour or preferences.  This meant that the fluctuations in a capitalist economy could be considered in their whole and not just ignored or dismissed. In other words, macroeconomics replaced microeconomics.

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real utopias
Not TINA (There Is No Alternative) but TAPAS: THERE ARE PLENTY OF ALTERNATIVES
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Michael Parenti on the Threat of US Imperialism, November 2013 - YouTube

Here's the long-awaited video of Michael Parenti's speech on the threat of US imperialism which he gave at the Revolution Banquet held in Vancouver in Novemb...
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Watch Noam Chomsky - Rebel without a Pause (2003) Online

Watch Noam Chomsky - Rebel without a Pause (2003) Online | real utopias | Scoop.it
Where can I watch Noam Chomsky - Rebel without a Pause (2003) online? Browse Watch Where to check where Noam Chomsky - Rebel without a Pause is available to download or stream online.
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Problems with the Cost Theory of Value

Problems with the Cost Theory of Value | real utopias | Scoop.it
The cost theory could not explain what actually forms spot prices on any given day. The Austrians had a better theory.
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Banks, Multinationals, and Governments Are Stealing Our Future. Here's How We Win it Back

Banks, Multinationals, and Governments Are Stealing Our Future. Here's How We Win it Back | real utopias | Scoop.it
There’s never been a better time to organize a general strike in the U.S. than right now, with both corporate owners and political leaders pillaging public resources for their own private gain.
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Noam Chomsky says media crackdown ’very serious attack on press’ - Created by Facts on Turkey - In category: 2-SLIDER, Freedoms, Media freedom - Tagged with: Authoritarianism, Freedom of press - Fa...

Noam Chomsky says media crackdown ’very serious attack on press’ - Created by Facts on Turkey - In category: 2-SLIDER, Freedoms, Media freedom - Tagged with: Authoritarianism, Freedom of press - Fa... | real utopias | Scoop.it
Facts on Turkey gathers most recent news, comments, opinions on Turkey from various sources.
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Watch Noam Chomsky Literally Explain Ferguson In Less Than 60 Seconds - Atlanta Black Star

Watch Noam Chomsky Literally Explain Ferguson In Less Than 60 Seconds - Atlanta Black Star | real utopias | Scoop.it
Video curtsey of Adsevr Guytre
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A Big Safety Net and Strong Job Market Can Coexist. Just Ask Scandinavia.

A Big Safety Net and Strong Job Market Can Coexist. Just Ask Scandinavia. | real utopias | Scoop.it
Sweden, Denmark and Norway may have a lesson for the United States. Their welfare benefits make it easier for people to work.
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A Greek olive branch for Steve Keen

A Greek olive branch for Steve Keen | real utopias | Scoop.it
It is not so much evil austerity policies that are crippling Greece, but its membership of the eurozone.
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Striking Shenzhen factory workers seek support from municipal trade union

Striking Shenzhen factory workers seek support from municipal trade union | real utopias | Scoop.it
Close to 1,000 workers at Artigas Clothing & Leatherwear Co. Ltd in Shenzhen have been out on strike for seven days in a bid get the company to address their demands over unpaid social insurance, overtime, and compensation for factory relocation.
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Noam Chomsky and the public intellectual in turbulent times

Noam Chomsky and the public intellectual in turbulent times | real utopias | Scoop.it
by Henry A. Giroux Noam Chomsky is a world renowned academic best known not only for his pioneering work in linguistics but also for his ongoing work as a public intellectual in which he has addres...
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The problem with corporate social responsibility - Open Democracy

The problem with corporate social responsibility - Open Democracy | real utopias | Scoop.it
The problem with an approach that lets business define corporate responsibility is that it is not grounded in a set of principles about what it means to be a responsible business. Corporate social responsibility is whatever companies want it to be,...
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Unmasking the Hype of Capitalist Economics - CounterPunch

Unmasking the Hype of Capitalist Economics - CounterPunch | real utopias | Scoop.it
Unmasking the Hype of Capitalist Economics
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When raising the minimum wage isn't enough - CNNMoney

When raising the minimum wage isn't enough - CNNMoney | real utopias | Scoop.it
Vermont has some of the most progressive wage and hour laws in the country, but low-income workers are still struggling.
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The End of Capitalism | The Great Transformation

The End of Capitalism | The Great Transformation | real utopias | Scoop.it
Three years after the near collapse of global financial markets, America is still struggling with unemployment, debt, and foreclosure, European governments are teetering on the brink of bankruptcy—and the world’s billionaires are getting richer...
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Who's Afraid of Occupy Wall Street? Apparently, the Red Cross - Truthdig

Who's Afraid of Occupy Wall Street? Apparently, the Red Cross - Truthdig | real utopias | Scoop.it
Red Cross responders say there was a ban on working with the widely praised Occupy Sandy relief group because it was seen as politically unpalatable.
- 2014/12/15
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The Political Economy of Austerity Now - Monthly Review

The Political Economy of Austerity Now - Monthly Review | real utopias | Scoop.it
Chronicling the Crisis of the Working Class
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Bryce Edwards: New Zealand's war on the poor - New Zealand Herald

Bryce Edwards: New Zealand's war on the poor - New Zealand Herald | real utopias | Scoop.it
Under capitalism there's always going to be a war against the poor.
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James Connolly: National liberation and socialism - Links International Journal of Socialist Renewal

James Connolly: National liberation and socialism - Links International Journal of Socialist Renewal | real utopias | Scoop.it
James Connolly: National liberation and socialism Links International Journal of Socialist Renewal Many other republican forces, while perhaps sympathetic to socialism, believed that the struggle for social transformation had to wait until after...
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Slavoj Zizek "On Violence" (2013) - YouTube

The International Journal of Zizek Studies organized an interview with Slavoj Zizek about his latest book "On Violence"
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Scenes from Ferguson: the Uprising's Reach, and the Reaction - Center for Research on Globalization

Scenes from Ferguson: the Uprising's Reach, and the Reaction - Center for Research on Globalization | real utopias | Scoop.it
I've been in Ferguson since November 22, and I don't think a day has gone by where there hasn't been a protest, most often multiple protests. There may be one at the Ferguson police station, and an...
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Robert Fisk: CIA torture report, Noam Chomsky and Dick 'Dark Side' Cheney - BelfastTelegraph.co.uk

Robert Fisk: CIA torture report, Noam Chomsky and Dick 'Dark Side' Cheney - BelfastTelegraph.co.uk | real utopias | Scoop.it
Thank God for Noam Chomsky. Not for his lifetime of eviscerating assaults on our political hypocrisy, but for his linguistics. Long before I knew him, undergraduate Fisk laboured at his
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Our Democracy Is Dying - Huffington Post

Our Democracy Is Dying - Huffington Post | real utopias | Scoop.it
In case anybody hasn't noticed, democracy in America is dying now. This isn't an overstatement; it's a fact. Corporate interests dominate our politics so much at this point that our government, for all intents and purposes, is merely its handmaiden.
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Occupy groups to start 'non-cooperation movement' as follow-up to mass protests - South China Morning Post (subscription)

Occupy groups to start 'non-cooperation movement' as follow-up to mass protests - South China Morning Post (subscription) | real utopias | Scoop.it
Students and civic groups are launching a "non-cooperation movement" - urging people to delay paying their public-housing rent and to pay tax bills in small and symbolic amounts - as an offshoot of the Occupy prodemocracy protests....
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A Plan for Posterity: the Presidential Election of 2016 - OpEdNews

A Plan for Posterity: the Presidential Election of 2016 - OpEdNews | real utopias | Scoop.it
Bernie Sanders or Dennis Kucinich for President, supported by Noam Chomsky, Ralph Nader, Michael Parenti, Richard D. Wolff, Elizabeth Warren, Kshama Sawant, Cornel West, Ron Paul, and Cynthia McKinney.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation