Heterodox economics
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Heterodox economics
Economics is a social science which requires a critical pluralistic approach, to be useful.
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Arithmetic for Austrians

Arithmetic for Austrians | Heterodox economics | Scoop.it
This piece grew from a number of conversations with people of Austrian economic persuasion, mostly Bitcoiners and goldbugs (which thes
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My response to a German critic of MMT – Part 2 | Bill Mitchell – billy blog

My response to a German critic of MMT – Part 2 | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
This is the second part of my response to an article published by the German-language service Makroskop (March 20, 2018) – Modern Monetary Theory: Einwände eines wohlwollenden Zweiflers (Mode…
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My response to a German critic of MMT – Part 1 | Bill Mitchell – billy blog

My response to a German critic of MMT – Part 1 | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
Makroskop is a relatively new media publication in Germany edited by Heiner Flassbeck and Paul Steinhardt. It brings some of the ideas from Modern Monetary Theory (MMT) and other analysis to German…
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This exchange has brought the best out of Bill, in clearly addressing a critical response to MMT he points out some excellent basic principles: "MMT is a lens which allows us to see the true (intrinsic) workings of the fiat monetary system. It helps us better understand the choices available to a currency-issuing government"
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Why economic orthodoxy is a dangerous ideology that is destabilising the planet

One problem with this idea that nature and culture are separate is that it has predisposed us to create exploitative cultures that degrade ecosystems everywhere. Exploitative and degenerative…
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Censorship, the central bank independence ruse and Groupthink | Bill Mitchell – billy blog

Censorship, the central bank independence ruse and Groupthink | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
A few things came up late last week which demonstrate the neoliberal Groupthink is alive an well at the highest levels of policy in Australia (and elsewhere). First, there was a story that a report…
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The path out of the low wage trap is limited by fiscal austerity

The path out of the low wage trap is limited by fiscal austerity | Heterodox economics | Scoop.it
During my postgraduate study years I read a 1954 article by American economist Clark Kerr entitled – The Balkanization of Labor Markets – which attacked the mainstream labour market vie…
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Mark Blyth: Why Do People Continue To Believe Stupid Economic Ideas? - Full Talk (April 2017)

volatilityinvesting.co.uk Volatility and Tail Risk Educational Event, London, Thursday 06 April 2017 Slides
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pdeppisch's comment, December 29, 2017 8:02 PM
Thanks for this. Very much appreciated.
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Productivity and Employment: A Cautionary Tale

Productivity and Employment: A Cautionary Tale | Heterodox economics | Scoop.it
Ah, productivity. Who knew that our whole prosperity was totally dependent on a concept as nebulous as this? To be sure, it doesn'
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Essentials of Heterodox and Post-Keynesain Economics

Marc Lavoie from University of Ottawa in Canada presented a seminar at University of Missouri Kansas City on March 21, 2014. The topic was "Essentials o
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Economists: Too Much Ideology, Too Little Craft

Economists: Too Much Ideology, Too Little Craft | Heterodox economics | Scoop.it
Paul Krugman argued the other day that the belief in the need for new economic thinking after the financial crisis was incorrect, but led to some crazy but influential ideas that suited big money and the political right. While I agree with a lot of what Paul says, I would want to add something. These thoughts are strongly influenced by the fact that I’m in the middle of reading Dani Rodrik’s new book, called Straight Talk on Trade.

In the preface to that book he tells the story of how 20-odd years ago he asked an economist to endorse a previous book of his called Has Globalisation Gone Too Far? The economist said he couldn’t, not because he disagreed with anything in the book, but because he thought the book would “provide ammunition to the barbarians”. Dani Rodrik argues that this attitude is still commonplace. That attitude is, of course, both very political and very unscientific.

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Money creation in a post-crisis world

Money creation in a post-crisis world | Heterodox economics | Scoop.it
As many of you know, I have spent much of the last seven years explaining to anyone who will listen that banks do not "lend out
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British productivity slump – all down to George Osborne’s austerity obsession

British productivity slump – all down to George Osborne’s austerity obsession | Heterodox economics | Scoop.it
Apparently, whenever some poor economic news is published about the United Kingdom, journalists have to weave in their on-going gripe about the outpouring of democracy in June last year that saw the Brexit vote to leave successful. Its hysterical really. The most recent example is from the otherwise sensible Aditya Chakrabortty from the UK Guardian (October 17, 2017) – Who’s to blame for Brexit’s fantasy politics? The experts, of course. The story has nothing much to do with the June 2016 Referendum but more about massive forecasting failures of the Office of Budget Responsibility. But somehow the story opines about the lies told about Brexit and a fiscal “bloodbath” – the latter being the description for the fact that the fiscal deficit is likely to increase a little as a result of a slower than expected economic growth outcome. The UK Guardian continually writes about these two obsessions – the first that Brexit will be a disaster and the second that the fiscal position of the British government is in jeopardy and will undermine the capacity of the government to defend the economy if a major downturn comes along (as a result of the ‘Brexit disaster’). The narratives are interlinked – Brexit is bad, it will cause deficits to rise which are bad, and the government will be powerless as a result of the rising deficits to stop the bad consequences of Brexit – which is a big bad. All propositions are largely nonsense. Brexit will be bad if the British government continues to implement neoliberal policy. Rising deficits do not alter the spending capacity of government. And as a currency-issuing government, Britain can always arrest a recession, if there is political will. The fact is that the OBR forecast errors are just part of the neoliberal lie. And the productivity growth slump the OBR has now ‘discovered’ predates the Brexit referendum by years and is all down to the misplaced austerity imposed by George Osborne in June 2010. But it is disappointing to read this sort of stuff being repeated by so-called progressive commentator. There is clearly more work to be done via education.

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Luigi Pasinetti on Disrupting Neoclassical Hegemony in Economics

Luigi Pasinetti on Disrupting Neoclassical Hegemony in Economics | Heterodox economics | Scoop.it
The renowned economist reflects on the rise of neoclassical economics, the post-2008 surge of interest in non-mainstream, heterodox thought, and how young economists can remain independent in the face of biased evaluation systems
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Everything you think you know about the financial crisis is wrong

Everything you think you know about the financial crisis is wrong | Heterodox economics | Scoop.it
The left has been so spectacularly unsuccessful at countering the pernicious effects of neoliberalism, it has allowed its adherents to ride roughshod over history from the 2008 global financial crisis all the way back to the Great Depression.
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Where do we get the funds from to pay our taxes and buy government debt? | Bill Mitchell – billy blog

Where do we get the funds from to pay our taxes and buy government debt? | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
I have been (involuntarily) copied into a rather lengthy Twitter exchange in the last week or so where a person who says he is ‘all over MMT’ (meaning I presume, that he understands its…
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Welcome to the ‘homeless’ working poor – a new neoliberal KPI | Bill Mitchell – billy blog

Welcome to the ‘homeless’ working poor – a new neoliberal KPI | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
In advanced nations, poverty used to be a thing of old age, once income had stopped due to retirement and savings depleted. Old-aged pension systems were intended as Welfare States emerged to prevent that fall into poverty. The pension systems reduced the incidence of extreme poverty and the full employment era that followed the Second World War, where governments committed to using their fiscal capacities (spending and taxation) to ensure there were sufficient jobs for all, allowed workers to improve incomes and saving. Research in the early 1970s (particularly from the US, where the pension systems were less generous and working conditions less regulated) started to disclose the incidence of the ‘working poor’. In more recent times, the concept of the working poor has spread from the US to most advanced nations. In this modern era of renewed real wage repression, rising energy costs and housing costs, workers are not only facing increased risk of poverty but also of homelessness. Welcome to Australia – the nation with the second highest median wealth per adult in the world. Yesterday (February 21, 2018), the Australian Bureau of Statistics (ABS) released the – Wage Price Index, Australia – for the December-quarter 2017. Private sector wages growth was 1.9 per cent in the December-quarter continuing the seven consecutive quarters of record low growth. However, with the annual inflation rate running at 1.9 per cent, real wages growth was static. And with real wages growth lagging badly behind productivity growth, the wage share in national income is now around record low levels. This represents a major rip-off for workers. The flat wages trend is also intensifying the pre-crisis dynamics, which saw private sector credit rather than real wages drive growth in consumption spending. And now, the latest data shows that workers are experiencing increased homeless. It is not just a problem of the ‘working poor’ now. Welcome to the ‘homeless’ working poor – a new neoliberal KPI.

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The IMF still has the same spots

The IMF still has the same spots | Heterodox economics | Scoop.it
Just before Xmas (December 22, 2017), the IMF proved once again that leopards don’t change their spots. Thy released a Working Paper (No. 17/286) – Australia’s Fiscal Framework: Revisit…
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Beware the dangerous orthodoxy of neoclassical economics | Letters

Beware the dangerous orthodoxy of neoclassical economics | Letters | Heterodox economics | Scoop.it
Letters: Academics Hugh Goodacre and Jeffrey Henderson voice their concern at the dominance of neoclassical theory in modern economics teaching, while Peter Swann and David Redshaw highlight the failures of recent economic models. John Clifford thinks August Strindberg was right all along
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A Tale of Two Faltering Unions (UK and EU); and what DiEM25 proposes in response

A Tale of Two Faltering Unions (UK and EU); and what DiEM25 proposes in response | Heterodox economics | Scoop.it
An address at the Oxford Guild, Oxford University, on passionate believers who are troublemakers, Brexit negotiations, simulating a federation and other conundrums, November 28, 2017.
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What is Sovereign Money?

What is Sovereign Money? | Heterodox economics | Scoop.it
money, banking, monetary reform, monetary theory, monetary policy,
sovereign money, sovereign currency, chartalism, Chicago plan, 100%-reserve
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When neoliberals masquerade as progressives

When neoliberals masquerade as progressives | Heterodox economics | Scoop.it
One wonders what goes on in the heads of politicians sometimes. Perhaps not much other than a warped sense of their purpose in life – which for some seems to be to advance themselves rather t…
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An Introduction to Post-Keynesianism

Post-Keynesianism has gained a lot of attention in heterodox circles in recent years, particularly after the Financial Crisis of 2007/8 which showed tha
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Michael Hudson: Socialism, Land and Banking: 2017 Compared to 1917 | naked capitalism

Michael Hudson: Socialism, Land and Banking: 2017 Compared to 1917 | naked capitalism | Heterodox economics | Scoop.it
Why did socialism lose out in the 20th century to rentiers promoting neoliberalism?
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