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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The fiscal stimulus worked but was captured by profits | Bill Mitchell – billy blog

The fiscal stimulus worked but was captured by profits | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
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Cutting US unemployment benefits is cruel and stupid | Bill Mitchell – billy blog

Cutting US unemployment benefits is cruel and stupid | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
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Essays in Monetary Theory and Policy: On the Nature of Money (Continued) - naked capitalism

Yves here. I thought this essay on money was useful in and of itself, and it also contains a useful primer on the views of major schools of thought in orthodox economics.
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NAKED KEYNESIANISM: Ariel Dvoskin on the limits of Walrasian equilibrium

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British government has failed to “rebalance” the economy | Bill Mitchell – billy blog

British government has failed to “rebalance” the economy | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
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Microfounded DSGE models — spectacularly useless and positively harmful

Microfounded DSGE models — spectacularly useless and positively harmful | Heterodox economics | Scoop.it
from Lars Syll Economists — yours truly included — working within the Post Keynesian tradition, have always maintained that there is  a strong risk that people may find themselves unemployed in a m...
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Political centrism is not objectivity

How should the United States choose among the difficult tradeoffs it faces in setting the federal budget? There’s no one correct answer, but you wouldn’t know it from coverage of the budget deal between Senator Patty Murray and Rep.
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Michael Hudson: Trade Advantage Replaced by Rent Extraction - naked capitalism

Michael Hudson: Trade Advantage Replaced by Rent Extraction - naked capitalism | Heterodox economics | Scoop.it
An interview with Michael Hudson, a research professor of Economics at University of Missouri, Kansas City, and a research associate at the Levy Economics Institute of Bard College, on the Renegade Economists radio/podcast...
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Single banking union doomed to fail | Bill Mitchell – billy blog

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The Theory of the Monetary Circuit: A Critique

The Theory of the Monetary Circuit: A Critique | Heterodox economics | Scoop.it
In a series of comments on my previous post involving myself, Neil Wilson and Oliver it became clear quite quickly how closely my asset-pricing framework is tied up with the Post-Keynesian theory o...
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The Moral Limits Of Markets - Social Europe Journal

The Moral Limits Of Markets - Social Europe Journal | Heterodox economics | Scoop.it
Havard Professor Michael Sandel discusses his recent book 'What Money Can't Buy: The Moral Limits of Markets'.
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Why the deficit myth is a useful deception

Why the deficit myth is a useful deception | Heterodox economics | Scoop.it
It is often difficult to understand the economic-speak into which so many expert-explanations seem to lapse.  I imagine that I am not alone so I will share a version of the explanations that make s...
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Neo-liberalism – the antithesis to democracy | Bill Mitchell – billy blog

Neo-liberalism – the antithesis to democracy | Bill Mitchell – billy blog | Heterodox economics | Scoop.it

I recall a professor in my student days (formal that is, given we are always students if we remain open) telling a postgraduate class that economic development could only occur if the social democratic pretensions of the left, including tolerance of trade unions, were suppressed – “in the interests of progress”. He laughed and said that it was no surprise that the most right-wing nations grew the fastest. His poster child was South Korea. I recalled that experience when I read two articles recently in the UK Guardian. They are reflections on how neo-liberalism is really the antithesis to democratic ideals. The so-called free markets have nothing to do with freedom or political inclusion.

The first Guardian article (May 9, 2013) – Is Cameron’s Britain what we fought for in the war? – written by a 90-year-old World War II veteran, argued that the neo-liberal period of .economic policy-making is the anathema to what the soldiers had sacrificed for during that war.


Via pdeppisch
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Essays in Monetary Theory and Policy: On the Nature of Money (9)

By Lukas Kaluza*
Introduction
“Money is what we use to pay for things.” This quote from Lerner (1947, p. 313) is the simple answer to the question: “What is money?
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Philip Pilkington: Interest Rates and Animal Spirits – A Response to JW Mason - naked capitalism

Clarifying what believing in risk versus uncertainty means for how you view the role of interest rates.
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Wolf Richter: Financial Engineering Wildest Since The 2007 Bubble - naked capitalism

After these financial engineers are done extracting fees, they move on, leaving iffy debt and shares of dubious value.
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Malign Confusion about Growth, Economic Growth or “Degrowth”: Which Way Forward? – Pt 1

By Michael Hoexter Speaking on December 4th, President Obama, tacked once again, at least in his rhetoric, this time towards claiming that he is targeting a pro-economic growth, anti-economic inequality policy in his remaining time in office.  Skepticis...
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Essays in Monetary Theory and Policy: On the Nature of Money (3)

By Jack Wendland* Neoclassical economics has largely relegated money to the role of neutral medium of exchange.  A closer, more historical look at money reveals that, from the beginning, money has always been credit offset by debt, not a medium of...
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Essays in Monetary Theory and Policy: On the Nature of Banking

Essays in Monetary Theory and Policy: On the Nature of Banking | Heterodox economics | Scoop.it
By Ryan M. Pope*

Hyman P.Minsky said he thought there were as many forms of capitalism as Heinz had pickles.  The same can be said about the different types of banking within the financial system.  The system has undergone a dramatic transformation...
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Interview with Randall Wray: Truths and Myths of the Federal Reserve | Roosevelt Institute

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Steve Keen: Oh My, Paul Krugman Edition - naked capitalism

Steve Keen: Oh My, Paul Krugman Edition - naked capitalism | Heterodox economics | Scoop.it
Yves here. In some ways, I hate to be having such a run of Paul Krugman posts, but his stand on the TransPacific Partnership and his continued defense of dubious economic ideas that were long ago disproven, like loanable funds, in combination with...
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The deficit is undermining our welfare – because it is too low! | Bill Mitchell – billy blog

The deficit is undermining our welfare – because it is too low! | Bill Mitchell – billy blog | Heterodox economics | Scoop.it
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Actually Existing Capitalism: Wrecking Societies for the Benefit of Big Capital and the Super-Rich

Actually Existing Capitalism: Wrecking Societies for the Benefit of Big Capital and the Super-Rich | Heterodox economics | Scoop.it
The evidence suggests that capitalism has become wholly predatory and has given up all pretense of being socially responsible.
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Stunning Photos Of the Underbelly Of NYC, Taken By a Wall Street Banker

Stunning Photos Of the Underbelly Of NYC, Taken By a Wall Street Banker | Heterodox economics | Scoop.it
Because real life happens on the streets, and not in the corporate suites.
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Transforming finance | Ian Fraser

Transforming Finance, a new 23-minute film from the Finance Innovation Lab, explores ways of transforming finance, seeks to galvanize much needed change.
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