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We know about emergency lending, but what we are missing is the macroeconomic framework to guide a new rule for stabilization policy

Everyone wants to ring-fence something, but they can’t agree on what: Vickers, Liikanen, Volcker.

On deregulation and Covid masks, libertarians are loud. On female liberty, deafening silence.

When an economic model fails, it is reality—and the people living in it—who pay the bills while the model lives on, unscathed.

And the nominees for Best Documentary are…

Last year I pointed out here (and here) that macroeconomists were making themselves comfortable in the blogosphere to discuss theoretical, methodological, and, why not, historical issues of their field (see also a nice post by our fellow kid, Beatrice).

An interview with African development specialist Bara Guèye

Post-Chicago Economists vs. New Brandeisians on the New Merger Guidelines

“We risk a global decoupling in which East and West face off in a cold war, and Africans are caught in the middle,” says Professor Carlos Lopes in an interview with Folashadé Soulé and Camilla Toulmin

Conventional wisdom asserts that American politics is becoming more and more tribal. But the chiefs of the tribes share a lot in common: dependence on big money.

The heterodox scholar was a fierce critic of neoclassical economics. But she also insisted that economics be driven by science, not ideology.

Cryptocurrency was supposed to change the economic outlook for Black America. For many, it made things worse.

Doctors and medical experts say private equity firms and profiteering corporations are putting American lives at risk and compromising the practice of medicine.

When segregationists fought against school integration, libertarian economist James Buchanan saw an opportunity for his private education plan

Experts are clear that working into old age often threatens the health and well-being of U.S. seniors.

In this interview, Folashadé Soulé and Camilla Toulmin discuss with Edward K. Brown, Senior Director, Research and Advisory services at the African Center for Economic Transformation (ACET) based in Accra, Ghana, on the effects of COVID-19 on regional integration and economic transformation in Africa, and the role of ACET and African think tanks in advising African governments respond to the crisis.

Honorary Vice President at IMANI Center for policy and education, Bright Simons, on the challenges Ghana is facing

Unregulated, speculative lending markets nearly brought down the global financial system 10 years ago. Now, Western banks are exporting this failed model to the developing world.

New Thinking about Modigliani-Miller

In his new book, Mindless, acclaimed economic historian Robert Skidelsky urges readers to pause and reflect on the delicate balance between advancing technology and our human essence.

[The following guest post is by John Whittaker, from whom we have learned much of what we know about how the European payments system works. See his terrific papers here and here, both of which reward close study. He has been looking over the last couple Money View posts, and the comments to those posts, and has this to say.]

Why is the IMF getting involved in the Eurocrisis, and why is its involvement taking the form of lending to individual member states of the Eurozone?

This year, I’m sharing an office with an econometrician on Mondays and with a geographer on Fridays (you don’t want to go into the subtleties of the French educational system).

What are the long-term problems that need to be addressed and what solutions are out there?

New technologies are not the problem. It’s a system distorted by a flawed ideology.

Servaas Storm’s commentary for an INET symposium on the Inflation Reduction Act

The rise of the economist as engineer is, economists and historians say, an essential characteristic of the development of economics in the postwar period.

Amid mass unemployment and economic turmoil, instructors who lecture on the superiority of free markets without acknowledging the dysfunction in the wider economy are at risk of appearing out of touch and exacerbating antipathy towards economics.

To fight COVID-19, the EU must recognize that spending restraints have to go

Like master illusionists, bank accountants conceal losses from federal regulators, putting the whole economy at risk

How can we contain institutional failure?

Ransomware gangs have been causing extensive damage. It’s time that the government takes them more seriously.

The view from BIS

The INET roundtable on “new conversations and the academy” took place a week ago. Most panelists were bloggers, including Mike Konczal from RortyBomb and Noah Smith from Noahopinion.

How Women Are Forced to Conform to the Research Habits and Interests of Men

Ten years ago when Bear Stearns crashed, the Fed decided to bail out first, ask questions later. It was a mistake that set a bad precedent.

By suddenly eliminating two widely used bank notes, India’s government risks undermining public confidence in the basic means of exchange

Below is a revised version of a talk I gave at the New School University, at a conference to launch Lance Taylor’s latest book. The date of the event was April 28, 2011, more than a year ago, and the delay in revision was entirely my fault—overcommitment and pressing deadlines on many fronts. Sorry about that.

The Political Economy of Debt

The “keys under the streetlight story” is well known among economists, but in case you haven’t heard it, it goes like this.

With unemployment reaching very low levels in major economies, despite low – and slowly rising – inflation, it’s time for central banks to rethink their reliance on the so-called natural rate. No numerical target for this rate can serve as an anchor for monetary policy.

Reindustrialization vs Financialization

Can the renminbi displace the dollar as the world’s international money?

A comment on Goher-Ur-Rehman Mir and Servaas Storm’s Carbon Emissions and Economic Growth: Production Based vs Consumption-Based Evidence on Decoupling

The Toxic Textbooks movement devotes energy to curriculum reform as well. Its purpose is to galvanize student protests and “encourage schools and universities to use economics textbooks that engage honestly with the real world.”

So, my new students’ training is essentially about understanding urban “territories” and “societies” through fieldwork. And my contribution is, supposedly, to highlight the economic dimension of all this.

Why a British vote to leave the European Union would have consequences far larger than the UK’s proportional share of the global economy might suggest

Fed to the Rescue?

How a Banking Union Has Created Deep Divisions that Undermine the Eurozone’s Stability

Learning How to Swap

On November 2nd, I was sitting in the Hayden Library Special Collection reading room at MIT, browsing archives on the undergraduate and graduate students’ discontent during the early 70s and the response of the economics department faculty.

Over the next year, the Bitcoin price could double, soar tenfold, or collapse by 95% or more, and no economic analysis can help predict where in that range it will lie. Like other cryptocurrencies, Bitcoin serves no useful economic purpose, though in macroeconomic terms, such currencies probably also do little harm.

To connect across difference is the only thing that will save us from rule by the privileged few.

The perverted dreams of western modernity and capitalism may be exhausting themselves, says author Eugene McCarraher. And that’s something to be thankful for.

The Collapse of Free Market Macroeconomics

After years of amassing power, the tide is turning against the tech monopolies

Real existing neoliberalism as a set of social facts distinct from a purist ideology has proven remarkably adaptable and politically resilient 

In conversation recently, I was called upon to defend the claim that banks are in the business of creating and destroying private money.

The illusion of black swan-proofing

To fulfill MLK’s vision of jobs and freedom for Black Americans, Washington must rein in corporate greed

The BIS offers a comprehensive picture of the state of the world economy, and of dysfunctional policies holding it back

Five lessons from the last crisis — for managing the next one

In a harrowing new book, scholar Laura Katz Olson pulls back the curtain on a shadowy Wall Street threat that is taking over health care companies – and preying on human lives.

At the heart of the Eurocrisis lies a vicious circle where once there was a virtuous one.

In her new book “Naked Feminism,” Victoria Bateman explains how economic conditions drive restrictions on women’s bodily freedom and why that freedom is critical to economic prosperity.

Eurocentric modernism has unhinged us from our human nature, argues Rajani Kanth in his new book

My attempt at a double riddle. “I find familiar faces only in unfamiliar places. Who am I? And whom are the faces?” The answer to the first is, I am an academic, to the second, my conference buddies.

Was Martin Luther King a socialist? New book may surprise you.

This one is different. Tiago, Benjamin and Floris have asked a dozen economists in the Bretton Woods hotel hall to reflect on the way their teaching has been affected by the current economic crisis and their answers, taken collectively, are quite puzzling.

Remarks from Finance & Society May 6, 2015

RSS PUBLISHED TO eState4Column5©2013 Political Economy Group DK PEG Anti-Capitalist Chat TAGS Culture Economy Employment Media MMT PoliticalEconomy publicpolicy stagflation WhiteHouse Share this article Let real wages (of $15+/hour) grow faster than labor productivity for some years, undoing the wage repression of the last decades. We have been misled by neoliberal economics for now many decades, it’s time to turn many things around in what is becoming a second-rated US economy, recently crippled by the malevolent and narcissistic “king of debt”. In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment. The biggest risk for the stock market in 2021 is inflation, according to Morgan Stanley. Unprecedented radical spending by the federal government and the Federal Reserve, to stave off a panic-induced market crash, helped artificially drive stocks to temporary new highs last year. www.laloftblog.com/… For some, the math bore out the possibility that exuberance was rational even if the economy is always more irrational than its math. “The Lucas fantasy of costless disinflation from credible commitments in an ergodic world of rational agents was decisively falsified long ago.” The underlying problems of supply shocks related to Trumpian idiocy atop bailing out the banksters may have made the economy much worse. The pandemic has only made a bad situation worse, or made more of us myopic in our isolation. Paul Krugman has now taken the time to question the orthodoxy of stagflation. Darn economic orthodoxy being wrong since the 1970s. Let me start with the inflation story the way most economists, myself included, have been telling. In the beginning was the Phillips curve: the apparent tradeoff, fairly visible in the data, between unemployment and inflation. In the 1960s many people looked at that tradeoff, considered the mild costs of inflation versus the benefits of lower unemployment, and argued for monetary and fiscal policies aimed at running the economy hot. But in a hugely influential speech Milton Friedman made an argument also independently made by Columbia’s Edmund Phelps: the unemployment-inflation tradeoff wasn’t real, because any sustained effort to keep unemployment low would lead not just to high inflation but to ever-accelerating inflation. They claimed, specifically, that people setting wages and prices would begin marking them up to anticipate future inflation, so that the inflation rate associated with any given unemployment rate would keep rising. They predicted, in particular, that the course of the economy over time would look something like this: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_81db75c8-59f2-4b95-a60a-fe404a50c119_914x5331.png First, a government would push unemployment down; but this would lead to ever-rising inflation, which would stay high even as the economy cooled. So it would take a sustained period of high unemployment to get inflation down again, until finally unemployment could be brought back to a sustainable level. So their analysis predicted “clockwise spirals” in unemployment and inflation. Then came the 1970s: https___bucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com_public_images_1d91277a-44fe-422b-b0c3-f1dfa8fb7428_933x5501.png This sure looked like a dramatically successful out-of-sample prediction — sort of an economics version of “Light bends!” Almost everyone in the economics profession took the Friedman-Phelps analysis as confirmed. This in turn had big practical and intellectual consequences. First, governments and central banks stopped pursuing low unemployment, believing that excessively ambitious stimulus caused the stagflation of the 1970s. They began aiming for stable unemployment around the NAIRU —non-accelerating-inflation rate of unemployment — instead. Second, since the Friedman/Phelps prediction was based on trying to assess what rational price-setters would do, their apparent success gave a big boost to the notion that all economics should be based on maximizing behavior. Friedman always had too strong a reality sense to personally go down the rational-expectations rabbit hole that swallowed much of macroeconomics, but given the law of diminishing disciples it was bound to happen. Third, the whole affair gave a boost to conservative ideology. We had seemingly seem a demonstration of the limits to government action; also, the Chicago boys had seemingly been proved right about something big. (I remember classmates in grad school saying “They were right about this. Why don’t you think they’re right about the rest?”) Finally, the Volcker disinflation of the 1980s — using high unemployment to end high inflation — became, in many minds, the model of what responsible policymakers should do: make tough choices for the sake of the future. BUT WHAT IF WE’VE BEEN TELLING THE WRONG STORY ALL ALONG? […] But suppose something like this is true. In that case, the narrative that saw stagflation both as the cost of excessively ambitious macroeconomic policy and as a vindication of conservative economic ideas was mostly wrong. And that matters not just for history but for policy right now, which is still to some extent constrained by the fear of a 70s repeat. How do you ask someone to be the last worker to be unemployed for a mistake? paulkrugman.substack.com/… The reality in a response by Lance Taylor and Nelson Henrique Barbosa Filho is that “For practical purposes, the results mean that, for the Fed to meet its inflation target, it would be necessary to let real wages grow faster than labor productivity for some years, undoing the wage repression of the last decades. Biden’s $15 minimum-wage proposal is a correct step in that direction.” This is despite so many economists taking an opposite, more cautious position. — Daily Kos

A review of Perry Mehrling’s book, Money and Empire: Charles P. Kindleberger and the Dollar System, and an exploration Mehrling’s discussion of the 1982 correspondence between Charles Kindleberger and Ben Bernanke examining their theories concerning financial crises.

An interview with John Nkengasong, Director of Africa CDC, about how a coordinated response to COVID-19 in Africa has proven to be effective

Why is this a surprise?

A special note from INET board member john a. powell

Dennis Kelleher, co-founder of Washington DC-based financial watchdog Better Markets, explains how Main Street gets hurt by the ongoing banking turmoil and why crypto is the last place anybody should be running to for safety.

What ails the EU Green Deal is exactly what troubles the Union in general — an absence of social democracy at work

Going Down the Rabbit Hole at Jackson Hole

And electric vehicles don’t do a lot better

A response to Phillip Magness in The Wall Street Journal

The University of Chicago is well-known for as the place where a famous group of economists, including Milton Friedman, Georges Stigler, Gary Becker, among others, developed a method for analyzing economic facts based on Marshallian price theory, a vision of the evolution of macroeconomic aggregates called monetarism, and an approach to individual liberties and the role of the state known as (neo)liberalism.

If we can measure mobility, we can raise a better society.

Martin Luther King, Jr. and other civil rights leaders relied on black entrepreneurs to make their work possible

The country’s flawed insurance model, driven by greed, leads to inefficiency, inequality, and denied care - a colossal scam that has sparked fury across the nation.

A financial industry safety net enriches bankers and their shareholders — at our expense

President Biden’s first SOTU Address was a missed opportunity to say what he knows to be true: Stock buybacks manipulate the market and leave most Americans worse off

Inflation and corporate profits, a further discussion, responding to Servaas Storm

David Mussington, a leading expert on cybersecurity, reveals what’s worrying him, from Facebook to foreign interference.

By pushing workers into precarious, part-time work, “Third Way” governments of the past 20 years helped to create the disturbing economic trend that’s vexing orthodox economists

Repeat after me: How much pipe should Fed plumbers lay if Fed plumbers like to lay pipe?

The ECB has always been the protagonist of the eurozone crisis story.

“Facebook is undermining our country, our democracy.”

The distinguished economist talks about the power of entropy in shaping a new economic reality and viewing current events. His new book, Entropy Economics: The Living Basis of Value and Production, challenges flawed mainstream models that lead to distortions and bad policy.

Predetermined profit margins and prices hidden in the back end of a transaction are really just market failures.

Average U.S. household loses over $100,000 to destructive activities of bankers and financiers

Evidence sharply contradicts PhRMA’s contention that its member companies need unregulated drug prices to generate profits that they then reinvest in drug innovation.

How can we understand the bright and dark sides of China’s gilded rise? Through the lens of American history.