Category Archives: Macroeconomic policy

The IMF Convenes in Washington, Deaf to the Suffering It Causes Across the Planet

A brief reminder of the IMF record of failure and harm.

Thomas Piketty’s New Book: Impressive Research, Problematic Solutions

Capital and Ideology is a quantitative history of inequality, a largely noneconomic theory of social stratification, an investigation into the social roots of current populism, and a political manifesto for the European left.

Michael Pettis: MMT Heaven and MMT Hell for Chinese Investment and U.S. Fiscal Spending

There are conditions under which governments can create money—or debt—without fear of inflation or excessive debt burdens. There are other conditions under which debt or money creation can lead to inflation and balance sheet problems.

Long Term Real Interest Rates Fell Below Zero in all Euro Area Countries

Is praise of negative real interest rates in Europe making a virtue out of (mis)perceived necessity?

Bad Debts Make Good Profits – But What Are the Social Costs?

As European borrowers choke on debts they can’t repay, due to a significant degree to austerity-induced weak economies, financial profiteers swoop in to take advantage of the distress.

The Implementation Flaw in Warren’s Wealth Tax

There are better ways to skin fat cats than Warren’s wealth tax.

Secular Stagnation: The Limits of Conventional Wisdom

The debate over secular stagnation continues, yet orthodox economists are loath to admit that the needed fix is more demand, which means more government spending.

Keynes Was Really a Conservative

“The class war,” said Keynes, “will find me on the side of the educated bourgeoisie.”

Kalecki, Minsky, and “Old Keynesianism” Vs. “New Keynesianism” on the Effect of Monetary Policy

Larry Summers, a barometer of leading edge conventional wisdom, questions Keynesianism as a distortion of Keynes and for its overconfidence in monetary policy.

Axios: What’s the Actual Cost of Not Addressing Climate Change?

bunking some arguments against Sanders’ climate change program.

Summers and the Road to Damascus

Why pushing on a string has never worked: monetary policy has never been robustly effective in promoting economic recovery or growth.

Marshall Auerback: We Are Clearly Living in a Bizarro Capitalism Era—And It’s Time to Change How the World Manages Economies

Central banks don’t have the tools to address our problems. It will take well-constructed fiscal policy to set right our topsy-turvy economy.

Cheerleading for Austerity

Readying austerity talk just in time to condition voters for 2020.

Neoliberalism: Political Success, Economic Failure

Now, after nearly half a century, the verdict on neoliberalism is in.

Syriza, R.I.P.

The rule of the “radical left” Greek party Syriza came to an end earlier this month after it had abandoned its promise of reform.