Origins of Happiness: Evidence and Policy Implications
The authors call for a new focus for public policy: not ‘wealth creation’ but ‘wellbeing creation’.
Read more...Category Archives: Macroeconomic policy
The Fatal Flaw in Macroprudential Policy: It Ignores Political Risk
Political risk is a major cause of systemic financial risk. This column argues that both the integrity and the legitimacy of macroprudential policy, or ‘macropru’, depends on political risk being included with other risk factors. Yet it is usually excluded from macropru, and that could be a fatal flaw.
Read more...Michael Hudson: Economists’ Deadly but Innocuous-Seeming Proclamations
A wide-ranging interview by Michael Hudson on the mind games that economists play.
Read more...Macroeconomics in the Crossfire (Again)
Economists are finally ‘fessing up to the fact that macroeconomics was never all that good and has regressed in recent decades.
Read more...Trump’s Win is a Warning: Europe Urgently Needs a New Deal
Europe is ignoring the lessons of New Deal era much to its peril.
Read more...Bill Black: Howard Dean Wants to Continue Austerity’s Assault on the Working Class
Why Democrats like Howard Dean believe in and sell austerity snake oil.
Read more...Bigger Cities Benefit the Rich, Harm the Poor
Australia’s major cities are benefiting the rich more than the poor and are becoming breeding grounds for inequality in the process.
Read more...Bill Black: Krugman’s Failure to Speak Truth to Power About Austerity
Krugman’s fiscal orthodoxy led him to enable Hillary’s disastrous embrace of austerity rather than call her out for it.
Read more...Donald Trump: “My 100-Day Action Plan”
A look at Trump’s major proposals.
Read more...Bill Black: Bloomberg Notices Paul Romer’s Indictment of Macroeconomics
World Bank economist Paul Romer calls out obvious defects in macroeconomics, and is treated as a bomb-thrower.
Read more...Why Economic Recovery Requires Rethinking Capitalism
Capitalism needs a dose of socialism, aka public works. Mission-oriented public investment is vital to revive private-sector investment.
Read more...“Should We Rethink Fiscal Policy?”
Economists are remarkably slow to embrace the idea of more aggressive fiscal policy, despite growing evidence that it is sorely needed.
Read more...Bill Black: Debt Derangement Syndrome – Saving Our Grandkids from Wall Street
Debt scaremongering is baaack! Why Pete Peterson and his budget falsehoods are a danger to your and your grandkids’ financial health.
Read more...Economic ‘Recovery’ Feels Weak Because the Great Recession Hasn’t Really Ended
We are not in a recovery and we’re not really in a traditional recession. People think of a business cycle, which is a boom followed by a recession and then automatic stabilizers revive the economy. But this time we can’t revive.
Read more...Piketty’s Rising Share of Capital Income and the US Housing Market
The rising share of income accruing to housing is a key feature of the changing US income distribution. This column examines the determinants of this phenomenon. The rise occurred due to an increasing share of income accruing to owner-occupiers through imputed rent, it is concentrated in states that are constrained in terms of new housing supply, and it is closely associated with the long-run decline in real interest rates and inflation.
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