Category Archives: The dismal science

Can the Phillips Curve Explain Recent Wage Growth?

Contrary to what many have claimed, wage growth in the fourth quarter of 2022 was actually in line with what a standard Phillips curve model predicts.

An Inconvenient Apocalypse

Authors Jackson and Jensen argue that we need an acopalypse, as in a full recognition of conditions, to make radical envirnmental changes.

Slavery and the British Industrial Revolution

An update on the debate on the role of slavery in Britain’s growth during the Industial Revolution.

Understanding Money and the Dollar System: Radhika Desai & Michael Hudson at Geopolitical Hour

Michael Hudson and Radhika Desai discuss the dollar regime and its prospects.

The Gold Standard

A primer on the gold standard, including a discussion of its implications.

The Economics of the Ukraine Proxy War with Michael Hudson and Radhika Desai

A meaty discussion of the broader implications of the war in Ukraine.

James Galbraith: The Quasi-Inflation of 2021-2022 – A Case of Bad Analysis and Worse Response

Galbraith explains why conventional views of inflation are a particularly poor fit for recent price increases and produced bad policy

US Inflation Policies Slowing World Economy

The Fed is playing killer of the current inflation even though it isn’t set up to do so. That’s hurting a lot of innocent bystanders.

Radhika Desai and Michael Hudson Discuss the Causes and Politicization of Inflation

Desai and Hudson debunk widely-believed, finance-and-elite-serving myths about inflation.

Debt Ceiling Arm Wrestling Targets Ukraine Spending

The upcoming debt ceiling fight has an unusual feature: Republican opposition to military pork, or at least the Ukraine variety.

Monopsony in Professional Labor Markets: Hospital System Concentration and Nurse Wage Growth

elle surprise! “Growing consolidation in localized hospital markets appears to restrict nurse wage growth.”

Economists Radhika Desai & Michael Hudson Explain Multipolarity, Decline of US Hegemony

The new year gets off to a rousing start with the launch of a new bi-weekly talk show with Radhika Desai and Michael Hudson.

The Great Inflation Debate: Supply Shocks and Wealth Effects in a Multipolar World Economy

A new analysis finds our inflation comes first from Covid/sanctions supply shocks and second, spending by the rich, not government spending.