The Sveriges Riksbank Counterfeit Nobel Award Goes to Bernanke et al. for the Wrong Model
Diamond-Dybvig-Bernanke is a flawed model of banking that has no room for a lender of last resort
Read more...Category Archives: The dismal science
What Social Security Should Really Be Paying to Survive in This Economy
Inadequate cost of living adjustments are nevertheless giving Social Security gutters new talking points.
Read more...Central Bank Myths Drag Down World Economy
Central bank dogma over inflation is pushing the world economy into recession, with many dire consequences for poorer countries.
Read more...Michael Hudson Discusses Debt, Financial Surveillance, the Fed and More With Ralph Nader
Michael Hudson has a wide-ranging talk with Ralph Nader.
Read more...Free Market Genocides: The Real History of Trade
How so-called free trade has often brought large scale death, sometimes by design.
Read more...Yanis Varoufakis: Time to Blow Up the Electricity Markets
How the EU’s neoliberal Rube Goldberg electricity market has made the energy shortage problem much worse than it needed to be.
Read more...China as a Developmental State: Indigenous Innovation and Global Competition
China chose a successful technological development path, in contrast to the corporate financialization model in the United States.
Read more...Republicans Are Being Mean to the IRS, Not That the Democrats Are Helping
It may seem peculiar to offer a defense of sort to the IRS, since most people here regard doing their taxes with even less enthusiasm than a visit to the dentist (although attitudes depend very much on the state of one’s finances and teeth). However, the reporting on the Democratic Party plan to increase IRS […]
Read more...Economists Fear Fed Minutes Show Central Bank Bent on ‘Unleashing Mass Unemployment’
The Fed confirms its true colors of being in the business of disciplining labor, whether it makes sense of not.
Read more...Does Nature Have Rights? Victorian Polymath John Ruskin Thought So
Jeffrey Spear discusses how the insights of John Ruskin can help create a new paradigm for protecting the planet.
Read more...Striking a Bargain: Narrative Identification of Wage Bargaining Shocks
Workers and employers bargain over the surplus income generated by an employment relationship. This column uses information about key events in Germany relevant for wage negotiations, like labour strikes and the introduction of a minimum wage, to pinpoint changes in bargaining power between workers and employers. It finds that such wage bargaining ‘shocks’ are important drivers of unemployment and inflation and that their effect on wages is almost fully reflected in prices. Furthermore, they reduce the vacancy rate and increase firms’ profits and the labour share of income in the short run, but not in the long run.
Read more...The Fervent Debate Over the Best Way to Confront Global Warming
Supporters of cutting carbon emissions to tackle global warming have long struggled against advocates of climate-change adaptation strategies
Read more...Yanis Varoufakis: Inflation as a Political Power Play Gone Wrong
Looking at inflation through a class warfare lens.
Read more...Michael Hudson on Finance Capitalism’s Self-Destructive Nature
Michael Hudson rings the changes on a favorite theme: the differences between the financial capitalism and industrial capitalism systems
Read more...Dollar Diplomacy: Michael Hudson and Steve Keen on Real Progressives
A wide-ranging and free-wheeling discussion of money, oligarchy, trade, China, the future of the dollar….with an eye to MMT.
Read more...