Category Archives: The dismal science

Theories of Economic Crises

How different economic theories, or more accurately, stories, about crises, have profound impact on policy.

Russia, China Unite Against US Empire

Michael Hudson on China’s wobbles, Russia-China cooperation, the revolt against colonialism and neoliberalism, and the conflict in Gaza.

WSJ’s Greg Ip Discusses China Crisis Risk

Fed whisperer Greg Ip expresses cautious concern about China, based on the latest IMF forecasts.

In the Footsteps of Ptolemy: The ‘Science of Monetary Policy’ and the Inflation of 2021-2023

The impenetrability of this continuously expanding Ptolemaic New Keynesian monetary paradigm is maddening.

Michael Hudson: A BRICS+ Bank: How Would It Really Function?

Michael Hudson clears up some of the considerable confusion about what a new BRICS “currency” would amount to.

The Neoclassical Growth of China

A model finds that China closely tracked the trajectory of Japan, South Korea, and Taiwan. Does this claim hold up to close scrutiny?

Yanis Varoufakis: TECHNOFEUDALISM – What Killed Capitalism

Yanis Varoufakis’ forthcoming book examines our changed economic system, which he callls “technofeudalism.”

Will It Be Socialism or Barbarism for the Twenty-First Century?

How the end of policies supporting the material well-being of workers, aka socialism, has created widespread distress and political schisms.

Productive and Unproductive Crises

Making a case from past crises that we’ll muddle through our current set and thanks to technology, eventually come out better.

How Economists Distorted Economic Theory to Help Big Companies Get Bigger

Economists had to play fast and loose with economic theory to deploy their merger “efficiency” arguments.

Ann Pettifor Explains Why Neoclassical Economists Are the Last People To Listen to on Climate Change

A well-warranted takedown of the irresponsible and destructive record of mainstream economists on climate change.

A Russian Paper on New Currency/International Reserve Options Finds No Magic Bullets

A recent paper in a Russian economics journal confirms that there is no simple way out of the dollar hegemony box.

Stigler Center/ProMarket Hypocrisy: Published, Then Removed Post That Justified Anti-Trust; Bogus Excuses Demonstrate University of Chicago Failed Econowashing of Hard Core Neoclassical Stance

ProMarket and the Consumer Welfare Standard: Output increase is not sufficient to increase welfare. Allocation, aka distribution, matters.

Investors Start Thinking About Underpricing of Climate Risk

Some investors are worried that climate risk means their holdings are overvalued. It would be nicer if they worried about the real world too.