Category Archives: The dismal science

Economics for the Rest of Us Explains NAIRU, Including Its Political Implications

An explanation of NAIRU for novices, as well as a discussion of its politics.

Gerald Friedman: How the Dogmatic Despair of Mainstream Economists Brought You Donald Trump

Mainstream economists to ordinary citizens: Drop dead. Or more accurately: Sorry, nothing more can be done for you. There is No Alternative.

Cameron Murray: Confused Thinking About Real Interest Rates Leads to Mistaken Belief that Lower Interest Rates Boost Investment

Muddied thinking about real interest rates has done real harm. It leads policymakers to lower interest rates to boost investment, when they do more to raise asset prices and fuel speculation.

Bill Black: Mankiw’s Mythical Ten Commandments of Theoclassical Economics

Examining Maniw’s core myths, um, principles, and how they are dangerously misleading.

Money and Banking – Financial Crises

The mechanics of financial crises and how an economy gets there.

Inflation Targeting and Neoliberalism, Part 2

Why inflation targeting is a destructive practice.

Germany Blinks on Giving Debt Relief to Greece….or Did It?

Despite press reports to the contrary, in this year’s game of chicken over the Greek bailout, it looks like the IMF, and not Germany, blinked.

The Minimum Wage Increases = Job Loss Myth

Repeat after me: study after study shows that minimum wages increases don’t lead to job losses.

Inflation Targeting and Neoliberalism

An interview on inflation targeting and its implications.

Naked Capitalism’s Diptherio Discusses Flaws in Unemployment Reporting

Lies, damned lies, and statistics, unemployment report style.

Don Quijones: Wrath of Draghi Hits Germans Who Refuse to Blow Their Savings

Draghi plans to beat savers until morale improves.

Bill Black: Free Markets Mean Zero Economic Profit – or a 99% Profit Markup

How “free market” ideology produces companies like Valeant, which Warren Buffett’s partner Charlie Munger called a “sewer,” “corrupt,” and “criminal.”