Michael Hudson: Celebrating the One Percent – Is Inequality Really Good for the Economy?
The backlash has begun. Prominent economists are upping their game in trying to depict the gains of the One Percent as virtuous and beneficial.
Read more...Category Archives: The dismal science
Trade Globalisation in the Last Two Centuries
Trade globalization started earlier than most economists realize, undermining conventional stories about how it came about.
Read more...Thomas Palley: The Fed’s Misguided Approach to Tightening
The Fed touted its “creativity” in bailing out banks during the crisis. That “creativity” is absent in how it is planning to exit its extraordinary policies.
Read more...The Charade That Deters the Use of “Direct Spending” to Fund Federal Operations
Why do so many people recoil at the idea that Federal spending does not depend on taxation?
Read more...Is Fiscal Policy for Prosperity Back in Place of Austerity?
Austerity appears to be quietly going out of fashion.
Read more...Why Behavioral Economics Is Really Marketing Science
Not only do economists ignore the role of banks in their models, they also omit marketing and the malleability of consumer preferences.
Read more...Eurozone Stability Under Threat of a ‘Bad Shock’
Remarkably, an increasing number of economists believe the Eurozone has addressed its weaknesses. Shades of the Great Moderation, circa 2006.
Read more...Dirk Bezemer and Michael Hudson: Finance is Not the Economy
Picking apart the conflation of real capital with finance capital and explaining how that confusion undermines sound analysis of the crisis.
Read more...Care Work as the Work of the Future
Economists despair about the impact of technology on jobs. They underestimate the need for care work, as in services for the young and aged.
Read more...Top Marginal Tax Rates and Real Economic Growth, Part 1
This post looks at the relationship between the top marginal income tax bracket and growth in real GDP per capita (from NIPA table 7.1) in the subsequent year or years.
Read more...How the Fed Promoted “Financial Dominance” and Shadow Banking by Promoting Repo
Yves here. This is a very important post, and sadly I’m not providing it with the introduction and commentary it warrants because I am scrambling to get organized to get out of town. By Daniela Gabor is associate professor in economics at the University of the West of England, Bristol. Originally published at the Institute […]
Read more...Central Banks Pushing on Strings Again
More proof that central banks have lost the plot.
Read more...The Strange Fate of Economists’ Interest in Collective Decision-Making
How economists studied collective decision-making after World War II, faced many impossibilities, and lost interest after solving them.
Read more...Austria: A Case Study of How Offshoring Lowered Growth
Austria illustrates that over time, offshoring reduces the skill levels of domestic workers and even organizations.
Read more...Bill Black: Thomas Friedman Wants A “Center-Left” Democratic Party Based on Austrian Economic Myths
Thomas Friedman has managed to outdo himself on the downside.
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