Hoisted From Comments: “A Tale of Two Sciences”
Pontius Pilate asked, “What is truth?” Time to ask “What is science?” since our market system creates sciences that aren’t very scientific.
Read more...Category Archives: The dismal science
Russia Leaves Neoliberal West to Join World Majority
The sanctions against Russia and Russia’s kinetic war in Ukraine have produced great changes in and outside. But what are their implications?
Read more...James K. Galbraith: The Gift of Sanctions – An Analysis of Assessments of the Russian Economy, 2022 – 2023
Galbraith debunks conventional wisdom on sanctions against Russia.
Read more...The Asymmetric Federal Reserve Objective
The Fed’s objective is asymmetric, with inflation overshoots being more costly than undershoots. Using data from the Summary of Economic Projections it shows that the Bernanke Fed was too hawkish, the Yellen Fed was too dovish, and the Fed under Jerome Powell has at times been too hawkish and too dovish.
Read more...The Impact of Inflation
The IMF takes a wee look at who is hurt by and benefits from inflation.
Read more...Danny Haiphong and Michael Hudson Discuss The Collapse of Antiquity, the Bank Panic,
Another tour de force by Michael Hudson on how debt dynamics create oligarcies, how the Fed stoked thebank crisis, and the multipolarity push.
Read more...Austerity for the Plebes, Bank Rescues for the Rich
The bank panic is proving to be an exercise in class warfare that may well wind up further strengthening the right.
Read more...Fed-Inflicted Bank Wobbles Persist as Investors Fret About Deutsche
Bank fundamentals do not look likely to get better any time soon, yet the Fed seems determined to make matters worse.
Read more...The Collapse of Antiquity: Greece and Rome as Civilization’s Oligarchic Turning Point
The media introduction to Michael Hudon’s newest book, The Collapse of Antiquity.
Read more...What’s Actually Behind the Banking Crisis? Why You Pay When They Play.
Law and economics expert Walker Todd explains how a financialized system creates havoc and why it’s time to rethink banking
Read more...Crash Landing? Part 1 – Bonfire of the Banks
Satyajit Das looks at how banks got themselves into so much trouble and what the recent bailouts portend.
Read more...How Monetary Policy Affects Bank Lending and Financial Stability: A ‘Credit Creation Theory of Banking’ Explanation
Another nail in “loanable funds”, which justfies austerity but does not explain how central banks produce credit and monetary growht.
Read more...Escape from Muddle Land
Peter Dorman files a report from radical subjectivity land so you don’t have to go there.
Read more...Ayn Rand vs. Elinor Ostrom: The Fight for the Future of Social Media
Contrasting ideologies at play about the structure and role of social media mirror the conflicting ideologies in economics.
Read more...How Does JK Galbraith’s The New Industrial State Hold Up After 6 Decades?
How John Galbraith correctly called many developments that have had great political and economic significance, like the decline of unions
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