John Rapley's Twilight of the Money Gods is the story of economics, told not as the science it strove to be, but as the religion it became. "I am an international development practitioner from Bangladesh. Every day I see firsthand how nice elegant economic models, with their neat assumptions, often don’t survive their encounter with reality."
Das dysfunktionale globales Finanzsystem wurde abhänging vom Neugeld der QE Notfallinfusionen. Der Glaube an systemkonforme Entzugstherapie ist eine naive Illusion.
TheEconomist zur Dominanz des Kreditgeldes, dessen Missachtung durch die orthodoxe Ökonomie und die Schwierigkeiten einer Wirtschafts-Wissenschaft ohne Mensch und Geld
Wozu ein digitaler Euro, Dollar oder Yuan? fragt Die Zeit - Monetary-fiscal interactions on the way out of the crisis by Fabio Panetta
DSGE Departures In one of its daring trips beyond the walls of orthodoxy The Economist is indulging in a historic turn, reflecting that "Strangely, most economic models do not treat the economy as an evolving thing, undergoing constant change. They instead describe it in terms of its equilibrium: a stable state in which prices balance … Continue reading What happens when The Economist tries to escape from the Equilibrium Academy
Wie das kommende Digitale Zentralbankgeld (CBDC) die Banken und das Märchen vom Sparen bedroht; warum Banken kein Geld verleihen, es aber auch nicht Ex Nihilo schöpfen; und warum die orthodoxe Wirtschaftswissenschaft Geldschöpfung tabuisiert und Kreditgeld ignoriert.
Not quite. More like 101=404. Classical effort = Error not found. Missing as ever : The Money. “Economic action cannot, at least in capitalist society, be explained without taking account of money, and practically all economic propositions are relative to the modus operandi of a given monetary system,” Joseph Schumpeter 1939 The Economist special report 2021 The … Continue reading CBDC Govcoins – Has The Economist unveiled the endogenous engine of capitalism?
ll around ortho macro – de facto, debate, diverse (self)critiques, defense, delusion, denial + disagreement - updated 4-2020 see also > history of economics, economics as social science > Economy, Economics, DSGE, mainstream, orthodox, macro, equilibrium, Neoliberalism, Politics, Rethinking Political Economy https://www.econlib.org/hendersons-criticisms-and-appreciations-of-john-kenneth-galbraith/ bostonreview.net 3-2022 Bad Economics - How microeconomic reasoning took over the very institutions of American governance … Continue reading Economics – about and around mainstream DSGE orthodox macro
Not reading 'Das Kapital' also see > POST KEYNESIANS JM Keynesupdates wanderingdanny.com/oxford/2011/10/keynes-on-marx-and-das-kapital/ cf Keynes to Shaw about Marx, J Robinson : Keynes ignorant about Marx nb Victoria Chick : Keynes was about overcoming "neutrality" of money. In letter to B Shaw Keynes refers to economics as production of money... nb Victoria Chick : Keynes was … Continue reading J M Keynes
"It's time to retire metrics like GDP." writes Joseph Stiglitz in The Guardian. "The way we assess economic performance and social progress is fundamentally wrong, and the climate crisis has brought these concerns to the fore." Indeed. Always nice to hear the reforming voices. Apparently another revised book of alternative measurements has just been published. … Continue reading Stiglitz wants GDP retired
"Inflation ... has left many observers scratching their heads as to why the current level ... does not match the current state of the real economy ..." said ex ECB board member Sabine Lautenschläger in a recent speech. The Economist discerns "strange new rules", devotes a special report to "The End of Inflation?" and concludes that inflation is … Continue reading Head Scratching Inflation
Ten years after the 2008 crisis I came across an old Guardian article : Queen finally finds out why no one saw the financial crisis coming Her Majesty gets the answer to her question – four years after she asked it – on a tour of the Bank of England One doesn't normally keep the … Continue reading The Queen, Seventeen, Halloween…