Alfred Mitchel Innes

Privately educated aristocratic diplomat and financial adviser Alfred Mitchel Innes is another famously marginalised non-academic non-economist. Based on real world knowledge and private research his seminal exposition of a credit theory of money was irrefutable enough even at the time for J M Keynes to nod approvingly (as he also did toward Yap Money and … Continue reading Alfred Mitchel Innes

What happens when The Economist tries to escape from the Equilibrium Academy

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

Individualism bankrupt. Greed dead. Say Collier and Kay.

1999 guide designed to get America's youth interested in investing John Kay's "The Truth about Markets" and "Other Peoples' Money"  I read as entertaining eye openers about real business, finance and government. His realist observations made for a wittily scathing critique of many of the ills now bundled into neoliberalism. Colliers and Kay's bete noir … Continue reading Individualism bankrupt. Greed dead. Say Collier and Kay.

De facto MMT disequilibrating DSGE ?

Turns out Peter Bofinger is not the only  German economist who can  see MMT across the sea.  There is at least one other.  Maybe more to follow? "Say it quietly, but Germany has learnt the lessons of Keynes," argues Thorvaldur Gylfason. Mind you, he is talking fiscal largesse, not ECB money.  In the "we are … Continue reading De facto MMT disequilibrating DSGE ?

Heiner Flassbeck – Gescheiterte Globalisierung – caw 2019

Jenseits der Synthesen des Mainstreams  Anmerkungen zu  Heiner Flassbeck's "Gescheiterte Globalisierung" (Rezensionen hier) One Man Island? Wenn man als einigermassen Angloliterturkundiger Hobby-Oekonom den Flassbeck Buchdeckel liest spürt man einen vorfreudigen Hoffnungsschimmer.  Endlich mal ein deutscher Oekonom der die heutzutage sogar schon von Billionären kritisierte Verteilunsungerechtigkeiten mit  Nicht-Mainstream Beiträgen mischt und dem deutschen Leser nahebringt? Denn bei … Continue reading Heiner Flassbeck – Gescheiterte Globalisierung – caw 2019

D Orrell Quantum Economics – critical main-streamers

David Orrell  Quantum Economics, 2019, p 238   The penny drops While ... many mainstream economists have continued to make excuses for their epic forecasting miss , not all have been so sanguine . George Akerlof and Robert Shiller wrote in their 2015 Phishing for Phools : ‘ It is truly remarkable that so few economists … Continue reading D Orrell Quantum Economics – critical main-streamers

Toward the Next Paradigm in Economics?

"Toward the Next Paradigm in Economics?" was the banner for a local meeting I recently had to talk about two seminal books: Kate Raworth's "Doughnut Economics" and David Orrell's "Quantum Economics".     Four people attended. One had turned up because she knows Kate Raworth as a parent. Their children go to the same school ("Only … Continue reading Toward the Next Paradigm in Economics?

QE1 : End of (His)story

Monetary policy - end of history?  by  Sabine Lautenschläger (with caw commenting) In 1992, the political scientist Francis Fukuyama announced the end of history. The cold war had just ended, and in Fukuyama’s view, this marked “the endpoint of mankind’s ideological evolution”. Liberal democracy had prevailed; the final form of government had been reached. There was … Continue reading QE1 : End of (His)story

The Queen, Seventeen, Halloween…

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…