Watch Blair Fix talk about how corporate hierarchies create income inequality, and make the rich get richer. "This paper explores the idea that the (re)distribution of top incomes is uniform because it is shaped by a ubiquitous feature of social life, namely hierarchy. Using a model first developed by Herbert Simon and Harold Lydall, I show … Continue reading Breaking Old News: HIERARCHY REDISTRIBUTES INCOME – US Inequality for Quants – by Blair Fix
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
I was about to leave my bookshop empty handed when I spotted a money title from an author not male, not middle-aged and not white: "We Need to Talk About Money" by Otegha Uwagba. A rare book indeed! So collectible I bought the pricey hardback. Having read it I have no regrets. Like Bourdieu, … Continue reading Pierre Bourdieu in Millenial Pink: ‘We need to talk about Money.’
"Geolibertarian experimental monetary realist" Tuure Parkkinen's root bug economics represents an audaciously original "PraxisTheorie" of the type only an institutional outsider would dare come up with.
TheEconomist zur Dominanz des Kreditgeldes, dessen Missachtung durch die orthodoxe Ökonomie und die Schwierigkeiten einer Wirtschafts-Wissenschaft ohne Mensch und Geld
The FED has no way of re-balancing or raising rates without crashing the markets. The FED doesn't want to take the blame. Not again. Even though the markets are crying out for a correction. There is no discipline. The level of incontinence is unprecedented. QE has got to stop. But how? One would like new … Continue reading “Digital Corrections – will crypto save capitalism, and the FED ?”
ll around ortho macro – de facto, debate, diverse (self)critiques, defense, delusion, denial + disagreement see also > history of economics, economics as social science aeon.co 1-2022 The worldly turn - After generations of ‘blackboard economics’, Berkeley and MIT are leading a return to economics that studies the real world - by Tom Bergin ..."...Until the early 1990s, … Continue reading Economics – all around DSGE mainstream orthodox macro
A year ago, when The Virus was still a fuzzy rumour, one was already plagued by the puzzle of the three zeros : the skeletal numbers of no interest and near nil inflation lined up for a danse macabre around the grave of zombie growth. Never seen this before. This is different. This can't be … Continue reading Greta, Mnuchin and PlanB
fee.org/articles 2012 Mr. Keynes’s Aggregates Concealing the mechanisms of change. by Steven Horwitz One of F. A. Hayek’s most accurate, and oft-repeated, lines about John Maynard Keynes comes from a review of Keynes’s 1930 book, A Treatise on Money. Hayek wrote: “Mr. Keynes’ aggregates conceal the most fundamental mechanisms of change.” That Austrian macroeconomics … Continue reading AGGREGATES – Hayek on Keynes
The UK's Daily Express daily feeds Brexiteers with eye-popping revelations about the imminent implosion of the EU . One soon learns not to put one's money on those. But the unearthing of a 2year old CEP report caught my attention. It's got some eye-popping numbers relevant to Germany's idea of it's position in Europe : … Continue reading Zahlmeister entpuppt sich als Milchmädchen
ineteconomics.org 2020 Janeway on Ramsey and Keynes: A Comment By Lance Taylor and William Janeway excerpt: Optimal growth Nowadays, Ramsey’s 1928 paper on “A Mathematical Theory of Saving” is seen as the launch pad for the theory of optimal economic growth. In fact, the Cold War has the stronger claim. In the late … Continue reading optimal growth :Keynes, Ramsey and Bliss
“The University of Glasgow has been accused of capitulating to “wokeism” after it called off a talk by an academic whose research was said to be “eugenicist”.” The Times brimming with liberal indignation is a bit rich. But only as rich as the typical incumbents’ complaints. Which is understandable. One is worried one is losing one’s grip on … Continue reading How woke is wokism?
foreignpolicy.com/ Socialism’s Biggest Hero Is a Bourgeois British Capitalist BY GEOFF MANN 2019 John Maynard Keynes felt little solidarity for workers and inspired a century of establishment economics. The West’s revived socialists have adopted him as their own anyway.If John Maynard Keynes came back to life today, more than 70 years after his … Continue reading Geoff Mann J M Keynes – socialism’s biggest hero
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 ?
In a pre-summit article, German finance and foreign ministers Olaf Scholz and Heiko Maas suggest flexible ESM adjustments to provide "quick and targeted relief... (and) ... a pan-European guarantee fund to secure loans ... (so) the European Investment Bank (EIB) would ensure liquidity for small and medium-sized enterprises in the EU countries." read the whole … Continue reading Creditors Kill Europe
In "The Nature of Money", Geoffrey Ingham draws on neglected traditions in the social sciences to develop a theory of the ‘social relation’ of money. Genuinely multidisciplinary approach, based on a thorough knowledge of theories of money in the social sciencesAn original development of the neglected heterodox theories of moneyNew histories of the origins … Continue reading Geoffrey Ingham