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MME, September 14, 2013
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Capital.gr: Εξαγωγική ανάπτυξη—Γιατί απέτυχε η ελληνική στρατηγική της τρόικας
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BlogGalbraith on Lehman’s Lessons, Five Years On
From a panel discussion yesterday at the George Washington University Law School on what we have(n’t) learned since the 2008 financial collapse (via Matias Vernengo). Galbraith begins by cautioning that these “lessons learned” frameworks often leave unchallenged the premise that the crisis is over and done with, when, as he argues, the events of 2008 [...] -
Blog
Waiting for Export-led Growth in Greece
The policy strategy being imposed on Greece by its international lenders depends on the success of something called “internal devaluation”: in the absence of being able to devalue its own currency, Greek wages have been cut in the hopes that this generates an export-led economic recovery. So, how is this going? As Dimitri Papadimitriou, Michalis [...] -
Working Paper No. 774Economic Crises and the Added Worker Effect in the Turkish Labor Market
Turkish economic growth has been characterized by periodic crises since financial liberalization reforms were enacted in the early 1990s. Given the phenomenally low female labor force participation rate in Turkey (one of the lowest in the world) and the limited scope of the country’s unemployment insurance scheme, there appears to be ample room for a […] -
Blog
The Federal Government Is Not a Large Household or Business
The Heritage Foundation presents what one hopes it doesn’t believe is a clever critique of US public finances: Brad Plumer has the inevitable takedown here. This pretty much sums up the inanity of these government-as-household analogies: “Anyway, it’s a good analogy. The U.S. federal government really does resemble your typical money-printing family that owns lots [...] -
Embracing Wynne Godley, an Economist Who Modeled the Crisis
The New York Times, September 10, 2013. All rights Reserved. BOSTON — With the 2008 financial crisis and Great Recession still a raw and painful memory, many economists are asking themselves whether they need the kind of fundamental shift in thinking that occurred during and after the Depression of the 1930s. “We have entered a […] -
Blog
The Global Crisis, a Recovery (?), and the Road Ahead
I hope that all of you saw the very nice feature on Wynne Godley in the NYTimes. It is about time he’s getting the notice he deserved. I just came across a juicy quote from Wynne: “I want to say of neoclassical macroeconomics what I have sometimes said of certain kinds of fiction; I know [...] -
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Work and Income as Economic Rights
In this video, Pavlina Tcherneva and Philip Harvey look at the job guarantee and basic income grant proposals in the context of a discussion of economic rights. Tcherneva begins with the theory behind the job guarantee — a federally-funded (and in Tcherneva’s version, locally-administered) program that would offer a paid job to anyone willing and [...] -
One-Pager No. 41
Waiting for Export-led Growth
Greece’s unemployment rate just hit 27.6 percent. That wasn’t supposed to happen. Why has the troika—the European Commission, International Monetary Fund (IMF), and European Central Bank—been so consistently wrong about the effects of its handpicked policies? The strategy being imposed on Greece depends in large part on the idea of “internal devaluation”: that reducing wages […] -
One-Pager No. 41
Αναμένοντας την εξαγωγική ανάπτυξη
Το ποσοστό ανεργίας στην Ελλάδα ανήρθε στο 27.6%. Αυτό υποτίθεται ότι δεν έπρεπε να συμβεί. Γιατί έχει αποδειχτεί τόσο λανθασμένη η τρόικα σχετικά με τις επιπτώσεις των δικών της πολιτικών; Η στρατηγική που επιβάλλεται στην Ελλάδα από τους διεθνείς δανειστές της βασίζεται σε μεγάλο βαθμό στην ιδέα της «εσωτερικής υποτίμησης», δηλαδή στην ιδέα ότι η […] -
Blog
Barbera on the Case Against Mainstream Economics
Robert Barbera, a regular contributor to the Levy Institute’s Minsky conferences, has a great post at Johns Hopkins’ Center for Financial Economics on the cycle of amnesia and remembrance that seems to plague mainstream economic theorists. Here’s a key passage: Perhaps the most indictable offense that mainstream economists committed, from 1988 through 2008, was to [...]