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BlogReader’s Guide to the Limitations of Orthodoxy
Matías Vernengo does a quick review of “Getting Up to Speed on the Financial Crisis,” which is a survey of work on the global financial crisis that will be published in the Journal of Economic Literature. “Getting Up to Speed” is intended as a “one-weekend-reader’s guide” to the crisis. It offers, says Vernengo, a fine [...] -
Blog
Fiddling in Euroland
The Financial Times got its hands on a confidential “debt sustainability analysis” that was circulated among eurozone finance ministers. The gist of the analysis is that the austerity measures being imposed on the Greek population will depress growth so brutally that the government will almost certainly not meet its debt reduction targets: …even under the [...] -
Public Policy Brief No. 122
Fiddling in Euroland as the Global Meltdown Nears
President Dimitri B. Papadimitriou and Senior Scholar L. Randall Wray argue that the common diagnosis of a “sovereign debt crisis” ignores the crucial role of rising private debt loads and the significance of current account imbalances within the eurozone. Profligate spending in the periphery is not at the root of the problem. Moreover, pushing austerity […] -
Blog
The Washington Post Goes “Unconventional”
Dylan Matthews had a piece on Modern Monetary Theory in the Washington Post yesterday that featured Levy Institute scholars James Galbraith and Randall Wray. WaPo also put together a “family tree” that displays some Post Keynesian and New Keynesian lineages. The piece has been bouncing around the internet, first with some supportive comments by Jared [...] -
You Know the Deficit Hawks. Now Meet the Deficit Owls.
The Washington Post, February 19, 2012. © 1996–2012 The Washington Post About 11 years ago, James K. “Jamie” Galbraith recalls, hundreds of his fellow economists laughed at him. To his face. In the White House. A discounted poster presenting US dollars bills in circulation is seen in the visitor center of the Bureau of Engraving […] -
Blog
Let’s Make a Deal
It has been recognized for well over a century that the central bank must intervene as “lender of last resort” in a crisis. In the 1870s Walter Bagehot explained this as a policy of stopping a run on banks by lending without limit, against good collateral, at a penalty interest rate. This would allow the [...] -
Blog
Definitely Not a Keynesian Suggestion
The people at Bloomberg appear to have made a curious error on their website yesterday. They have attributed an op-ed to Amity Shlaes that was almost certainly not written by her. You see, Amity Shlaes is a well-known skeptic of Keynes and all things Keynesian, having written the bible for those who like to claim [...] -
Blog
The New European Economic Dogma
If it controlled its own currency, the usual thing for a country like Greece to do in these circumstances would be to devalue. Since it doesn’t control its own currency, Greece is being “asked” to pull off an internal devaluation, or as C. J. Polychroniou puts it: Essentially, what they agreed to are additional measures [...] -
Working Paper No. 708The Road to Debt Deflation, Debt Peonage, and Neofeudalism
What is called “capitalism” is best understood as a series of stages. Industrial capitalism has given way to finance capitalism, which has passed through pension fund capitalism since the 1950s and a US-centered monetary imperialism since 1971, when the fiat dollar (created mainly to finance US global military spending) became the world’s monetary base. Fiat […] -
Working Paper No. 708
Ο δρόμος προς τον αποπληθωρισμό του χρέους, την πεονία και τον νεοφεουδαλισμό
O «καπιταλισμός» είναι καλύτερα κατανοητός σαν ένα σύστημα από μια σειρά από στάδια. Ο βιομηχανικός καπιταλισμός έχει παραχωρήσει τη θέση του στον χρηματοοικονομικό καπιταλισμό, ο οποίος εξελίχθηκε από τον καπιταλισμό των συνταξιοδοτικών ταμείων τη δεκαετία του ΄50 και τον αμερικανικό νομισματικό ιμπεριαλισμό από το 1971 όταν το πλαστό δολάριο (που δημιουργήθηκε κυρίως για τη χρηματοδότηση […] -
One-Pager No. 26
The New European Economic Dogma
Greece’s new EU/IMF bailout package is all about private sector wage cuts and an overhaul of labor rights. In short, it will do absolutely nothing to address the nation’s economic crisis because it is not designed to rescue Greece’s embattled economy. In fact, it will have the unwanted effect of keeping the nation locked in […] -
One-Pager No. 26
Το νέο ευρωπαϊκό οικονομικό δόγμα
Το νέο πακέτο «διάσωσης» της Ελλάδας από την ΕΕ και το ΔΝΤ έχει να κάνει κυρίως με την περικοπή μισθών στον ιδιωτικό τομέα και την ισοπέδωση των εργασιακών δικαιωμάτων. Εν ολίγοις, δεν κάνει απολύτως τίποτα για να αντιμετωπίσει την οικονομική κρίση επειδή δεν έχει σχεδιαστεί για τη διάσωση της ελληνικής οικονομίας, η οποία βρίσκεται σε […]