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BlogTax Bads, Not Goods
This is another installment in the series on the MMT view of taxes. I’m back from China, participating in the annual Hyman P. Minsky Summer Seminar at the Levy Economics Institute. Yesterday my colleague, Mat Forstater, gave a talk on the job guarantee and “green jobs.” Along the way he made two particularly insightful comments [...] -
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Inequality, Unsustainable Debt, and the Next Crisis
In The Guardian, Dimitri Papadimitriou warns that the combined forces of persistent inequality, shrinking government budgets, and the US trade deficit are setting the stage for another private-debt-driven financial crisis: Right now, America is wrestling a three-headed monster of weak foreign demand, tight government budgets and high income inequality, with every sign that these conditions [...] -
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Daniel Alpert at the Minsky Summer Seminar
On Saturday, Daniel Alpert delivered the closing remarks at the Levy Institute’s Hyman P. Minsky Summer Seminar: Minsky had the rarely seen ability to stand back from all he had learned—even at times from his own mentors—and not only see and articulate what was misunderstood, what wasn’t working, but also to explain why conventional wisdom is often not [...] -
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“Who Is Minsky and Why Should We Care?”
These two interview segments, with Marshall Auerback and Edward Harrison (at 23mins), feature some basic discussion of Hyman Minsky and his view of financial crises: [iframe width=”427″ height=”255″ src=”http://www.youtube.com/embed/ppjeupTYPz4?feature=player_detailpage&start=895″ frameborder=”0″ allowfullscreen></iframe] -
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To Consolidate or Not to Consolidate, That Is the Question (or maybe it isn’t)
This is another short post on MMT, a sort of follow-up to my post from a couple of days ago. There was an interesting response to various comments on my piece, which was posted up on Mike Norman’s website. We got the typical: “oh you MMTers always want to consolidate the Fed and Treasury, but really [...] -
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End of Week Links 6/27/2014
Ann Pettifor, “Out of thin air — Why banks must be allowed to create money” “In his regular column, Martin Wolf called for private banks to be stripped of their power to create money. Wolf’s proposals are radical, and would give a small committee – independent of the state – a monopoly on money creation. … Furthermore, Wolf argues, private [...] -
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Something Is Rotten in the State of Denmark: The Rise of Monetary Cranks and Fixing What Ain’t Broke
Horatio: He waxes desperate with imagination. Marcellus: Let’s follow. ‘Tis not fit thus to obey him. Horatio: Have after. To what issue will this come? Marcellus: Something is rotten in the state of Denmark. Horatio: Heaven will direct it. Marcellus: Nay, let’s follow him. Hamlet Act 1, scene 4 Marcellus is right, the Fish of [...] -
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Stiglitz, Galbraith, and Milanovic on Inequality
From Columbia University’s Heyman Center for the Humanities: [iframe src=”http://player.vimeo.com/video/99560896″ width=”450″ height=”253″ frameborder=”0″ webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe> <p><a href=”http://vimeo.com/99560896″>Highlights: Joseph Stiglitz, James K. Galbraith, and Branko Milanovic on “Global Inequality”</a> from <a href=”http://vimeo.com/heymancenter”>Heyman Center/Society of Fellows</a> on <a href=”https://vimeo.com”>Vimeo</a>.</p] -
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Predatory Capitalism and the System’s Denial in the Face of Truth
Contemporary capitalism is characterized by a political economy which revolves around finance capital, is based on a savage form of free market fundamentalism, and thrives on a wave of globalizing processes and global financial networks that have produced global economic oligarchies with the capacity to influence the shaping of policymaking across nations. As a result, [...] -
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Greece: The Impact of Austerity on Migration
The chart above documents another striking feature of the impact of the recession on Greece. The Hellenic Statistical Authority (ElStat) has recently released the new quarterly data on employment and the labor force, which includes a measure of the population aged 15 or more (Table 1). While the series published in the previous release exhibited [...]