Tribute to Jan Johansson
A great pianist’s tribute to another great pianist. Absolutely magnificent !
View ArticleEconomists — nothing but a bunch of idiots savants
Let’s be honest: no one knows what is happening in the world economy today … Policymakers don’t know what to do. They press the usual (and unusual) levers and nothing happens. Quantitative easing was...
View ArticleHeretics and mainstream defenders
Larry Elliott wrote a Guardian article the other day criticizing mainstream economics, arguing that we should stop treating economics as a science because it is nothing of the sort. A proper science...
View ArticleIf only Trump had read Abba Lerner!
The first financial responsibility of the government (since nobody else can undertake that responsibility) is to keep the total rate of spending in the country on goods and services neither greater nor...
View ArticleTrumpian trickle down
Trump and the GOP delivering a huge gift to US corporations and shareholders. The only trickle down to workers going on is probably best described in analogy to the above picture …
View ArticleIs it time to ditch the natural rate hypothesis?
Fifty years ago Milton Friedman wrote an (in)famous article arguing that (1) the natural rate of unemployment was independent of monetary policy, and (2) trying to keep the unemployment rate below the...
View ArticleFacebook destroys democracy
ZEIT: Die Monopolstellung ist also mehr als ein marktwirtschaftliches Problem? Ferguson: Sie ist ein riesiges Problem. In der gesamten Menschheitsgeschichte galt der öffentliche Raum als nicht...
View ArticleFarewell to neoliberalism
KR: The death of the centre-left has also led to the rise of the Right. You note … that working class white women overwhelmingly voted for Trump, while Clinton lost votes among African Americans and...
View ArticleA Happy New Year to all my blog readers
Tired of the idea of an infallible mainstream neoclassical economics and its perpetuation of spoon-fed orthodoxy, yours truly launched this blog six years ago. The number of visitors has increased...
View ArticleThe causes of secular stagnation and the loanable funds theory
What are the causes of secular stagnation? What are the solutions to revive growth and get the U.S. economy out of the doldrums? … One headline conclusion stands out: the secular stagnation is caused...
View ArticlePseudo-vetenskapligt mumbo jumbo på svenska universitet
Jag sprang nyligen på en sammanställning av genusdoktorsavhandlingar från 2014. Många godbitar. Men en av dem var särskilt anmärkningsvärd, nämligen nummer 19 i uppräkningen. Det handlar om...
View ArticleKrugman’s misapplication of neoclassical growth models
The fallacies loanable funds theory commits might be explainable by the misapplication of some ideas and concepts of neoclassical growth models … to the sphere of money and finance … The Ramsey and...
View ArticleDSGE models — unparalleled and spectacular failures
The unsellability of DSGE models — private-sector firms do not pay lots of money to use DSGE models — is one strong argument against DSGE. But it is not the most damning critique of it. To me the most...
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