Category Archives: Economic History

On Gold Buggery

My piece on gold bugs, their culture and their silliness is now online at The New Internationalist website for all you lousy folks that didn’t bother picking up a copy. It was one of the most fun pieces I ever … Continue reading

Posted in Economic History, Economic Policy, Market Analysis, Media/Journalism | 10 Comments

Inflation is NOT Always and Everywhere a Monetary Phenomenon

Monetarism is a hoary old myth that does its damage in two distinct ways. The first is that, piggybacking on Milton Friedman’s personality, basically an entire generation of economists are actually monetarist in their practical thinking. Greg Mankiw once remarked … Continue reading

Posted in Economic History, Economic Theory | 57 Comments

The Phillips Curve: Timelessly Misleading

Tom Palley has written a blog post politely requesting that Paul Krugman might give a bit of recognition to non-mainstream contributors to economics. It would be nice to see this happen but I doubt that it will (although Palley is … Continue reading

Posted in Economic History, Economic Theory | 28 Comments

The Great Unwinding: Some Thoughts on the Incoherence of Mainstream Economics

A recent post by Lord Keynes inspired me to write up some very general thoughts on the state of mainstream economics. Today, I believe, mainstream economics is completely incoherent. What do I mean by that? Well, basically if you are … Continue reading

Posted in Economic History, Economic Theory | 31 Comments

Against Marginalist Pricing Theory: US Consumer Prices and Capacity Utilisation

Marginalist economic theory tells us that when there is unemployment of capital resources prices should fall. Some marginalists like the New Keynesians and the neo-Keynesians will supplement this by saying that prices can tend to be ‘sticky’. Let us ignore … Continue reading

Posted in Economic History, Economic Theory | 59 Comments

Interest Rates and ‘Reserve Constraints’: Why Endogenous Money Works Without Central Bank Intervention

Endogenous money advocates often think that a central bank is required in order to offset increases in government borrowing. The story goes: the central bank targets the overnight interest rate by buying up government securities; if the government issues more … Continue reading

Posted in Economic History, Economic Theory | 56 Comments

The Eurozone: An Awful Mess

I have an article that went up on Al Jazeera yesterday. It’s on the future of the Eurozone and its got some good responses so far. Readers might be interested. The European single currency system spirals further out of control

Posted in Economic History, Economic Policy | 6 Comments