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Category Archives: Economic Policy
The Job Guarantee, Wage-Price Inflation and Alternative Solutions
Before I start this post I should make one thing abundantly clear: I strongly support the idea of a Jobs Guarantee (JG) program. I think that the benefits it might bring to society so far outweigh its potential drawbacks that … Continue reading
Posted in Economic Policy, Economic Theory
30 Comments
Thinking Makes It So: The IMF Bailout of the UK in 1976 and the Rise of Monetarism
Monetarism began it’s rise to world prominence in the ever-conservative Bundesbank in 1974. But it would be the government of Margaret Thatcher in the UK, elected in 1979, that would truly launch monetarism in central banking. After Thatcher’s monetarist experiment … Continue reading
Posted in Economic History, Economic Policy, Economic Theory
10 Comments
When Marxists Deploy the Quantity Theory of Money and Other Economic Nonsense
It’s truly infuriating to watch left-wingers talk absolute nonsense when discussing the economy. I encounter it all too often. What you generally get is a hodge-podge of incoherent economic ideas — usually incorporating the worst aspects of right-wing doctrines like … Continue reading
Posted in Economic Policy, Economic Theory
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A New Era of Central Banking?
As I noted in my last post the Bank of England have released an official policy document that concedes that much of Post-Keynesian endoegnous money theory is indeed correct. Interestingly, they have also released some Youtube clips with the authors … Continue reading
Posted in Economic History, Economic Policy, Economic Theory
3 Comments
Bank of England Endorses Post-Keynesian Endogenous Money Theory
Well, the Bank of England has finally come out and said it: loans create deposits; banks create money and don’t simply lend out savings; and the money multiplier in the economics textbooks is false. Actually, we’ve known this for a … Continue reading
Posted in Economic Policy, Economic Theory
17 Comments
Basic Macroeconomics of Income Distribution Cannot Explain Today’s Rising Inequality
I was recently looking over the debates surrounding the Pasinetti theorem and I thought it might be worth writing a few words on it. Pasinetti formulated his theorem — which is dealt with in detail in a fantastically thorough Wikipedia … Continue reading
James Galbraith’s ‘The Predator State’: A Testament to Our Turbulent and Troubled Era
I’m currently rereading James Galbraith’s The Predator State and I must say that it is quite a formidable work. There is one issue that I want to tackle — namely, Galbraith’s treatment of the supply-side arguments of the 1970s and … Continue reading
Posted in Economic History, Economic Policy
2 Comments
Moar Scotland: Are They Dependent on Rising Oil Prices?
Sorry folks! No new blog posts today on how crap economic theory is and so forth. I’m still working on getting the Gradualis blog off its feet. But for those of you interested in Scottish independence we have a post … Continue reading
Posted in Economic Policy
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Scottish Sectoral Balances
The Scottish government yesterday released key statistics that allow us to calculate the sectoral balances of the country. I have done so for our emerging think tank Gradualis and have posted the results on the Gradualis blog. Scottish Sectoral Balances … Continue reading
Posted in Economic Policy
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What is the Monetarist Position on Fiscal Deficits and is it Similar to Krugman’s?
In my previous post I showed that Krugman’s recent piece on Argentina completely glossed over the data in its assertions that the inflation in that country was due to fiscal deficits**. I also, somewhat offhandedly, referred to his argument as … Continue reading
Posted in Economic History, Economic Policy, Economic Theory
36 Comments
Fixing the Economists 