Credit: www.marketplace.org/2019/01/24/modern-monetary-theory-explained/ Modern Monetary Theory (MMT) is an idea that’s gathered growing support since the term was first coined in Full Employment Abandoned, a book published by Bill Mitchell and Joan Muysken, both academic economists, in 2008. This is recent…
Tag: economics
Nine reasons not to study economics
1 It’s not a science. Economists present themselves as champions of a discipline with the rigour of physics. The models you’ll learn about are presented algebraically and will borrow from real sciences, particularly hydraulics. But the material of economics isn’t…
Keir Starmer and the end of the Fabian dream
Keir Starmer delivers the leader’s speech at the annual Labour Party conference in Brighton on 29 September 2021. Is he Fabianism’s final hurrah? In January 1884, seven men and two women who were by the standards of the time dreamers…
Capitalism has no future when there’s no risk
In the short-run we may all be dead: defining the principles of Covidnomics
In 1890, Cambridge Professor Alfred Marshall published Principles of Economics, considered the first complete economics text book. Arguably, it’s the source of everything the discipline comprises. Marshall’s key idea was distilled into a graph where demand and supply curves intersected…
The problem with productivity
The fall in the rate of growth of labour productivity is a sign of that advanced economies could face a long period of low economic expansion and financial instability, UCL professor Michael Jacobs told the Rethinking Capitalism meeting last night…
Economics and the EU Single Market
The Single Market is at the heart of the EU project. According to European Commission, the bureaucracy that administers EU law and regulations, the Single Market “… refers to the EU as one territory without any internal borders or other…
IMF calls for greater influence for developing nations
The IMF in a seminal paper published on 2 October ahead of its annual meeting in Lima next week has called for a radical change in the governance of the fund to reflect the growing importance of emerging and developing…
Policymakers show interest in Steve Keen’s financial instability model
Policymakers, disillusioned with conventional general equilibrium models that failed to forecast the 2007/08 financial crisis, are showing interest in a new financial instability model developed by Australian economist Steve Keen. Keen told the annual Association for Heterodox Economics conference in…
The economics of Laudato Si
Pope Francis, head of the Catholic church, has once again courted controversy by intervening in the debate about pollution and global warming in an encyclical (a letter) dated 24 May and publicly released on 18 June. The text, which runs for more…