‘New Keynesian’ macroeconomists have for years been arguing (e.g. here) about the importance of the New Classical Counter Revolution in economics. ‘Helping’ to change the way macroeconomics is done today — with rational expectations, Euler equations, intertemporal optimization, and microfoundations — their main critique of New Classical macroeconomics is that it didn’t incorporate price stickiness […]
economics
“When people live in a fair, caring society, where everyone has equal access to social goods, they don’t have to spend their time worrying about how to cover their basic …
The post Collapsing services and neglected people in a disintegrating society that could be thriving appeared first on The Gower Initiative for Modern Money Studies.
One question for Ralph Chami, assistant director at the International Monetary Fund.
The post How Much Is a Living Elephant Worth? appeared first on Nautilus.
Contrary to the tenets of orthodox economists, contemporary research suggests that, rather than seeking always to maximise our personal gain, humans still remain reasonably altruistic and selfless. Nor is it clear that the endless accumulation of wealth always makes us happier. And when we do make decisions, especially those to do with matters of principle, […]
Preferensbaserad diskriminering bygger på att exempelvis arbetsgivare, kunder eller medarbetare hyser en motvilja mot dem som tillhör en viss grupp. Sådan diskriminering kan leda till löneskillnader mellan diskriminerade och icke-diskriminerade grupper. Löneskillnaderna kan emellertid undermineras av konkurrens, som gör att arbetsgivare utan diskriminerande preferenser kommer att göra större vinst och tränga ut diskriminerande arbetsgivare fran […]
I denna nyutkomna bok presenterar Mikael Priks och Jonas Vlachos — professorer i nationalekonomi vid Stockholms universitet — en genomgång av viktiga metoder ekonomer har till sitt förfogande för att göra empiriska analyser av stora och aktuella samhällsfrågor. Med utgångspukt i ekonometriska och statistiska modeller diskuterar man vilka olika identifikationsansatser som används för att undgå […]
The mainstream textbook concept of money multiplier assumes that banks automatically expand the credit money supply to a multiple of their aggregate reserves. If the required currency-deposit reserve ratio is 5%, the money supply should be about twenty times larger than the aggregate reserves of banks. In this way, the money multiplier concept assumes that […]
Sad news has reached us today. Only two weeks after Victoria Chick’s death, another giant among Post Keynesian economists, Luigi Pasinetti, passed away yesterday at the age of 92. R.I.P.
As Oskar Morgenstern noted in his 1928 classic Wirtschaftsprognose: Eine Untersuchung ihrer Voraussetzungen und Möglichkeiten, economic predictions and forecasts amount to little more than intelligent guessing. Making forecasts and predictions obviously isn’t a trivial or costless activity, so why then go on with it? The problems that economists encounter when trying to predict the future really […]