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 […]
economics
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 […]
Phil Armstrong ‘It’s the same each time with progress, First, they ignore you, Then they say you’re mad, Then Dangerous, And then there’s a pause, And then you can’t …
The post ‘Tombstone for a Tombstone’: Dealing with the ‘bad science’ behind mainstream criticism of MMT appeared first on The Gower Initiative for Modern Money Studies.
The 2020-21 Mark Blaug Prize in Philosophy and Economics has been awarded to Malte Dold and Alexa Stanton (Pomona College) for their paper, “I Choose for Myself, Therefore I Am: The Contours of Existentialist Behavioral Economics“. The Blaug Prize is awarded by the Erasmas Journal for Philosophy and Economics (EJPE) and is intended to promote and reward the work of junior scholars in philosophy and economics. The prize is named for Mark Blaug (1927–2011), a founder of the field of philosophy and economics. The prize includes a cash sum of 500 Euros. Malte Dodd is an Assistant Professor in the Economics Department at Pomona College in California. Previously, he spent two years as a postdoctoral fellow at New York University. He holds a master’s degree in Philosophy and Economics from the University of Bayreuth, and received his PhD in Economics from the University of Freiburg. Alexa Stanton graduated from Pomona College magna cum laude in 2020, with a major in Philosophy, Politics, and Economics (PPE), and a minor in Computer Science.
As a young research stipendiate in the U.S. yours truly had the pleasure and privilege of having Hyman Minsky as a teacher. He was a great inspiration at the time. He still is. The concepts which it is usual to ignore or deemphasize in interpreting Keynes — the cyclical perspective, the relations between investment and […]
One question for Thomas Nicholas, a computational plasma physicist and former fusion researcher who now studies climate science at Columbia University.
The post When Will Fusion Energy Light Our Homes? appeared first on Nautilus.
A new book from Edward Elgar Publishing in association with GIMMS. The Gower Initiative for Modern Money Studies is pleased to announce that its book “Modern Monetary Theory: Key Insights, …
The post Modern Monetary Theory: Key Insights, Leading Thinkers appeared first on The Gower Initiative for Modern Money Studies.
The Australian Bureau of Statistics (ABS) released of the latest labour force data today (December 15, 2022) – Labour Force, Australia – for December 2022. My overall assessment is that the labour market started to enter a decline – albeit…
En vanlig missuppfattning när det gäller oönskad variabilitet i bedömningar är att det inte spelar någon roll eftersom slumpfel tar ut varandra. Det stämmer att positiva och negativa fel i en bedömning av samma fall mer eller mindre tar ut varandra och vi kommer att diskutera mer i detalj hur denna omständighet kan utnyttjas för […]