. Une des erreurs fondamentales dans le débat actuel sur la dette publique et le déficit budgétaire est de ne pas distinguer entre différents types de dettes. Même s’il est vrai qu’à l’échelle macroéconomique, les dettes et les actifs s’équilibrent nécessairement, il est loin d’être insignifiant de savoir qui détient les actifs et qui supporte […]
economics
. Viele Politiker und mediale ‘Experten’ scheinen (oder wollen) nicht verstehen, dass ein entscheidender Unterschied zwischen privaten und öffentlichen Schulden besteht. Wenn eine Einzelperson versucht zu sparen und ihre Schulden zu reduzieren, kann das durchaus vernünftig sein. Aber wenn alle dies tun, sinkt die gesamtwirtschaftliche Nachfrage, und das Risiko einer steigenden Arbeitslosigkeit wächst. Eine einzelne […]
The rational expectations hypothesis presupposes — basically for reasons of consistency — that agents have complete knowledge of all of the relevant probability distribution functions. When trying to incorporate learning in these models — trying to take the heat of some of the criticism launched against it up to date — it is always a […]
Mainstream economics has sadly made economics increasingly irrelevant to the understanding of the real world. Trying to contribute to making economics a more realist and relevant science, yours truly launched this blog in March 2011. Now, thirteen years later and with millions of page views, yours truly’s blog is ranked on Top 100 Economics Blogs. […]
. Even in the most advanced industrial economies, if we strip exchange down to its barest essentials and peel off the obscuring layer of money, we find that trade between individuals and nations largely boils down to barter. Paul Samuelson You will find similar nonsense stories told in almost all mainstream textbooks today. And the […]
I sin senaste bok — Superrika och jämlika — argumenterar Daniel Waldenström för att vi i Sverige idag är mer jämlika än någonsin. De flesta andra jämlikhetsforskare delar inte denna uppfattning. Vad stämmer egentligen? I dagens Starta Pressarna gästades Daniel Suhonen av Daniel Waldenström och medie- och kommunikationsvetaren Axel Vikström. I Tidningen Näringslivet kunde vi för […]
by Noam Yuran* I noticed that when people see the title of my new book The Sexual Economy of Capitalism, they automatically assume that it is about the way capitalism shapes our most intimate spheres: how market relations permeate emotions, love life, sexuality and marriage. In fact, the book follows the opposite path. It is […]
. In modern times legal currencies are totally based on fiat. Currencies no longer have intrinsic value (such as gold and silver). What gives them value is basically the simple fact that you have to pay your taxes with them. That also enables governments to run a kind of monopoly business where they never can […]
Economists have sometimes misled us with their belief that it is their job to tell “white lies” to scare the population into “behaving themselves.” We think that is the wrong approach. This book trusts you, the reader, with that truth. We trust you to do what you can to spread the truth and to hold […]
Keynes’s signal contribution was to switch the emphasis from interest rate adjustments to changes in income as the key macroeconomic adjustment mechanism. In so doing, he argued that the interest rate and asset prices adjust to clear balance sheets incorporating stocks, not flows, of financial claims. He pioneered national income accounting which now reveals the […]