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Key economic policy issues brew in Washington

As Congress returns from its vacation, the U.S. president is trying to get his legislative agenda off the ground, having been distracted with an attempt to repeal Obama’s health care law and a controversy related to the dismissal of an FBI director, among other matters. This April article from Derek Thompson of The Atlantic summarizes

07 Sep 2017
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The economy moving through time

If you are into critiques of mainstream macro involving its cavalier treatment of the role of time, you might try this interesting blast from the Washington Center for Economic Growth, a Keynesian-leaning think tank. Here is the paper’s abstract from the organization’s website. Expansionary macroeconomic policy is ineffective because, according to the policy ineffectiveness hypothesis

05 Sep 2017
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Interdisciplinary signs of hope emerge during summer

Today, continuing in an academic vein, I provide links that may be useful for a range of economics students and other noneconomists. My synopses may be useful to still others, who may be seeking some alternative way of understanding the economy and economics. History’s importance: This summer, Phil Mirowski became Distinguished Fellow of the History

04 Sep 2017
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QE not key in explaining worrisome market signs

Following up on my last post, a Financial Times chart of the day highlights an inability of QE (quantitative easing) and other central bank activity to explain signs of danger on the bond markets. US tightening is proceeding very slowly and will result in no net tapering of QE at the world level. The markets

17 Jul 2017
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“Tantrum 2” uncovering worrisome securities overvaluation?

As US political observers watch the momentous attack on Obama’s Affordable Health Care Act unfold, the world’s financial markets continue to fret over a possible bond bust. Is financial instability about to become important again in the industrialized world? There are a number of things going on here, all of them reported in various financial news

15 Jul 2017
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Dictatorship in the workplace?

Imagine workplaces so oppressive they have come to the renewed attention of alarmed philosophers. Author Elizabeth Anderson of the U. of Michigan, an old instructor and cross-disciplinary colleague of mine–and other scholarly contributors–document the trend in Private Government: How Employers Rule Our Lives (and Why We Don’t Talk about It), a new book from Princeton

29 Jun 2017
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Cross-Border Post Keynesian conference closes

Yesterday and the day before were conference days for me, with the 6th Cross-Border Post Keynesian conference ending less than 24 hours ago on the Buffalo State campus. Among the many last-day highlights were the Edward Elgar book exhibit and a talk by Doyoun Won of the University of Utah. I gave two presentations on

21 Jun 2017
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Trump’s moves on macro policy make things tougher

Key macro policy moves on the part of the administration in recent weeks include: Appointments to the Fed (see my previous post) Proposed budget with cuts in nondefense discretionary items and net increases in defense (New York Times breakdown) A single-sheet tax plan with huge cuts for the rich and little for people of modest means

07 Jun 2017
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New Fed Board hawk a “reverse-causation” champion

The two probable Federal Reserve Board nominees whose names surfaced late last week should on balance bring a hawkish view on inflation to contest the mainstream (neoclassical) Keynesian stance of Chair Janet Yellen on macro policy. They can be expected to seek a higher trajectory for U.S. short-term and long-term rates. In particular, Marvin Goodfriend, one

06 Jun 2017
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The Nation gets around to MMT!

…and even says that it has “rock star appeal”–no surprise at our end, of course. The article on modern money theory is to appear in the magazine’s May 22-29 issue, and can be found on its website. For more on the media’s take on this movement in economics as well as the coordinates of some

24 May 2017
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