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Cool: On austerity: Elizabeth Warren supports increased Social Security at a new poverty policy site at the Center for American Progress, TalkPoverty. Signs of an austerity trap in the U.K. continue, with the FT reporting yesterday on an unexpectedly large budget gap in the U.K. after years of fiscal tightening. From Bill Mitchell’s Billy Blog:

12 Mar 2016
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Sanders’s economic plan: interesting questions remain, part 2

We continue our discussion of how big the effects might be of a large fiscal stimulus, inspired by the debate over Sanders’s plans and the realism of projected growth rates of more than 5 percent, which were called into question recently by economists Christina and David Romer. Is it dubious economics to suggest that a

08 Mar 2016
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The Sanders plan: interesting Keynesian questions remain

While we were away and then battling illness, New York Times columnist Justin Wolfers  called the debate on the effects of Sanders’s economic plans, which include expenditures on health care and other programs, along with efforts to redistribute income from rich to poor. Wolfers quotes a study by Christina and David Romer, who are not

07 Mar 2016
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More Sanders’s health care plan economics

More emerges on the dispute among left-of-center economists over the possible economic consequences of Sanders’s plan according to a study by G. Friedman of the University of Massachusetts Amherst. (New links follow below.) The key argument hinges on how low unemployment can get before hitting an inflationary barrier. In other words, the allegedly implausible argument

23 Feb 2016
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New controversies over health care finance

Paul Krugman has been pointing to the nuttiness of many Republican presidential candidates’ economic positions on the Presidential campaign trail: mostly he focuses on criticisms of expansionary monetary policy during times of high unemployment, which run up against the logic of standard countercyclical macro policy—lower stimulus in economic booms, higher stimulus in troughs. Following a

18 Feb 2016
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Department of cutting edge technologies

Department of the technological frontier: This highly praised New York Times bestseller, which actually came out in 2014, could turn out to be the finance book of the year some year. What will happen in the financial markets if telepathy is achievable using the same type of technology now being developed to help people share

05 Feb 2016
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Unshared income gains evident in data presented at conference

Above these words is a figure that is interesting and meaningful to many macroeconomists. It also happens to be from the conference session in honor of Middlebury economist Bob Prasch, who is among those who passed away last year. It is provided by the presenter, David Howell, an economist with the New School for Social

27 Jan 2016
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Junk bonds: ongoing disaster

Gretchen Morgenson argues in the New York Times that the below-investment-grade bond market in the U.S. may be headed for more losses. On Sunday, Dealbook columnist Landon Thomas discusses emerging-market fears among investors . Earlier  in the month, the New York Times‘s end-of-year mutual fund report weighed the pros and cons of junk bonds as

25 Jan 2016
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Another Minsky book link

Having mentioned Randy Wray’s new book on H. P. Minsky (Why Minsky Matters) in a recent post, I should mention that there the publisher is giving away the first chapter away for free on its website. The chapter outlines Minsky’s biography and his theory of financial fragility and the relevance of his work to recent

22 Jan 2016
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Thanks, Bob

I have promised to follow up on an earlier post on friend Bob Prasch, who passed away last year. He was the subject of a session sponsored by AFEE at the recent San Francisco economics conference. Again, the acronym stands for Association for Evolutionary Economics. As many will know, the first generation of U.S. Institutionalists

15 Jan 2016
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