Some ideas from the web on the corporate income tax

I focused on some basic macroeconomic analysis of the likely effects of the tax bills last time. As this New York Times article pointed out over the weekend, many of the pros and cons being discussed in Washington involve taxation of corporations vs. individuals and noncorporate businesses. So one might also want to ask: Should

12 Dec 2017

Homegrown fiscal policy model tackles tax reform scenarios

The tax bills have not won high marks from economists or observers in the press. Speaking at the broadest level, the concerns relate to fairness and aggregate impacts on debts, deficits, and growth: 1. The bill is mostly bad for the poor and middle classes and benefits the well-off unfairly. 2. While pro-growth effects are

11 Dec 2017

Larry S. Lousy on Tax Reform?

Not exactly. In the Financial Times Larry Summers cites three signs of pure self-interest behind the bill introduced in Congress Thursday.  One is lousy in my view, the rest fine. Summers’s arguments are that: (1) “The plan would increase the deficit by $1.5 trillion in the decade and potentially more in the future.” Unfortunately, outstanding debt

07 Nov 2017

More big market power to follow tech innovations?

When markets are dominated by a few competitors, the market power they enjoy is likely to increase, resulting in a more lopsided distribution of the economy’s bounty. There is a great deal of talk that our economy are pointed in that direction. On NPR’s Fresh Air with Terry Gross last night, “How 5 Tech Giants

27 Oct 2017

The mainstream’s big prize spurs a bit more discussion

Putting the selection of Richard Thaler in context is a story from the BBC, which takes the occasion to revisit the issue of the lack of women winners and the underrepresentation of women in the profession generally. The BBC adds to an ongoing discussion related to gender in economics, taking in the whole scene and pointing

13 Oct 2017

Econoclast Rosser on economics prize

Barkley Rosser has been deeply involved in the economics of John Maynard Keynes, along with nonlinear dynamics. In Econospeak, a blog billed as the “Annals of the Economically Incorrect,” he comments on the recent awarding of the Nobel Memorial Prize (needless to say, not in the group of Nobels awarded in fields such as literature, peace,

11 Oct 2017

New York Times features new MMT brief!

Stephanie Kelton takes the Modern Monetary Theory (MMT) case about federal deficits and debt to the readers of the New York Times in a piece posted to the paper’s site today. We are suffering from a deficit obsession, according to her in this op-ed piece. Objections to the tax plan’s unfairness and lack of realism

06 Oct 2017

Correcting GDP for big finance; A new website venture

I was in New York yesterday at the New School for Social Research to be there for an informal presentation by Jacob Assa, a stock-flow-consistent modeling enthusiast. I seek to incorporate the principles of this approach to modeling into work that I do, including my collaborative effort with Tai Young-Taft. Assa argues that the GDP

04 Oct 2017

Article: Recent anthropological thought supports heterodox views

The New Yorker reviews two new books in anthropology that have a bearing on stories economists tell. It is interesting to note that the up-to-date work on prehistoric societies in the article is still in line with work from the 1960s suggesting that early humans (before settled civilizations) lived in egalitarian societies and did not

27 Sep 2017

First Annual Conference of Modern Monetary Theory underway

This Kansas City conference began last night and runs through Sunday. For those of us who cannot attend, the conference panels can be viewed online! The page for live steaming video seems to be working. Our readers will recall that MMT comes up often in this space.

22 Sep 2017
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