Tags » Macroeconomics

'Phony' jobs numbers and disguised unemployment

Donald Trump has claimed that the jobs figures for the US under Barack Obama were ‘phony’. Now with the first set of monthly jobs figures published under his presidency, he has claimed credit for the picture they give of a healthy labour market. 1,211 more words

Political Economy

It's the private debt, stupid

An eleven-minute interview with post-Keynesian economist Steve Keen, which begins one minute into the video. He discusses the huge accumulation of private debt in the US and how it is to blame for the Great Recession and the aftermath of sluggish growth. 48 more words

Economics

Beating a dead horse - on rational expectations by Lars P. Syll

If I ask myself what I could legitimately assume a person to have rational expectations about, the technical answer would be, I think, about the realization of a stationary stochastic process, such as the outcome of the toss of a coin or anything that can be modeled as the outcome of a random process that […]

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Political Economy

Learning from the Great Depression - Michael Roberts

Recently, the economics editor of the Guardian newspaper in the UK, Larry Elliott, presented us with a comparison of the Great Depression of the 1930s and now.

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Political Economy

Budget deficits forever?

Below is a helpful quote from post-Keynesians Wynne Godley and Marc Lavoie on fiscal deficits and full employment. I am sceptical, based on economic history, that full employment can be sustained for lengthy periods under capitalism, which Keynesians claim is possible given the right policies. 360 more words

Political Economy

Neoliberalism Was Supposed to Make Us Richer: Three Reasons Why It Didn’t

By Chris Dillow

Chris Edwards says the privatizations started by Thatcher “transformed the British economy” and boosted productivity. This raises an under-appreciated paradox.

The thing is that privatization isn’t the only thing to have happened since the 1980s which should have raised productivity, according to (what I’ll loosely call) neoliberal ideology. 67 more words

Political Economy

Economists ignore one of capitalism's biggest problems - by Steve Keen

By Steve Keen | Evonomics I like Joe Stiglitz, both professionally and personally. His Globalization and its Discontents was virtually the only work by a Nobel Laureate economist that I cited favourably in my Debunking Economics, because he had the courage to challenge the professional orthodoxy on the “Washington Consensus”.

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Political Economy