Keynes

In the last few weeks, I've been seeing a lot of buzz about Modern Monetary Theory aka MMT. And most of what I'm seeing is reductionist to the point of absurdity. When I see critics of MMT talking about it, they're mostly using MMT as a…

Germany is a member of a currency union over which it has no monetary authority. So no one can accuse the country of ‘manipulating’ its currency. Yet, Germany is displaying huge current account surpluses that are illustrative of a dangerous…

This post is going to just be a collection of thoughts I have on the subject of helicopter money based on conversations I have had with people for and against the idea.

From Minsky’s earliest work, he adopted what became known as the “endogenous money” approach that was revived by Post Keynesians in the 1980s. It is useful to return to Krugman’s critique of Minsky to compare Minsky’s early view of banking…

My contention has been that global growth is accelerating. Backing that up, yesterday I looked at four economies where growth has been good. Only in Sweden were we seeing renewed weakness. Today, I want to look at four economies where…

Over the past couple of years it has gradually become the consensus view that QE has failed because it hasn’t created the economic growth that everyone was hoping for. I find that view overly simplistic and naïve in equal measures. QE - or…

Now the bad times are back, and Krugman is trying resuscitate IS-LM. I argue that he should leave it dead – not for the reasons that the new classicals killed it off (being inconsistent with neoclassical microeconomics is a plus in my…

In the U.S. and in euro countries, policies aimed at stimulating exports are considered an effective response to lagging growth and recession. Viewing a net export balance as an economic virtue and a growth engine is a relic of Mercantilism…

The Euro is the national currency of a country that does not exist. Though there is a continent of Europe, as there is of America, there has never been a country of the United States of Europe, and there probably never will be. The Euro is…

Down with the Eurozone - Nouriel Roubini - Project Syndicate For the last decade, the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) were the eurozone's consumers of first and last resort, spending more than their income…