Category Archives: Economics

The catch-all category for my blogs reflecting my professional expertise as a full professor of economics.

Big business wants government to cut funding them immediately (if only)

Maybe the Australian Government should examine all its contracts with the biggest 121 companies in Australia and cancel them. Perhaps it should, where these companies provide public infrastructure consider setting up not-for-profit public companies to compete against the private 121 … Read the rest of this entry »

Posted in Economics, Fiscal Statements | 11 Comments

Amazing what politics does to people

In 2012, while unemployment and underemployment was still at elevated levels after rising in the early days of the GFC, non-government spending was weak, the external deficit was around 4 per cent of GDP, real GDP growth remained well below … Read the rest of this entry »

Posted in Economics, Fiscal Statements, Politics | 16 Comments

When fake knowledge peddled by macroeconomics starts to fail the ‘investors’

Last Tuesday, in Maastricht, I gave one of two lectures I presented in a series (the other was on the previous Monday night). The first lecture, which was public, focused on the Eurozone disaster and I outlined why an orderly … Read the rest of this entry »

Posted in Economics | 11 Comments

The failure of economics – reality and language

Yesterday (March 7, 2017), I presented the Second Lecture in the 3rd Annual Joan Muysken Lecture at Maastricht University. Unfortunately, the recording from the First Lecture, which I delivered on Monday evening (March 6, 2017) was corrupted but I am … Read the rest of this entry »

Posted in Economics | 8 Comments

Australia’s household debt problem is not new – it is a neo-liberal product

One of the defining features of the neo-liberal era has been the buildup of private debt, particularly household debt. The banks and policy makers all assured us that this was fine because wealth was being built with the debt until, … Read the rest of this entry »

Posted in Central banking, Economics, Fiscal Statements | 25 Comments

Mainstream macroeconomics – exudes denial while purporting to be progressive

The Federal Reserve Bank of Minneapolis recently published an Economic Policy Paper (February 7, 2017) – The Great Recession: A Macroeconomic Earthquake – by Lawrence J. Christiano (who is both at Northwestern University in Chicago and the Federal Reserve), which … Read the rest of this entry »

Posted in Economics | 20 Comments

Market manipulation and electricity blackouts

Australia is suffering the conjunction of a number of events in recent weeks which demonstrate the poverty of the neo-liberal approach that governments on both sides of the political fence have followed over the last three decades. Electricity prices are … Read the rest of this entry »

Posted in Climate change, Economics, Fiscal Statements, Politics | 13 Comments

There is hope – neo-liberalism is an historical aberration

Another lesson from history coming up. People of my generation studied the great books by Charles Dickens, which apart from their literary form, left an indelible impression of life in England during the period covered by the 1834 Poor Law. … Read the rest of this entry »

Posted in Britain, Economics, UK Economy | 19 Comments

Another Milton Friedman legacy bites the dust

Milton Friedman and his gang at Chicago, including the ‘boys’ that went back and put their ‘free market’ wrecking ball through Chile under the butcher Pinochet, have really left a mess of confusion and lies behind in the hallowed halls … Read the rest of this entry »

Posted in Economics, Fiscal Statements | 10 Comments

Australian Labor Party fails the fiscal test – badly

I guess the venality of the new US Presidency isn’t creating enough news for the Australian press. On January 29, 2017, the Fairfax press wheeled out the veritable debt scaremongering in this article – Scott Morrison to lift credit limit … Read the rest of this entry »

Posted in Central banking, Economics, Fiscal Statements | 10 Comments