Category Archives: Economics

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

Another fictional characterisation of MMT finishes in total confusion

I am travelling across Europe today and so am just writing this in between various commitments. I will soon be back home in Australia and have received a lot of E-mails about the way the Australian media has been treating … Read the rest of this entry »

Posted in Economics, Fiscal Statements, Framing and Language | 38 Comments

The conga line of MMT critics – marching into oblivion

The US-based Eastern Economic Association, which aims to promote “educational and scholarly exchange on economic affairs”, held its annual conference in New York over the weekend just gone. One of the panels focused on “New Views of Money” and I … Read the rest of this entry »

Posted in Economics, Fiscal Statements, Framing and Language | 53 Comments

Britain’s austerity costs are larger than any predicted Brexit losses

On February 21, 2019, the British Office of National Statistics (ONS) released the latest fiscal data for the British government – Public sector finances, UK: January 2019. There was a lot of press reaction applauding the result and even progressive … Read the rest of this entry »

Posted in Britain, Economics, Fiscal Statements, UK Economy | 17 Comments

The NAIRU/Output gap scam

There is a campaign on the Internet calling itself CANOO (the Campaign against nonsense output gaps) which one Robin Brooks, economist at the Institute of International Finance and former Goldman Sachs and IMF employee, is pursuing. You cannot easily access … Read the rest of this entry »

Posted in Economics, Eurozone, Fiscal Statements | 14 Comments

The erroneous ‘lets have a little, some or no MMT’ narrative

It is Wednesday – so just a few observations and then we get down a bit dirty (funky that is). Today, I consider the GND a bit, critics of MMT, Japan, and more. Never a dull moment really. I didn’t … Read the rest of this entry »

Posted in Central banking, Economics, Fiscal Statements, Framing and Language, Japan, MMT Textbook, UK Economy, US economy | 55 Comments

Those Imbecilic Keynesianisticists are loose – lock up your … whatever!

It is Wednesday – a blog lite day – sort of. I am travelling a lot today and I have a large report to finish. But I couldn’t resist typing out the term “Keynesianisticists”, which refers to those imbeciles who … Read the rest of this entry »

Posted in Economics, Fiscal Statements, Framing and Language, Hyperinflation, Music | 33 Comments

The brainwashing of economics graduate students

I was reminded this week of an interesting studies published in 1987 by Arjo Klamer and David Colander on the influences that go into the training of a professional economist. This study was repeated by Colander in 2005. The results … Read the rest of this entry »

Posted in Economics | 19 Comments

Nations heading south as austerity continues

On the back of a decelerating inflation rate, Italy in recession, Germany not far behind, terrible PMI in Europe, Eurostat released the latest retail sales data yesterday (February 5, 2019) – Volume of retail trade down by 1.6% in euro … Read the rest of this entry »

Posted in Economics, Eurozone, Music | 17 Comments

MMT is sending us crazy – the end is near … hold on, not quite near

The – Final Report – from Australia’s Royal Commission into to Misconduct in the Banking, Superannuation and Financial Services Industry was released to the public yesterday. The Commission was conducted under highly restricted terms of reference and barely scratched the … Read the rest of this entry »

Posted in Central banking, Economics, Fiscal Statements | 32 Comments

There is no internal MMT rift on trade or development

I was going to write about Jamaica today but this topic emerged that I thought I should deal with before I write about the home of reggae. In fact, some of the material is input into a reasoned discussion about … Read the rest of this entry »

Posted in Capital controls, Economics, Fiscal Statements, Framing and Language, IMF | 36 Comments