Category Archives: Economics

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

Precarious private balance sheets driven by fiscal austerity is the problem

The media has been giving a lot of attention in the last week to the 10-year anniversary of the Lehman Brothers crash which occurred on September 15, 2008 and marked the realisation, after months of denial, that there was a … Read the rest of this entry »

Posted in Central banking, Economics, Fiscal Statements, National Accounts | 28 Comments

The divide between mainstream macro and MMT is irreconcilable – Part 3

This is Part 3 (and final) of my series responding to an iNET claim that Modern Monetary Theory (MMT) and mainstream macroeconomics were essentially at one in the way they understand the economy but differ on matters of which policy … Read the rest of this entry »

Posted in Debriefing 101, Economics, Fiscal Statements | 14 Comments

The divide between mainstream macro and MMT is irreconcilable – Part 2

This is Part 2 of a three-part response to an iNET article (September 6, 2018) – Mainstream Macroeconomics and Modern Monetary Theory: What Really Divides Them?. In Part 1, I considered what we might take to the core body of … Read the rest of this entry »

Posted in Debriefing 101, Economics, Fiscal Statements | 13 Comments

The divide between mainstream macro and MMT is irreconcilable – Part 1

My office was subject to a random power failure for most of today because some greedy developer broke power lines in our area. So I am way behind and what was to be a two-part blog series will now have … Read the rest of this entry »

Posted in Debriefing 101, Economics, Fiscal Statements | 44 Comments

Reliance on household debt and a lazy corporate sector – a recipe for disaster

In yesterday’s blog post – Australian national accounts – growth continues but deep uncertainty looms (September 5, 2018), my theme was that the current period of economic growth in Australia was being built on what we might consider to be … Read the rest of this entry »

Posted in Economics, Labour costs, National Accounts | 10 Comments

Australian households running down savings and in a race to go broke

A short blog post today as it is Wednesday. I have also been travelling a lot and have been reading a lot. And have been otherwise distracted. But I thought this information was worth writing a few paragraphs about for … Read the rest of this entry »

Posted in Economics, National Accounts | 5 Comments

The government is not a household and imports are still a benefit

It is Wednesday and so a shorter blog post today while I spend more time writing other things. But there was one issue that was raised in the comments in the last week following my blog post – Build it … Read the rest of this entry »

Posted in Economics, Music | 31 Comments

Do not privatise the Australian Broadcasting Commission

It is Wednesday and my blog-light day. I am travelling a lot today and so have little time anyway for blog activities. Today, though, I reflect on the current demand by the conservatives in Australia to privatise our national broadcaster. … Read the rest of this entry »

Posted in Economics, Music | 9 Comments

ECB research provides a withering critique of mainstream macroeconomics

Although this blog post considers some very technical material its message is simple. Mainstream macroeconomic models that are used to determine policy choices by governments are deeply flawed and the evidence strongly supports a central thrust of Modern Monetary Theory … Read the rest of this entry »

Posted in Britain, Central banking, Economics, UK Economy | 24 Comments

Lower bond yields do not save the Japanese Government money

I was going to write about the situation in Timor-Leste after its national elections were held on Saturday. But I will hold that over for another day as I get some more information. So today, I think we can learn … Read the rest of this entry »

Posted in Economics, Fiscal Statements, Japan | 3 Comments