Category Archives: Economics

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

The ‘post-truth’ era – nothing new in mainstream economics

The dictionary says Post Truth is the “fact or state of being post-truth; a time period or situation in which facts have become less important than emotional persuasion”. But I prefer to be direct – not to mince words – … Read the rest of this entry »

Posted in Debriefing 101, Economics | 15 Comments

Our affect is driving us back to a need for continuous fiscal deficits

The field of psychology is usually ignored by mainstream economists, which, in its typically arrogant and closed practice, adopts a series of a priori assumptions about human behaviour – the so-called Homo economicus – where were are always rational and … Read the rest of this entry »

Posted in Britain, Economics, Fiscal Statements, UK Economy, US economy | 11 Comments

Poor fiction from the OECD – the organisation should be abolished

In assessing the role of the multilateral international institutions such as the IMF, the World Bank, and the OECD, one has to have an idea of what their purpose is. The IMF was created to provide funding support to nations … Read the rest of this entry »

Posted in Economics, Fiscal Statements | 16 Comments

When New is Old and just another exercise in denial

There is now a so-called “New View of fiscal policy”, which, in fact, is not all that different to the “Old View” although the proponents are hell-bent on convincing us (and presumably themselves) otherwise. The iterative bumbling along of mainstream … Read the rest of this entry »

Posted in Central banking, Economics, Fiscal Statements | 20 Comments

Using welfare systems to hide the problem of deindustrialisation

There have been lots of E-mail requests overnight for commentary on the US election result. I think that space is pretty crowded at present – with Clinton supporters trying to reconstruct events to defray their responsibility (a denial strategy), in … Read the rest of this entry »

Posted in Economics, Eurozone, UK Economy, US economy | 19 Comments

ECB – every which way but to the point

Eurostat released the latest national accounts data for the Eurozone yesterday (October 31, 2016) – Preliminary flash estimate for the third quarter of 2016 – which showed that real GDP grew by 0.3 per cent in the third-quarter 2016, unchanged … Read the rest of this entry »

Posted in Central banking, Economics, Eurozone | 5 Comments

A Job Guarantee ensures there is always a job for the unskilled

Economists often use the so-called Unemployment-Vacancy (UV) ratio, which is the number of official unemployed divided by the number of unfilled vacancies at any point in time, to measure the strength of the labour market. The latest data from the … Read the rest of this entry »

Posted in Economics, Job Guarantee, Labour Force | 7 Comments

The case against free trade – Part 1

Like many aspects of mainstream economic theory – free trade – is one of the concepts that sounds okay at first but the gloss quickly fades once you understand the basis of the theory and how it derives its seemingly … Read the rest of this entry »

Posted in Demise of the Left, Economics | 9 Comments

Rising inequality and underconsumption

John Atkinson Hobson was an English economist in the second-half of the C19th and worked well into the C20th, dying at the age of 81 in 1940. I have been reflecting on his work in the context of wage and … Read the rest of this entry »

Posted in Demise of the Left, Economics | 9 Comments

The ‘World’s Wrongest Man’ at it again – when does credibility evaporate?

The “World’s Wrongest Man”, one Michael Jay Boskin, an economics professor at Stanford and former chairperson of the Council of Economic Advisors under George W. Bush is back with another stunning piece of sophistry. He has been an outspoken Op … Read the rest of this entry »

Posted in Economics | 16 Comments