Monthly Archives: October 2012

Fiscal austerity violates basic economic efficiency requirements

Economists like to tell students about efficiency. The concept – which really distils down to – zero waste (even though that term is loaded) – is drilled into undergraduates and graduates alike as a dogma that should not be violated. … Read the rest of this entry »

Posted in Economics | 13 Comments

When you’ve got friends like this – Part 9

The progressive side of politics is at the best of times, fragmented. The conservatives are much more organised and fund various “think tanks” very generously. These think tanks then provide the arguments upon which the conservative attack on government intervention … Read the rest of this entry »

Posted in Friends like this | 19 Comments

The Asian Century White Paper – spin over substance

Yesterday, the Australian Prime Minister launched the latest Federal Government statement, the – Australia in the Asian Century White Paper. The White Paper is full of jargon and superficial tags – such as “Australia’s 2025 aspiration”. While I am not … Read the rest of this entry »

Posted in Economics | 5 Comments

Saturday Quiz – October 27, 2012 – answers and discussion

Here are the answers with discussion for yesterday’s quiz. The information provided should help you work out why you missed a question or three! If you haven’t already done the Quiz from yesterday then have a go at it before … Read the rest of this entry »

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Saturday Quiz – October 27, 2012

Welcome to the Billy Blog Saturday Quiz. The quiz tests whether you have been paying attention over the last seven days. See how you go with the following questions. Your results are only known to you and no records are … Read the rest of this entry »

Posted in Saturday quiz | 1 Comment

Sectoral balances – Part 3

I am now using Friday’s blog space to provide draft versions of the Modern Monetary Theory textbook that I am writing with my colleague and friend Randy Wray. We expect to complete the text by the end of this year. … Read the rest of this entry »

Posted in MMT Textbook | 11 Comments

The Governor gets confused

A few weeks ago in this blog – So who is going to answer for their culpability? – I wrote about the IMFs latest “discovery” that their policy advice, which has caused millions to become unemployed and nations to shed … Read the rest of this entry »

Posted in Economics | 13 Comments

Australia’s MYEFO – some lies amidst the fiscal irresponsibility

It was a sort of relief being in Seoul for Monday and Tuesday immersed in discussions about development strategies for Kazakhstan and Korean experience. I could sort of kid myself that the Mid-Year Economic and Fiscal Outlook 2012-13, which usually … Read the rest of this entry »

Posted in Economics | 5 Comments

The victims become the perpetrators – the neo-liberal smokescreen

I am in working in Seoul all day today and then rushing to the airport to get back to Sydney – so this blog has to be quick. When I saw the headline in the UK Telegraph (October 20, 2012) … Read the rest of this entry »

Posted in UK Economy | 15 Comments

A Greek exit would not cause havoc

I am in Seoul (South Korea) today and tomorrow working on a project I have with the Asian Development Bank. It is a mega city that is for sure – more than 10 million in the city itself and 25 … Read the rest of this entry »

Posted in Eurozone | 11 Comments