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SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new 2021 GODLEY-TOBIN LECTURE: MARC LAVOIE, “GODLEY VERSUS 2021 Godley-Tobin Lecture: Marc Lavoie, “Godley versus Tobin on Monetary Matters”. REGISTER HERE. This entry was posted on Friday, February 12th, 2021 at 2:07 pm and is filed under Economics, Uncategorized . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OF 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). FROM KEYNESIANISM TO NEOLIBERALISM: SHIFTING PARADIGMS IN From Keynesianism to Neoliberalism: Shifting Paradigms in Economics By Thomas I. Palley April 2004 Thomas I. Palley is the chief economist at the U.S.-China Security Review Commission. MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. JUNE « 2021 « THOMAS PALLEY This essay argues that some forty years ago the Republican Party struck a Faustian bargain whereby it traded integrity and decency for tax cuts and a corporate dominated economy. LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new 2021 GODLEY-TOBIN LECTURE: MARC LAVOIE, “GODLEY VERSUS 2021 Godley-Tobin Lecture: Marc Lavoie, “Godley versus Tobin on Monetary Matters”. REGISTER HERE. This entry was posted on Friday, February 12th, 2021 at 2:07 pm and is filed under Economics, Uncategorized . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OF 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). FROM KEYNESIANISM TO NEOLIBERALISM: SHIFTING PARADIGMS IN From Keynesianism to Neoliberalism: Shifting Paradigms in Economics By Thomas I. Palley April 2004 Thomas I. Palley is the chief economist at the U.S.-China Security Review Commission. MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
THOMAS PALLEY
Thomas Palley, Louis-Philippe Rochon, Guillaume Vallet , Review of Keynesian Economics, April 2019. The Great Recession (2008/9) triggered by the financial crisis of 2008 has had considerable impact on the conduct of monetary policy. 2021 GODLEY-TOBIN LECTURE: MARC LAVOIE, “GODLEY VERSUS 2021 Godley-Tobin Lecture: Marc Lavoie, “Godley versus Tobin on Monetary Matters”. REGISTER HERE. This entry was posted on Friday, February 12th, 2021 at 2:07 pm and is filed under Economics, Uncategorized . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. APRIL « 2021 « THOMAS PALLEY Life among the Econ: fifty years on. Tuesday, April 20th, 2021. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. FROM KEYNESIANISM TO NEOLIBERALISM: SHIFTING PARADIGMS IN From Keynesianism to Neoliberalism: Shifting Paradigms in Economics By Thomas I. Palley April 2004 Thomas I. Palley is the chief economist at the U.S.-China Security Review Commission. RETHINKING CAPACITY UTILIZATION CHOICE: THE ROLE OF This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. PITFALLS IN THE THEORY OF GROWTH: AN APPLICATION TO THE 3 exogenous and endogenous. Equation (2.b) implicitly assumes that the growth of capacity adjusts to the growth of demand. However, if there is a separate supply side (i.e. THE ECONOMIC CASE FOR INTERNATIONAL LABOUR STANDARDS Cambridge Journal of Economics 2004, 28, 000–000 The economic case for international labour standards Thomas I. Palley* This paper explores the economic case for international labour standards. BERNIE SANDERS: NOTHING TO FEAR EXCEPT FEAR ITSELF Bernie Sanders: Nothing to Fear Except Fear Itself. “The only thing we have to fear is fear itself.”. Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frighteningaway
EXPORT-LED GROWTH: EVIDENCE OF DEVELOPING COUNTRY CROWDING 5 export-led growth model prompts countries to shift ever more output onto global markets, and in doing so aggravates the long-standing trend deterioration in developing country terms of trade. MILTON FRIEDMAN AND THE MONETARIST COUNTER-REVOLUTION: A Abstract This paper provides a re-appraisal of the monetarist counter-revolution. The paper introduces a novel distinction between 'theoretical' and 'empirical' monetarism. THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. JUNE « 2021 « THOMAS PALLEY This essay argues that some forty years ago the Republican Party struck a Faustian bargain whereby it traded integrity and decency for tax cuts and a corporate dominated economy. LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new MARGINAL PRODUCTIVITY THEORY AND THE MAINSTREAM « THOMAS If that is so, neo-classical economics will be in serious trouble because marginal productivity theory figures critically in its macroeconomics (both new classical and new Keynesian), its microeconomics, and it approach to trade and globalization. Lastly, Dani argues the publication of his paper in the QJE is evidence of mainstream openness. MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OF 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
THE ECONOMICS OF INFLATION TARGETING: NEGATIVELY SLOPED 4 yield superior employment outcomes (Akerlof et al., 2000). Additionally, there is a question of whether the inflation target should be “hard” or “soft”. A NEW DEVELOPMENT PARADIGM For the past two decades the Washington Consensus has guided development policy.1 This approach triumphed in the late 1970s, when it replaced import-substitution THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. JUNE « 2021 « THOMAS PALLEY This essay argues that some forty years ago the Republican Party struck a Faustian bargain whereby it traded integrity and decency for tax cuts and a corporate dominated economy. LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new MARGINAL PRODUCTIVITY THEORY AND THE MAINSTREAM « THOMAS If that is so, neo-classical economics will be in serious trouble because marginal productivity theory figures critically in its macroeconomics (both new classical and new Keynesian), its microeconomics, and it approach to trade and globalization. Lastly, Dani argues the publication of his paper in the QJE is evidence of mainstream openness. MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OF 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
THE ECONOMICS OF INFLATION TARGETING: NEGATIVELY SLOPED 4 yield superior employment outcomes (Akerlof et al., 2000). Additionally, there is a question of whether the inflation target should be “hard” or “soft”. A NEW DEVELOPMENT PARADIGM For the past two decades the Washington Consensus has guided development policy.1 This approach triumphed in the late 1970s, when it replaced import-substitution JUNE « 2021 « THOMAS PALLEY This essay argues that some forty years ago the Republican Party struck a Faustian bargain whereby it traded integrity and decency for tax cuts and a corporate dominated economy. BIOGRAPHY « THOMAS PALLEY Biography. Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University. He has published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nationmagazines.
LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. FROM KEYNESIANISM TO NEOLIBERALISM: SHIFTING PARADIGMS IN From Keynesianism to Neoliberalism: Shifting Paradigms in Economics By Thomas I. Palley April 2004 Thomas I. Palley is the chief economist at the U.S.-China Security Review Commission. A NEW DEVELOPMENT PARADIGM For the past two decades the Washington Consensus has guided development policy.1 This approach triumphed in the late 1970s, when it replaced import-substitution THE ECONOMIC CASE FOR INTERNATIONAL LABOUR STANDARDS Cambridge Journal of Economics 2004, 28, 000–000 The economic case for international labour standards Thomas I. Palley* This paper explores the economic case for international labour standards. EXPORT-LED GROWTH: EVIDENCE OF DEVELOPING COUNTRY CROWDING 5 export-led growth model prompts countries to shift ever more output onto global markets, and in doing so aggravates the long-standing trend deterioration in developing country terms of trade. KEYNESIAN MODELS OF DEFLATION AND DEPRESSION REVISITED 1 Keynesian Models of Deflation and Depression Revisited: Inside Debt and Price Flexibility Abstract This paper extends Tobin’s (1975) Keynesian analysis of deflation to include a range of MILTON FRIEDMAN’S ECONOMICS AND POLITICAL ECONOMY: AN OLD 1 Milton Friedman’s economics and political economy: an old Keynesian critique1 Abstract Milton Friedman’s influence on the economics profession has been enormous. THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDFOOL ME TWICE SHAME ON MEEUROPE The cult of math modl-ing has spread far and wide, so that even lay Econs practice it. Fifty years ago the Econ used to say “Modl-ing is everything”. Now they say “Modl-ing is the only thing”. The math priesthood has been joined by a priesthood of economagicians. The fundamental social divide between Micro and Macro sub-tribes persists OCTOBER « 2020 « THOMAS PALLEY Wednesday, October 21st, 2020. The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OF 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). TRUMP AND THE NEOCONS: DOING THE UNILATERALIST WALTZ The neocon factor dramatically changes the interpretation of the Trump administration’s unilateralist international economic policychatter.
FROM KEYNESIANISM TO NEOLIBERALISM: SHIFTING PARADIGMS IN From Keynesianism to Neoliberalism: Shifting Paradigms in Economics By Thomas I. Palley April 2004 Thomas I. Palley is the chief economist at the U.S.-China Security Review Commission. MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDFOOL ME TWICE SHAME ON MEEUROPE The cult of math modl-ing has spread far and wide, so that even lay Econs practice it. Fifty years ago the Econ used to say “Modl-ing is everything”. Now they say “Modl-ing is the only thing”. The math priesthood has been joined by a priesthood of economagicians. The fundamental social divide between Micro and Macro sub-tribes persists OCTOBER « 2020 « THOMAS PALLEY Wednesday, October 21st, 2020. The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OF 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). TRUMP AND THE NEOCONS: DOING THE UNILATERALIST WALTZ The neocon factor dramatically changes the interpretation of the Trump administration’s unilateralist international economic policychatter.
FROM KEYNESIANISM TO NEOLIBERALISM: SHIFTING PARADIGMS IN From Keynesianism to Neoliberalism: Shifting Paradigms in Economics By Thomas I. Palley April 2004 Thomas I. Palley is the chief economist at the U.S.-China Security Review Commission. MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
ECONOMICS « THOMAS PALLEY The economics of negative interest rates: editors’ introduction. Thursday, December 19th, 2019. Thomas Palley, Louis-Philippe Rochon, Guillaume Vallet , Review of Keynesian Economics, April 2019. The Great Recession (2008/9) triggered by the financial crisis of 2008 has had considerable impact on the conduct of monetary policy. BOOKS « THOMAS PALLEY Also available at www.palgrave-usa.com with discount code XP356ED. The Economic Crisis: Notes from the Underground. by Thomas I. Palley, Createspace, 2012. This book provides a collection of short essays detailing the causes of the economic crisis and the failure POLITICAL ECONOMY « THOMAS PALLEY National Policy Space: Reframing the Political Economy of Globalization and its Implications for National Sovereignty and Democracy. Friday, January 8th, 2021. This paper critiques the trilemma framing of the political economy of globalization, and offers a new framing based on APRIL « 2021 « THOMAS PALLEY Life among the Econ: fifty years on. Tuesday, April 20th, 2021. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. FROM KEYNESIANISM TO NEOLIBERALISM: SHIFTING PARADIGMS IN From Keynesianism to Neoliberalism: Shifting Paradigms in Economics By Thomas I. Palley April 2004 Thomas I. Palley is the chief economist at the U.S.-China Security Review Commission. TRUMP AND THE NEOCONS: DOING THE UNILATERALIST WALTZ The neocon factor dramatically changes the interpretation of the Trump administration’s unilateralist international economic policychatter.
MARGINAL PRODUCTIVITY THEORY AND THE MAINSTREAM « THOMAS If that is so, neo-classical economics will be in serious trouble because marginal productivity theory figures critically in its macroeconomics (both new classical and new Keynesian), its microeconomics, and it approach to trade and globalization. Lastly, Dani argues the publication of his paper in the QJE is evidence of mainstream openness. PITFALLS IN THE THEORY OF GROWTH: AN APPLICATION TO THE 3 exogenous and endogenous. Equation (2.b) implicitly assumes that the growth of capacity adjusts to the growth of demand. However, if there is a separate supply side (i.e. THE ECONOMIC CASE FOR INTERNATIONAL LABOUR STANDARDS Cambridge Journal of Economics 2004, 28, 000–000 The economic case for international labour standards Thomas I. Palley* This paper explores the economic case for international labour standards. OBAMACARE WITH A PUBLIC OPTION: FOOL ME TWICE SHAME ON ME There is an old saying “Fool me once shame on you, fool me twice shame on me.” That saying is relevant for the current healthcare debate in which former Vice-President Biden and elite Democrats are touting a reheated version of Obamacare with a public option. THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. BIOGRAPHY « THOMAS PALLEY Biography. Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University. He has published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nationmagazines.
OCTOBER « 2020 « THOMAS PALLEY Wednesday, October 21st, 2020. The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the APRIL « 2021 « THOMAS PALLEY Life among the Econ: fifty years on. Tuesday, April 20th, 2021. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
5. A POST KEYNESIAN FRAMEWORK FOR MONETARY POLICY: WHY 81 5. A Post Keynesian Framework for Monetary Policy: Why Interest Rate Operating Procedures are Not Enough Thomas I. Palley INTRODUCTION A recent symposium in the Journal of Post Keynesian Economics (2002) explored the implications of the theory of endogenous money formonetary
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OF 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). BERNIE SANDERS: NOTHING TO FEAR EXCEPT FEAR ITSELF Bernie Sanders: Nothing to Fear Except Fear Itself. “The only thing we have to fear is fear itself.”. Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frighteningaway
THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. BIOGRAPHY « THOMAS PALLEY Biography. Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University. He has published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nationmagazines.
OCTOBER « 2020 « THOMAS PALLEY Wednesday, October 21st, 2020. The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the APRIL « 2021 « THOMAS PALLEY Life among the Econ: fifty years on. Tuesday, April 20th, 2021. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
5. A POST KEYNESIAN FRAMEWORK FOR MONETARY POLICY: WHY 81 5. A Post Keynesian Framework for Monetary Policy: Why Interest Rate Operating Procedures are Not Enough Thomas I. Palley INTRODUCTION A recent symposium in the Journal of Post Keynesian Economics (2002) explored the implications of the theory of endogenous money formonetary
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OF 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). BERNIE SANDERS: NOTHING TO FEAR EXCEPT FEAR ITSELF Bernie Sanders: Nothing to Fear Except Fear Itself. “The only thing we have to fear is fear itself.”. Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frighteningaway
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. 2021 GODLEY-TOBIN LECTURE: MARC LAVOIE, “GODLEY VERSUS REGISTER HERE. This entry was posted on Friday, February 12th, 2021 at 2:07 pm and is filed under Economics, Uncategorized.You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. A STOCK MARKET BOOM IS NOT THE BASIS OF A Stock Market Boom is Not the Basis of Shared Prosperity. The US is currently enjoying another stock market boom which, if history is any guide, also stands to end in a bust. In the meantime, the boom is having a politically toxic effect by lending support to Donald Trump and obscuring the case for reversing the neoliberal economic paradigm. MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new A CONSERVATIVE WIN WILL CREATE A NEOLIBERAL HOT ZONE AND I could not get this op-ed (written November 6, 2019) published as it was a mix of too dull & didactic, and too partisan or not partisanenough.
TRUMP AND THE NEOCONS: DOING THE UNILATERALIST WALTZ The neocon factor dramatically changes the interpretation of the Trump administration’s unilateralist international economic policychatter.
CENTRAL BANK INDEPENDENCE: A RIGGED DEBATE BASED ON FALSE The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation pronegovernment.
THE ECONOMIC CASE FOR INTERNATIONAL LABOUR STANDARDS Cambridge Journal of Economics 2004, 28, 000–000 The economic case for international labour standards Thomas I. Palley* This paper explores the economic case for international labour standards. MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
KEYNESIAN MODELS OF DEFLATION AND DEPRESSION REVISITED 1 Keynesian Models of Deflation and Depression Revisited: Inside Debt and Price Flexibility Abstract This paper extends Tobin’s (1975) Keynesian analysis of deflation to include a range of THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. BIOGRAPHY « THOMAS PALLEY Biography. Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University. He has published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nationmagazines.
OCTOBER « 2020 « THOMAS PALLEY Wednesday, October 21st, 2020. The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the APRIL « 2021 « THOMAS PALLEY Life among the Econ: fifty years on. Tuesday, April 20th, 2021. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
5. A POST KEYNESIAN FRAMEWORK FOR MONETARY POLICY: WHY 81 5. A Post Keynesian Framework for Monetary Policy: Why Interest Rate Operating Procedures are Not Enough Thomas I. Palley INTRODUCTION A recent symposium in the Journal of Post Keynesian Economics (2002) explored the implications of the theory of endogenous money formonetary
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OFEXPANSIONARY FISCAL POLICY INTEREST RATESFISCAL POLICY AFFECTS INTEREST RATESINTEREST RATES AND MONETARY POLICYCURRENT US FISCAL POLICYEXAMPLES OF FISCAL POLICIESRECENT US FISCAL POLICY CHANGE 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). BERNIE SANDERS: NOTHING TO FEAR EXCEPT FEAR ITSELFTHERE S NOTHING TO FEAR BUT FEAR ITSELFNOTHING TO FEAR BUT FEARTO FEAR IS FEAR ITSELFNOTHING TO FEAR BUT FEAR ITSELF SPEECHFEAR NOTHING BUT FEAR ITSELFFEAR ONLY FEAR ITSELF Bernie Sanders: Nothing to Fear Except Fear Itself. “The only thing we have to fear is fear itself.”. Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frighteningaway
THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. BIOGRAPHY « THOMAS PALLEY Biography. Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University. He has published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nationmagazines.
OCTOBER « 2020 « THOMAS PALLEY Wednesday, October 21st, 2020. The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the APRIL « 2021 « THOMAS PALLEY Life among the Econ: fifty years on. Tuesday, April 20th, 2021. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
5. A POST KEYNESIAN FRAMEWORK FOR MONETARY POLICY: WHY 81 5. A Post Keynesian Framework for Monetary Policy: Why Interest Rate Operating Procedures are Not Enough Thomas I. Palley INTRODUCTION A recent symposium in the Journal of Post Keynesian Economics (2002) explored the implications of the theory of endogenous money formonetary
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OFEXPANSIONARY FISCAL POLICY INTEREST RATESFISCAL POLICY AFFECTS INTEREST RATESINTEREST RATES AND MONETARY POLICYCURRENT US FISCAL POLICYEXAMPLES OF FISCAL POLICIESRECENT US FISCAL POLICY CHANGE 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). BERNIE SANDERS: NOTHING TO FEAR EXCEPT FEAR ITSELFTHERE S NOTHING TO FEAR BUT FEAR ITSELFNOTHING TO FEAR BUT FEARTO FEAR IS FEAR ITSELFNOTHING TO FEAR BUT FEAR ITSELF SPEECHFEAR NOTHING BUT FEAR ITSELFFEAR ONLY FEAR ITSELF Bernie Sanders: Nothing to Fear Except Fear Itself. “The only thing we have to fear is fear itself.”. Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frighteningaway
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. 2021 GODLEY-TOBIN LECTURE: MARC LAVOIE, “GODLEY VERSUS REGISTER HERE. This entry was posted on Friday, February 12th, 2021 at 2:07 pm and is filed under Economics, Uncategorized.You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. A STOCK MARKET BOOM IS NOT THE BASIS OF A Stock Market Boom is Not the Basis of Shared Prosperity. The US is currently enjoying another stock market boom which, if history is any guide, also stands to end in a bust. In the meantime, the boom is having a politically toxic effect by lending support to Donald Trump and obscuring the case for reversing the neoliberal economic paradigm. MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new A CONSERVATIVE WIN WILL CREATE A NEOLIBERAL HOT ZONE AND I could not get this op-ed (written November 6, 2019) published as it was a mix of too dull & didactic, and too partisan or not partisanenough.
TRUMP AND THE NEOCONS: DOING THE UNILATERALIST WALTZ The neocon factor dramatically changes the interpretation of the Trump administration’s unilateralist international economic policychatter.
CENTRAL BANK INDEPENDENCE: A RIGGED DEBATE BASED ON FALSE The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation pronegovernment.
THE ECONOMIC CASE FOR INTERNATIONAL LABOUR STANDARDS Cambridge Journal of Economics 2004, 28, 000–000 The economic case for international labour standards Thomas I. Palley* This paper explores the economic case for international labour standards. MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
KEYNESIAN MODELS OF DEFLATION AND DEPRESSION REVISITED 1 Keynesian Models of Deflation and Depression Revisited: Inside Debt and Price Flexibility Abstract This paper extends Tobin’s (1975) Keynesian analysis of deflation to include a range of THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. BIOGRAPHY « THOMAS PALLEY Biography. Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University. He has published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nationmagazines.
OCTOBER « 2020 « THOMAS PALLEY Wednesday, October 21st, 2020. The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the APRIL « 2021 « THOMAS PALLEY Life among the Econ: fifty years on. Tuesday, April 20th, 2021. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. 5. A POST KEYNESIAN FRAMEWORK FOR MONETARY POLICY: WHY 81 5. A Post Keynesian Framework for Monetary Policy: Why Interest Rate Operating Procedures are Not Enough Thomas I. Palley INTRODUCTION A recent symposium in the Journal of Post Keynesian Economics (2002) explored the implications of the theory of endogenous money formonetary
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OFEXPANSIONARY FISCAL POLICY INTEREST RATESFISCAL POLICY AFFECTS INTEREST RATESINTEREST RATES AND MONETARY POLICYCURRENT US FISCAL POLICYEXAMPLES OF FISCAL POLICIESRECENT US FISCAL POLICY CHANGE 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). BERNIE SANDERS: NOTHING TO FEAR EXCEPT FEAR ITSELFTHERE S NOTHING TO FEAR BUT FEAR ITSELFNOTHING TO FEAR BUT FEARTO FEAR IS FEAR ITSELFNOTHING TO FEAR BUT FEAR ITSELF SPEECHFEAR NOTHING BUT FEAR ITSELFFEAR ONLY FEAR ITSELF Bernie Sanders: Nothing to Fear Except Fear Itself. “The only thing we have to fear is fear itself.”. Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frighteningaway
THOMAS PALLEYECONOMICSPOLITICAL ECONOMYU.S. POLICYUNCATEGORIZEDJULYENTRIES (RSS) This paper presents a macroeconomics-friendly Post Keynesian model of the firm describing both an inventory theoretic approach and an entry deterrence approach to choice of excess capacity. The model explains why firms may rationally choose to have excess capacity. It also shows the two approaches are complementary and reinforcing of each other. BIOGRAPHY « THOMAS PALLEY Biography. Dr. Thomas Palley is an economist living in Washington DC. He holds a B.A. degree from Oxford University, and a M.A. degree in International Relations and Ph.D. in Economics, both from Yale University. He has published in numerous academic journals, and written for The Atlantic Monthly, American Prospect and Nationmagazines.
OCTOBER « 2020 « THOMAS PALLEY Wednesday, October 21st, 2020. The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the APRIL « 2021 « THOMAS PALLEY Life among the Econ: fifty years on. Tuesday, April 20th, 2021. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits,(ii
LIFE AMONG THE ECON: FIFTY YEARS ON « THOMAS PALLEY Life among the Econ: fifty years on. Almost fifty years ago, the Swedish econographer Axel Leijonhufvud (1973) wrote a seminal study on the Econ tribe titled “Life among the Econ”. This study revisits the Econ and reports on their current state. Life has gotten more complicated since those bygone days. The cult of math modl-ing hasspread
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. 5. A POST KEYNESIAN FRAMEWORK FOR MONETARY POLICY: WHY 81 5. A Post Keynesian Framework for Monetary Policy: Why Interest Rate Operating Procedures are Not Enough Thomas I. Palley INTRODUCTION A recent symposium in the Journal of Post Keynesian Economics (2002) explored the implications of the theory of endogenous money formonetary
MONEY, FISCAL POLICY, AND INTEREST RATES: A CRITIQUE OFEXPANSIONARY FISCAL POLICY INTEREST RATESFISCAL POLICY AFFECTS INTEREST RATESINTEREST RATES AND MONETARY POLICYCURRENT US FISCAL POLICYEXAMPLES OF FISCAL POLICIESRECENT US FISCAL POLICY CHANGE 1 Money, fiscal policy, and interest rates: A critique of Modern Monetary Theory Abstract This paper excavates the set of ideas known as modern monetary theory (MMT). BERNIE SANDERS: NOTHING TO FEAR EXCEPT FEAR ITSELFTHERE S NOTHING TO FEAR BUT FEAR ITSELFNOTHING TO FEAR BUT FEARTO FEAR IS FEAR ITSELFNOTHING TO FEAR BUT FEAR ITSELF SPEECHFEAR NOTHING BUT FEAR ITSELFFEAR ONLY FEAR ITSELF Bernie Sanders: Nothing to Fear Except Fear Itself. “The only thing we have to fear is fear itself.”. Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frighteningaway
SLIDING DOORS: THE DAY US DEMOCRACY ALMOST DIED « THOMAS Sliding Doors: The Day US Democracy Almost Died. Sunday January 10, 2021. It is now four days since the January 6 mob attack on the US Congress which President Donald Trump incited. In a manner akin to a combat situation, the numbness induced by the overwhelming nature of the event is giving way to shock and anger. 2021 GODLEY-TOBIN LECTURE: MARC LAVOIE, “GODLEY VERSUS REGISTER HERE. This entry was posted on Friday, February 12th, 2021 at 2:07 pm and is filed under Economics, Uncategorized.You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. MODERN MONEY THEORY (MMT) VS. STRUCTURAL Modern Money Theory (MMT) vs. Structural Keynesianism. A journalist sent me some questions about MMT. My answers are below. 1. What are the major flaws you see within Modern Monetary Theory? (A) I like to say that MMT is a mix of “old” and “new” ideas. The old ideas are well known among Keynesian economists and are correct, but the new A STOCK MARKET BOOM IS NOT THE BASIS OF A Stock Market Boom is Not the Basis of Shared Prosperity. The US is currently enjoying another stock market boom which, if history is any guide, also stands to end in a bust. In the meantime, the boom is having a politically toxic effect by lending support to Donald Trump and obscuring the case for reversing the neoliberal economic paradigm. A CONSERVATIVE WIN WILL CREATE A NEOLIBERAL HOT ZONE AND I could not get this op-ed (written November 6, 2019) published as it was a mix of too dull & didactic, and too partisan or not partisanenough.
CENTRAL BANK INDEPENDENCE: A RIGGED DEBATE BASED ON FALSE The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation pronegovernment.
TRUMP AND THE NEOCONS: DOING THE UNILATERALIST WALTZ The neocon factor dramatically changes the interpretation of the Trump administration’s unilateralist international economic policychatter.
THE ECONOMIC CASE FOR INTERNATIONAL LABOUR STANDARDS Cambridge Journal of Economics 2004, 28, 000–000 The economic case for international labour standards Thomas I. Palley* This paper explores the economic case for international labour standards. MACROECONOMICS AND MONETARY POLICY: COMPETING THEORETICAL short run growth function. Equation (5) is the long run steady state rate of growth, and equation (6) is the long run steady state rate ofprofit.
KEYNESIAN MODELS OF DEFLATION AND DEPRESSION REVISITED 1 Keynesian Models of Deflation and Depression Revisited: Inside Debt and Price Flexibility Abstract This paper extends Tobin’s (1975) Keynesian analysis of deflation to include a range ofTHOMAS PALLEY
Economics for Democratic and Open Societies ------------------------- WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): MACRO AND POLITICAL ECONOMIC RESTRAINTS ON DEFICIT FINANCED FISCAL POLICYOctober 21st, 2020
The essential claim of MMT is sovereign currency issuing governments, with flexible exchange rates and without foreign currency debt, are financially unconstrained. This paper analyzes the macroeconomic arguments behind that claim and shows they are suspect. MMT underestimates the economic costs and exaggerate the capabilities of deficit financed fiscal policy. Those analytic shortcomings render it poor economics. However, MMT’s claim that sovereign governments are financially unconstrained is proving a popular political polemic. That is because current distressed economic conditions have generated political resistance to fiscal austerity, and MMT fits the moment by countering the neoliberal polemic that government lacks fiscal space because it is akin to a household.READ MORE
Posted in Economics , Political Economy , Uncategorized| Comments Closed
OBAMACARE WITH A PUBLIC OPTION: FOOL ME TWICE SHAME ON MEMarch 3rd, 2020
There is an old saying “Fool me once shame on you, fool me twice shame on me.” That saying is relevant for the current healthcare debate in which former Vice-President Biden and elite Democrats are touting a reheated version of Obamacare with a public option. It is a case of trying to fool the American public twice. Adding an Obamacare public option will not solve the healthcare problem. Worse yet, it misses an historic opportunity to heal the festering wound of healthcare via a single-payer system as proposed by Senator Bernie Sanders. Read the rest of this entry » Posted in Political Economy , U.S. Policy , Uncategorized| Comments Closed
BERNIE SANDERS: NOTHING TO FEAR EXCEPT FEAR ITSELFFebruary 18th, 2020
“The only thing we have to fear is fear itself.” Eighty-seven years ago those were the words of Franklin Delano Roosevelt in his 1933 inaugural speech. Today, they resonate with Senator Bernie Sanders’ presidential campaign, which confronts a barrage of attack aimed at frightening away voters. Fear is the enemy of change and the friend of hate. That is why both sides of the political establishment are now running a full-blown campaign of fear-mongering against Sanders. The Democratic Party establishment likes the economy the way it is and wants to prevent change. Donald Trump and the Republicans have made themselves the party of hate. Both therefore have an interest in promoting fear, which explains the strange overlap in their attacks onSanders.
Read the rest of this entry » Posted in Political Economy , U.S. Policy , Uncategorized| Comments Closed
DO CURRENT TIMES VINDICATE KEYNES AND IS NEW KEYNESIAN MACROECONOMICSKEYNESIAN?
February 8th, 2020
Thomas I. Palley, Esteban Pérez Caldentey, and Matias Vernengo, _Review of Keynesian Economics_, January 2020. Professor Robert Rowthorn delivered the second annual Godley-Tobin lecture in New York City on March 1, 2019. The title of his lecture was “Keynesian economics: back from the dead?” and it is published in this issue of the _Review of Keynesian Economics_. The lecture was attended by a large audience and the Question & Answer session provoked a stimulating discussion. Prompted by that discussion, we thought it would be interesting to invite some leading (Keynesian-leaning) economists to independently address Professor Rowthorn’s lecture topic. This symposium is the outcome of thatinvitation.
We are living in a time which many believe has a distinctly Keynesian character. That is captured in the belief that many economies appear to suffer from aggregate demand shortage or, at least, a proclivity to demand shortage. It is also captured in the revival of the concept of “economic stagnation” which was an idea that had much traction in the 1930s and 1940s, but then fell away in the 1950s with the post-war boom and the non-reappearance of depression-like conditions.READ MORE
Posted in Economics , Political Economy , Uncategorized| Comments Closed
A STOCK MARKET BOOM IS NOT THE BASIS OF SHARED PROSPERITYJanuary 22nd, 2020
The US is currently enjoying another stock market boom which, if history is any guide, also stands to end in a bust. In the meantime, the boom is having a politically toxic effect by lending support to Donald Trump and obscuring the case for reversing the neoliberaleconomic paradigm.
For four decades the US economy has been trapped in a “Groundhog Day” cycle in which policy engineered new stock market booms cover the tracks of previous busts. But though each new boom ameliorates, it does not recuperate the prior damage done to income distribution and shared prosperity. Now, that cycle is in full swing again, clouding understanding of the economic problem and giving voters reason not to rock the boat for fear of losing what little they have. READ MORE Posted in Economics , Political Economy , U.S. Policy, Uncategorized
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THE ECONOMICS OF NEGATIVE INTEREST RATES: EDITORS’ INTRODUCTIONDecember 19th, 2019
Thomas Palley, Louis-Philippe Rochon, Guillaume Vallet ,_ Review of Keynesian Economics_, April 2019. The Great Recession (2008/9) triggered by the financial crisis of 2008 has had considerable impact on the conduct of monetary policy. Before the recession, monetary policy was largely based on a New Consensus-type macroeconomic model and it targeted inflation via a Taylor interest rate rule. The belief was that policy engineered changes in real interest rates had strong and predictable effects on output and inflation. Based on that understanding, in the immediate wake of the financial crisis, central banks were quick to lower their policy interest rate to zero or near-zero. The expectation was for a speedy and robust V-shaped recovery, an expectation which was reflected in Federal Reserve Chairman Ben Bernanke’s comments in March 2009 about seeing “green shoots” of economic recovery. When that V-shaped recovery failed to materialize, expectations shifted to a U-shaped recovery, and then in turn morphed into L-shaped recovery and talk of secular stagnation. READ MORE Posted in Economics , Political Economy , U.S. Policy, Uncategorized
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A CONSERVATIVE WIN WILL CREATE A NEOLIBERAL HOT ZONE AND DISSOLVE THE UK: HERE’S HOW TO STOP ITDecember 15th, 2019
_I could not get this op-ed (written November 6, 2019) published as it was a mix of too dull & didactic, and too partisan or not partisan enough. Anyway, in the wake of the election, I think it was analytically spot on so I have decided to post it. Also, it makes clear the very special circumstances of the UK election. It is a gross distortion to extrapolate from the UK to the US. Unfortunately, that is exactly what elite US media (e.g. New York Times) and neoliberal Democrats are now doing. _ Opinion polls are predicting the Conservative Party will romp home in the UK’s upcoming general election. Unfortunately, given the party’s current extremist inclinations, that stands to transform the UK into a neoliberal hot zone and also dissolve the UK within adecade.
THE COSTS OF A CONSERVATIVE WIN A Conservative majority government will quickly implement a Brexit that inflicts significant economic and political injury. Additionally, it will double-down on neoliberalism which has already done so muchdamage.
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CENTRAL BANK INDEPENDENCE: A RIGGED DEBATE BASED ON FALSE POLITICS ANDECONOMICS
September 7th, 2019
The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation prone government. Step two argues independence is the solution to that problem. This paper challenges that case and shows it is based on false politics and economics. The paper argues central bank independence is a product of neoliberal economics and aims to institutionalize neoliberal interests. As regards economics, independence rests on a controversial construction of macroeconomics and also fails according to its own microeconomic logic. That failure applies to both goal independence and operational independence. It is a myth to think a government can set goals for the central bank and then leave it to the bank to impartially and neutrally operationalize those goals. Democratic countries may still decide to implement central bank independence, but that decision is a political one with non-neutral economic and political consequences. It is a grave misrepresentation to claim independence solves a fundamental public interest economic problem, and economists make themselves accomplices by claiming it does. Posted in Economics , Political Economy , U.S. Policy, Uncategorized
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THE FALLACY OF THE NATURAL RATE OF INTEREST AND ZERO LOWER BOUND ECONOMICS: WHY NEGATIVE INTEREST RATES MAY NOT REMEDY KEYNESIANUNEMPLOYMENT
May 9th, 2019
This paper provides a critique of zero lower bound (ZLB) economics which has become the new orthodoxy for explaining stagnation. ZLB economics is an extension of pre-Keynesian economics which attributes macroeconomic dysfunction to rigidities and market imperfections. The ZLB is the latest rigidity in that pre-Keynesian tradition. The paper argues negative nominal interest rates, even if feasible, may be unable to remedy Keynesian demand shortage unemployment, and might even aggravate the problem. That is because there exist non-reproduced assets whose return dominates that of investment, and saving may also increase in response to negative rates. Consequently, there may be no natural rate of interest. READ MORE Posted in Economics , Uncategorized| Comments Closed
WHAT’S WRONG WITH MODERN MONEY THEORY (MMT): A CRITICAL PRIMERApril 10th, 2019
Recently, there has been a burst of interest in modern money theory (MMT). The essential claim of MMT is sovereign currency issuing governments do not need taxes or bonds to finance government spending and are financially unconstrained. MMT rests on a triad of arguments concerning: (i) the macroeconomics of money financed budget deficits, (ii) the employer of last resort or job guarantee program, and (iii) the history of money. This primer analyzes that triad and shows each element involves suspect economic arguments. That leads MMT to underestimate the economic costs and exaggerate the capabilities of money financed fiscal policy. MMT’s analytic shortcomings render it poor economics. However, its simplistic printing press economics is proving a popular political polemic, countering the equally simplistic and wrong-headed household economics of neoliberal austerity polemic.READ MORE
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