Macroeconomics

The discrepancy between technocratic rhetoric and economic facts is colossal.

It was a mistake to accept a ‘reference price’-determination process for basic commodities led by finance

The key issue is the regulation of the liquidity of all financial markets, and not just that of the banking system

It is not just all about banking system liquidity

Read in the context of his time, Bagehot’s book Lombard Street appears as an attempt above all to reveal the dynamic of globalization when global money was sterling.

Germany’s debt brake and EU fiscal rules will make it well neigh impossible for EU countries to fund the investments needed to decarbonize their economies.

The theoretical approaches to analyzing crises have behind them contrasting conceptions of the way the economy works

The impenetrability of this continuously expanding Ptolemaic New Keynesian paradigm is maddening

The re-emergence of inflation threw the ‘science of monetary policy’ off the rails. Do the new tweaks to the theory work?

What lessons need to be drawn on this anniversary?

ProMarket’s new “Addendum to Retraction,” written it appears in response to our recent INET post, doubles down on its critique of our piece which showed that it is feasible for increased output to lead to reduced welfare. The ProMarket addendum is notable for its economic errors.*

Economists had to distort economic theory to fashion their merger “efficiency” arguments

ProMarket and the Consumer Welfare Standard An output increase is not sufficient to increase welfare. Allocation—how goods are distributed—matters.

The monetary policies of major central banks in advanced economies have had negative consequences and thus need to be fixed

Monetary policy should be guided much more by financial sector developments and much less by near-term targets for inflation.