PinnedHow does Modern Money Theory deal with bank money?Stephanie Kelton, a prominent Modern Money Theory (MMT) proponent, has a new book out, The Deficit Myth, and it is finally making the…Aug 15, 2020Aug 15, 2020
News media is reporting compensation benefits for workers are increasing, but what’s the REAL storyOne of the most important lessons from Econ 101: Nominal figures tell us nothing.Aug 2, 2018Aug 2, 2018
The Janus decision, Labor Unions and the Theory of the Second BestGiven the recent Supreme Court decision in Janus v. AFSCME, the public sector union case, I thought it worth explaining why labor unions…Jul 12, 2018Jul 12, 2018
Let’s not overreact to the cost of producing pennies, the business of minting coins is still quite…Vox Media has an interesting YouTube video floating around on Facebook about pennies (see below). If you haven’t seen it, you have probably…Jul 12, 2018Jul 12, 2018
The problem with evaluating socialist systems based on notions of efficient marketsI often get into debates online with generally smart people about the inefficiencies of socialism. These conversations often revolve around…Jul 7, 20184Jul 7, 20184
Theories in Market Socialism: Part ISince the candidacy of Bernie Sanders for U.S. president in 2016, socialism has been garnering more interest, particularly among young…Jul 4, 2018Jul 4, 2018
What factors made the 2007–09 financial crises and Great Recession so severe?There were many underlying factors which contributed to both the financial crisis and the Great Recession. The trigger of crisis and…Jul 4, 2018Jul 4, 2018
The Main Issues of the Secular Stagnation DebateIt has been some years since the financial crisis of 2007–08 and the subsequent recession, yet the recovery of economic growth is still…Jun 11, 20182Jun 11, 20182
A Post-Keynesian perspective of money, financial intermediation and systemic instabilityI t’s at the same time amazing and disturbing that mainstream introductory economics textbooks still teach fractional reserve banking and…Jun 11, 20182Jun 11, 20182
What was the Soviet system?One of the popular interpretations of the Soviet system by socialists is that it was a form of state capitalism in which the bourgeoisie…Jun 11, 20182Jun 11, 20182