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Tag Archives: Economic fundamentals

Why Degrowth Is the Only Responsible Way Forward

Yves here. Degrowth seems to be an inevitable climate change end game. But do we have the collective will and maturity to manage that process? By Joël Foramitti, an environmental activist and a PhD candidate at ICTA-UAB in Barcelona., Marula Tsagkari, a PhD candidate in Energy Policy & Economics at the University of Barcelona, and Christos Zografos, Ramón y Cajal Senior Research Fellow with the Johns Hopkins University – Pompeu Fabra University (JHU-UPF) Public Policy Centre in Barcelona,...

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The Financial Times’ Martin Wolf Discovers that Rentier Capitalism and Financialization Increase Inequality and Hurt Growth

Surprisingly, no one commented on a link to an important article by the Financial Times’ esteemed economics editor, Martin Wolf, Martin Wolf: why rigged capitalism is damaging liberal democracy, that weighed in as a major feature, as opposed to his usual column length. Wolf’s article is noteworthy by virtue of singling out, above all, rentier capitalism as the underlying culprit in rising inequality and disappointing productivity growth, and depicts financialization as one of the biggest...

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Brexit: A Repeat of the Turmoil of 1914-1922?

Yves here. This post recaps some critical elements of regularly-ugly British-Irish relationship and raises questions about Brexit. I suspect most US and even some UK readers will find it informative. If nothing else, it provides an alternative to Boris Johnson “We’re near a deal” posturing that EU officials have to rouse themselves to debunk. By Richard Murphy, a chartered accountant and a political economist. He has been described by the Guardian newspaper as an “anti-poverty campaigner and...

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Drama in the Oil Markets After Attacks on Saudi Production. But This Isn’t 2007 Anymore

Yves here. Wolf’s post focuses on the economic impact of the loss of Saudi oil production via drone strikes over the weekend. He thus skips over a point important to the geopolitically-minded: the Saudis have not confirmed US claims that the attacks are Iranian in origin and have asked the US to share its intel. By Wolf Richter, editor of Wolf Street. Originally published at Wolf Street The attacks on Saudi Arabia’s largest oil-processing plant at Abqaiq and its second-largest oil field in...

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Dude! Where’s My Democracy?

By Kevin Albertson, Professor of Economics at Manchester Metropolitan University with a background in statistics and political economics. He is co-author of five books, including the Haynes Guide ‘How to Run the Country’. Originally published at openDemocracy Democracy is unwell, so it is said. In America and other leading democracies citizens are apparently increasingly critical of the concept of liberal democracy. We argue this is a misdiagnosis; citizens are not critical of liberal...

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The US Massively Underestimates the Trade War Blowback

Yves here. Even though most readers know the general point very well, that US trade and financial sanctions haven’t brought targets to their knees, and had instead pushed them to find allies, but it’s useful to have detail to flesh out the story. There are some bits one can quibble with, like the “annexation of Crimea” bit, and the US objectives for its sanctions against Russia. At least under the Obama Administration, the belief was that they would damage the economy severely and force a...

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Kalecki, Minsky, and “Old Keynesianism” Vs. “New Keynesianism” on the Effect of Monetary Policy

By Tracy Mott, Professor, University of Denver. Originally published at the Institute for New Economic Thinking website In a postco-authored with Anna Stansbury, Larry Summers repudiates economic orthodoxy in regard to whether interest rate cuts suffice to restore full employment and looks at a more “original” Keynesianism to find adequate responses to secular stagnation. Tracy Mott walks us through answers many careful readers of Kalecki, Keynes, Steindl, and Minsky knew all along. A version...

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Axios: What’s the Actual Cost of Not Addressing Climate Change?

Yves here. To put the cost of Sanders’ Green New Deal plan in context, it’s roughly what we spend on the US military when you throw in all the black budgets. Yet we somehow can’t afford to save the climate, particularly, as the article points out, the “cost” pays for itself? But sadly, as some readers pointed out at the Bailey Island meetup, the climate scientists they know all say it’s too late. All we can do now is arrest further damage and work on mitigation of the impact. By Thomas...

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Who’s Responsible for the Ecocide in the Amazon

Yves here. This post makes what may seem to be a basic point about the hidden hand of ideology and corporate backers, but it is interestingly often lost. Plus the “ecocide” frame is important. By Juan Manuel Crespo, an Ecuadorian sociologist, political scientist and photographer. He is engaged in action-oriented social research at the Institute of Higher National Studies of Ecuador and has worked in the Amazon for many years. Originally published at openDemocracy There’s a cause for alarm as...

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Is it Really “Full Employment”? Margins for Expansion in the US Economy in the Middle of 2019

Yves here. This post is particularly timely given the seeming disconnect between weak job creation but headline unemployment holding rock steady. We’ve described some of factors that make employment conditions less rosy than they seem, such as that job creation has overwhelmingly been in relatively low-skill, poorly paid positions, and that the level of involuntary part-time employment is high. But get a cup of coffee. This is a very readable but also comprenensive treatment of this topic. By...

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