Search Results for: inflation

Modern Monetary Theory – An Introduction: Part 2

By Dale Pierce II. The Science of Government  Backlash The wave of capitalist triumphalism that spread around the world from the 1980s on was, and remains, a very complex social, political and economic phenomenon. Future historians, if there are any, … Continue reading

Modern Monetary Theory – An Introduction: Part 1

By Dale Pierce Chapter One Introduction This is Chapter One of a three-part overview of a body of economic thought known popularly as “Modern Monetary Theory” or “MMT”. The aim of this chapter is to explain the basic dynamics of … Continue reading

Robert Reich has a Good Heart but an Inadequate Grasp of Economics

By William K. Black (Cross posted from Benzinga.com) Robert Reich has written a column entitled “Why this is the Worst Recovery on Record.”  It’s an odd title because the article makes no reference to this being “the worst recovery on … Continue reading

Was “Cigarette-Money” in World War II POW Camps a Case of Commodity Money Origination?

By Matthew Berg 1. A Parable About the Origin of Money Perhaps the most convincing single example cited by proponents of the view that money is a commodity is the well-known use of cigarettes as “money” by Allied prisoners of … Continue reading

Revisiting the Budget Plague

By Joe Firestone Deficit spending by the government is merely the counterpart of private sector saving. What government deficit spending does is to permit the private sector to achieve its level of desired saving. When the latter changes, government spending … Continue reading

And the Last Shall Be First – It Was the Peanut Farmer, Not the Tall Guy or the Iron Lady

By Warren Mosler (Cross-posted with permission of the author from The Center of the Universe) (Editor’s note: I think this reaction of Warren’s to the death of Margaret Thatcher is pretty unique and also the best statement I’ve seen of … Continue reading

Letter to the President: If Social Security Solvency’s really a Problem Then Why Not Do This?

By Joe Firestone Dear Mr. President, Over the past 3 years you’ve returned again and again to the idea that Social Security has a long-term solvency problem, and therefore needs “reform,” even though, as of the end of 2012, the … Continue reading

A Plague on All Your Budgets

By Joe Firestone The Sector Financial Balances Model: Domestic Private Balance + Domestic Government Balance + Foreign Balance = 0 is an accounting identity that provides a focus for macroeconomic analysis, explanation, and prediction by economists applying the Modern Money … Continue reading

Why MMT is Right and the Dreamers are Wrong: Kaldor Versus the Kaldorians

By Philip Pilkington, a writer and research assistant at Kingston University in London. You can follow him on Twitter @pilkingtonphil Dreaming, I was only dreaming I wake and I find you asleep – Billie Holiday “Gloomy Sunday” The criticisms of … Continue reading

The SEC embraces irony – its enforcement “inflection” “point”

By William K. Black Many readers doubtless shared my doubt that the SEC was capable of exercising the critical self-examination and sense of humor about itself as a flawed institution that would make it capable of deliberate irony.  When I … Continue reading