Wealth taxes don’t go far enough: Let’s transform our economy with public money Sheridan Kates Wealth taxes are crucial to build an economy that works for…
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A post-Keynesian discussion of US economic hegemony: resilience or decline? (Part 2)
—A post-Keynesian discussion of US economic hegemony: resilience or decline? (Part 2) Alan Prout In Part 1 we listed some long-term factors that contribute to…
The post A post-Keynesian discussion of US economic hegemony: resilience or decline? (Part 2) appeared first on Economic Reform Australia.
Kenneth Rogoff Is (almost) right about the importance of inflation
—Kenneth Rogoff Is (almost) right about the importance of inflation -but entirely wrong about its management Susan Borden America’s debt problem is not what Foreign…
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Empathy, morality, civilisation and resisting tyrants
—Empathy, morality, civilisation and resisting tyrants Geoff Davies Are we just selfish brutes who need to be civilised into social, moral behaviour? If not, where…
The post Empathy, morality, civilisation and resisting tyrants appeared first on Economic Reform Australia.
The Global Financial Crisis from a flawed neoclassical perspective
—The Global Financial Crisis from a flawed neoclassical perspective Steve Keen This is a critique by Steve Keen of Lee Ohanian’s paper “The economic crisis…
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Uncertainty is central to Keynesian economics
—Uncertainty is central to Keynesian economics Steven Hail This item is extracted from Steven Hail’s 2018 book Economics for Sustainable Prosperity. The discussion relates to…
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Can MMT save AI from catastrophe?
—Can MMT save AI from catastrophe? John Alt A chief criticism of Modern Monetary Theory (MMT) is that it is inherently inflationary. The simple logic…
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Economics textbooks — scandalous intellectual dishonesty
—Economics textbooks — scandalous intellectual dishonesty Lars Syll It is well-known that Keynes frequently criticised more traditional economics for committing the ‘fallacy of composition’. This…
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Equations that mask inequality
—Equations that mask inequality Barbara Williams Students of economics learn obedience to equations that mask inequality. That thought hit me while reading “The Justice Lie”…
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Empathy, morality, civilisation and resisting tyrants
—Empathy, morality, civilisation and resisting tyrants Geoff Davies Are we just selfish brutes who need to be civilised into social, moral behaviour? If not, where…
The post Empathy, morality, civilisation and resisting tyrants appeared first on Economic Reform Australia.
Renewables over 50%, wholesale prices down
—Renewables over 50%, wholesale prices down – is the energy transition … succeeding? Tony Wood Ten years ago, if a heatwave as intense as January’s record-breaker…
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The confident falsehoods of economists and the Nobel Prize
—The confident falsehoods of economists and the Nobel Prize Lars Syll Faced with economic theory’s apparent inability to address real economic and financial problems, economists…
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A just transition can remake Australia if we choose to think bigger
—A just transition can remake Australia if we choose to think bigger Peter Hansford A “just energy transition” seeks to balance risks and benefits fairly,…
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From public good to corporate enterprise: The financialisation of universities (Part 2)
—From public good to corporate enterprise: The financialisation of universities (Part 2) John H Howard A dominant challenge for universities now is the expectation that…
The post From public good to corporate enterprise: The financialisation of universities (Part 2) appeared first on Economic Reform Australia.
A post-Keynesian discussion of US economic hegemony: resilience or decline? (Part 1)
—A post-Keynesian discussion of US economic hegemony: resilience or decline? (Part 1) Alan Prout Introduction Since 1945 the USA has, at least until recently, been…
The post A post-Keynesian discussion of US economic hegemony: resilience or decline? (Part 1) appeared first on Economic Reform Australia.
Recommended article: The service sector path to shared prosperity
—Recommended article: The service sector path to shared prosperity [1] Dani Rodrik We must address climate change, inequality, and poverty simultaneously, but prevailing economic approaches…
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What caused both the Great Depression and the 2008 crisis?
—What caused both the Great Depression and the 2008 crisis? Steve Keen Mainstream economists completely missed what caused both the Great Depression and the 2008…
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From neoclassical economics to the masking of it with New-Keynesian economics
—From neoclassical economics to the masking of it with New-Keynesian economics Tyrone Keynes Economists often begin by making assumptions that bear little resemblance to reality.…
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Economic myths
—Economic myths Mark Diesendorf The dominant economic system, capitalism, has the goal of generating profit through private ownership and control of the means of production.…
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The China dependency nobody talks about
—The China dependency nobody talks about: How smart countries build dumb export structures Darren Quinn Part 4 of my series on vulnerability-based monetary sovereignty Here’s…
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How to talk about it
—How to talk about it John Alt Framing MMT as a Part of Normative Society Zohran Mamdani [1] will soon be asked the question: How…
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Ben Bernanke — the “expert” who got it all wrong
—Ben Bernanke — the “expert” who got it all wrong Extracted from an article by Steve Keen [1] Ben Bernanke got the job as Federal…
The post Ben Bernanke — the “expert” who got it all wrong appeared first on Economic Reform Australia.
Failures in privatised care starkly illustrate the inevitable failure of neoliberalism
—Failures in privatised care starkly illustrate the inevitable failure of neoliberalism Geoff Davies The failures of privatised child care and aged care have starkly illustrated…
The post Failures in privatised care starkly illustrate the inevitable failure of neoliberalism appeared first on Economic Reform Australia.
Key policies for the energy transition
—Key policies for the energy transition Mark Diesendorf The federal government has released its 2035 greenhouse gas emissions target. However, more important than the target…
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When ‘sustainable’ fashion backfires on the environment
—When ‘sustainable’ fashion backfires on the environment Erez Yerushalmi and Krishnendu Saha The circular economy – the idea of “reduce, reuse and recycle” – has…
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Getting rid of fossil fuels is really hard
—Getting rid of fossil fuels is really hard – and we’re not making much progress Martin Brueckner, Charles Roche and Tauel Harper If miners, the…
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The heart of mainstream economics
—The heart of mainstream economics Jim Byrne You need assumptions to build useful economic models – but those assumptions should not influence the results. I…
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From public good to corporate enterprise
—From public good to corporate enterprise: The financialisation of universities- (Part I) John H Howard In recent months, Australian universities have been increasingly scrutinized over…
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The Road Not Taken
—The Road Not Taken Lars Syll Had the whole discipline catastrophically misunderstood Keynes’ deeply revolutionary ideas? We heterodox economists, who have chosen the road less…
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Are business schools priming students for a world that no longer exists?
—Are business schools priming students for a world that no longer exists? Carla Liuzzo and Mimi Tsai Endless economic expansion isn’t sustainable. Scientists are telling…
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Financial markets cannot punish a sovereign government. Here’s why
—Financial markets cannot punish a sovereign government. Here’s why Steven Hail, Stephanie Kelton and Darren Quinn What the UK Mini-Budget Really Proved “You’ve got to…
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Open Letter to Ministers of Finance, ….
—Open Letter to Ministers of Finance, Central Bank Governors, Governors and Alternate Governors of the World Bank Group and International Monetary Fund, and Leaders of…
The post Open Letter to Ministers of Finance, …. first appeared on Economic Reform Australia.Fifty years of political economics at Sydney University – what has it meant for us?
—Fifty years of political economics at Sydney University – what has it meant for us? Evan Jones Earlier this year The Journal of Australian Political…
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The hidden cost of rate hikes
—The hidden cost of rate hikes Darren Quinn When the Reserve Bank of Australia raises interest rates, it’s presented as a necessary, technical adjustment to…
The post The hidden cost of rate hikes first appeared on Economic Reform Australia.Letter from: Dr Ted Trainer (NSW) On money and banking
—On money and banking Ted Trainer Much of the last ERA Review was on money and the banking system, but I do not think that…
The post Letter from: Dr Ted Trainer (NSW) On money and banking first appeared on Economic Reform Australia.What makes Modern Monetary Theory different?
—What makes Modern Monetary Theory different? Jim Byrne It is the methodological approach that makes Modern Monetary Theory (MMT) different. It is this approach that…
The post What makes Modern Monetary Theory different? first appeared on Economic Reform Australia.The Economist’s latest piece on tipping points is a wake-up call for policymakers and CFOs
—The Economist’s latest piece on tipping points is a wake-up call for policymakers and CFOs Scott Kelly The article in The Economist – “Earth’s climate…
The post The Economist’s latest piece on tipping points is a wake-up call for policymakers and CFOs first appeared on Economic Reform Australia.Modern Monetary Theory and taxation
—Modern Monetary Theory and taxation Gregory John Olsen (ERA FB Discussion Group) The Federal Treasurer’s Economic Reform Round Table has missed the most important fact…
The post Modern Monetary Theory and taxation first appeared on Economic Reform Australia.DeLong steps in it The efficient market hypothesis
—DeLong steps in it The efficient market hypothesis Peter Radford This is a second stab at a question that vexes me … I have been…
The post DeLong steps in it The efficient market hypothesis first appeared on Economic Reform Australia.China’s greening steel industry signals an economic reality check for Australia
—China’s greening steel industry signals an economic reality check for Australia Christoph Nedopil Australia has flourished as an export powerhouse for decades. Much of this…
The post China’s greening steel industry signals an economic reality check for Australia first appeared on Economic Reform Australia.Things we should own together Artificial Intelligence
—Things we should own together Artificial Intelligence John Alt If we project the logical trajectory of artificial intelligence (AI) it seems to be unavoidable that…
The post Things we should own together Artificial Intelligence first appeared on Economic Reform Australia.Ultra-fast fashion could be taxed to oblivion in France
—Ultra-fast fashion could be taxed to oblivion in France – Could Australia follow suit? Rowena Maguire For centuries, clothes were hard to produce and expensive.…
The post Ultra-fast fashion could be taxed to oblivion in France first appeared on Economic Reform Australia.The physical hazards of nuclear energy
—The physical hazards of nuclear energy Mark Diesendorf The debate about the economics of nuclear energy versus renewable energy has distracted politicians, the media and…
Slashing support: How the NDIS is leaving the most vulnerable behind
—Slashing support: How the NDIS is leaving the most vulnerable behind James Rosier As funding cuts take hold, the NDIS is drifting further from its…
The post Slashing support: How the NDIS is leaving the most vulnerable behind first appeared on Economic Reform Australia.Why it’s important that young unemployed Australians get a good job instead of just ‘any’ job
—Why it’s important that young unemployed Australians get a good job instead of just ‘any’ job Brendan Churchill We often hear young people need to…
The post Why it’s important that young unemployed Australians get a good job instead of just ‘any’ job first appeared on Economic Reform Australia.Further thoughts on John Alt’s article
—Further thoughts on John Alt’s article Editor It might be helpful to recognise that Premise #2 is a good basis for describing the financial operations…
Understatement of unemployment
—Understatement of unemployment John Haly In Australia, the media and government utilise Australian Bureau of Statistics (ABS) unemployment statistics. These indicate that the jobless rate…
Rethinking public debt
—Rethinking public debt Lars Syll Few issues in politics and economics are nowadays more discussed — and less understood — than public debt. Many raise…
Milei’s “Radical Plan”, revisited – part 2
—Milei’s “Radical Plan”, revisited – part 2 Peter Rock-Lacroix In 2023, Javier Milei pitched dollarization as the path toward prosperity for Argentina. Two years on,…
What Quantitative Easing is and the “purpose” behind it
—What Quantitative Easing is and the “purpose” behind it Ellis Winningham Quantitative Easing (QE) is nothing more than an asset swap for reserve* liquidity. Orthodoxy,…