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How to predict a financial crisis, BIS-edition 27 Aug 2013 | 04:50 pm
The Great financial Crisis came, for a lot of economists, out of the blue. The BIS (Bank for International Settlements) has investigated a whole lot of ‘early warning indicators’. And it seems that fi...
Malthus redux? (1) 27 Aug 2013 | 01:17 pm
We talk a lot about economists like Keynes, Minsky, Smith and the like at the moment. Maybe we should talk a little bit more about Malthus. It might well be that the decline of relative food prices wh...
Pinching pensions to keep Wall Street fat and happy 26 Aug 2013 | 09:30 pm
From: Dean Baker The debate over public pensions clearly shows the contempt that the elites have for ordinary workers. While elites routinely preach the sanctity of contract when it works to benefit t...
Wage or profit led supply and demand: the local and the global perspective 26 Aug 2013 | 04:41 pm
Lars Syll points us to this study from Marc Lavoie and Engelbert Stockhammer about the geographical scope of wage led and profit led economic regimes. A quote: Wages have a dual function in capitalist...
Graph of the day: nominal Gross Domestic Product, Ireland and Greece 26 Aug 2013 | 04:33 pm
Austerity works. The Irish GDP price level is still quite a bit below the 2005 GDP level, and the Greek price level is, at this moment, declining (data: Eurostat and Elstat). But does it also work for...
The concept of monies – again. 25 Aug 2013 | 06:50 pm
“Any economic unit can emit money. The serious problem is to get it accepted” Hyman Minsky, ‘An evaluation of recent U.S. monetary policy’, Bankers Magazine, October 1972 Paul Krugman is writing about...
Some Snippets 24 Aug 2013 | 03:09 pm
1) ‘Wisdom of Age’ Snippets. Readers are advised to consult the (long and still growing) thread of the ‘Poor Adam’ post on this blog. Some quotes (different authors, the names of the authors are consc...
Is the eurozone in a ‘zero lower bound’ situation? 23 Aug 2013 | 03:27 pm
Low interest rates are supposed to save the economy. There is however a discussion going on if interest rates can be lowered enough to kick-start final expenditure again – nominal interest rates might...
It’s the math again 23 Aug 2013 | 03:03 pm
from: David Ruccio 0 Every time there’s a controversy in economics, the problem of mathematics seems to be at the center of the discussion. That’s because, in economics, discussing the role of mathema...
What do the new Irish national accounts teach us about modern capitalism? 22 Aug 2013 | 10:09 pm
The National Accounts are by far the proudest post WW II achievement of scientific macro-economics. Coherent, consistent and complete measurements of the entire economy based upon sound definitions, n...
