A Brief Note on Deficits

I’d like to take a moment to add something to Bill Mitchell’s excellent article “Iceland proves the nation state is alive and well” found here: http://bilbo.economicoutlook.net/blog/?p=33707 which, I feel, would make an excellent learning opportunity for the general public concerning deficits and the economy. In the section “The public deficit supported growth until private domestic[…]

The Money Supply, the Price of Money, Monetary Policy and Inflation

Much confusion surrounds the items in this article’s title. Thanks to orthodox viewpoints we have nearly an entire populace that believes Jack and the Beanstalk is a true story. Now, of course, I’m not being literal. I am, however, trying to make a point. Like, say, Tolkien, orthodox economists fashion a fantasy world all their[…]

Universal Basic Income: An Economic “Destabilizer”

As an addendum to yesterday’s article concerning the Job Guarantee versus the UBI, I’d like to clarify a couple of points concerning the inflationary aspects of a UBI and its inability to discipline inflation. In yesterday’s article I chose to address the potential wage-price spiral effects caused by a UBI, because the point that all[…]

Required Reading Material

Many of you who know me are aware of my admiration for Michal Kalecki. For those of you unfamiliar with him and his work, I’d like to share with you Kalecki’s “Political Aspects of Full Employment”. For those of you who are familiar, do enjoy! Political Aspects of Full Employment

Inflation: Ad Nauseum

It just won’t stop. Oh, you can tell people to focus on long-term involuntary unemployment and the negative effects thereof, which make the effects of inflation seem like a walk in the park – and it should be the main topic of discussion – but, no. Some people must talk about inflation and, quite frankly,[…]