There has been some publicity given to the recent ending of the trial in Finland to pay 2000 randomly chosen, long-term unemployed with a tax free, unconditional, ‘Basic Income’. This was really at the limits of what can be called a ‘Basic Income’ and a big part of its ‘lack of success’ is that no… Read more
Debunking hyperinflation and challenging inflation
I see Tim Harford of the Financial Times has challenged, even if ever so gently, the neoliberal bogeyman of inflation in his recent article. So wary is he, that it starts: “Perhaps it is rash to say so” Still, he continues, “but I think we can set aside fears of hyperinflation in an advanced economy… Read more
No historical justification for the Job Guarantee
When Warren Mosler opines here that where government first spends into the economy it is employing all the people who receive its money, as it is spending into the economy because it wants something in return, it seems plausible. He suggests that government expenditure amounts to employment and sometimes – at least, if one takes… Read more
Rates of Interest
Do you agree that higher interest rates will reduce demand and output/employment? Simon Wren-Lewis asked in this recent twitter feed. (Itself a rich source of all sorts of education!) I replied perhaps, possibly. And I’m beginning to wonder if even that was much too certain…. For a start, since the interest rate on my credit… Read more
Bernard Lietaer RIP
Bernard Lietaer,the most famous Belgian of whom you’ve never heard, has died at the young age of 77. He was the original economist who dared to talk about money, having been warned by Paul Krugman that talking about money would impede his career development, which was almost definitely correct. But when, as the Belgian Central Bank’s… Read more
Parallel currencies can also be powerful
I think most can agree that in order to properly function any state requires a system of defence and of justice. Considering the modern state perhaps we should add that it also needs to have the right to create its own currency. We know that creating a currency for public purpose requires just two conditions:… Read more
Back to the Backstop (Possibly the DUP are not sensible?)
Introduction It has been a fairly grim week Brexit-wise with the HoC again putting fantasy over reality. I have to admit to being so depressed by the whole saga I have found it difficult to put pen to paper. Fortunately three of my favourite commentators, Prof Chris Grey, Ian Dunt and Prof Simon-Wren Lewis have… Read more
Food – Project Fact
Some very worrying research has come from the University of Liverpool and Imperial College London, which suggests that the shortage of fresh food which would certainly be caused by the disruption engendered by any no deal Brexit and also, importantly, a free-trading agreement with the EU and even with third-party countries. All scenarios would necessitate… Read more
MMT as nonsense economics – or not
The first point—that (fiat) money is ultimately a governmental construct in modern capitalist economies, and central banks can indeed produce as much of it as they want—is not news…. is the promising way Jonathan Portes kicks off his argument in ‘Prospect’ against Modern Monetary Theory (MMT), which he calls ‘Nonsense Economics’. He continues: a sovereign… Read more
Six impossible things before breakfast
We now know that properly leaving the EU is incompatible with the Belfast or Good Friday Agreement (GFA). So we either renegotiate that or stay in the EU. In effect Britain could leave the EU when it has successfully reunited Ireland – but not before. The UK’s place in the world turns out to be… Read more
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