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Heterodox economics: Marginal revolutionaries

Heterodox economics: Marginal revolutionaries
POINT UDALL on St Croix, one of the US Virgin Islands, is a far-flung, wind-whipped spot. You cannot travel farther east without leaving the United States. Visitors can pose next to a stone sundial commemorating America's first dawn of the third millennium. A couple named “Sigi + Ricky” have added a memento of their own, an arrowstruck heart scrawled on the perimeter wall in memory of “us”. Warren Mosler, an innovative carmaker, a successful bond-investor and an idiosyncratic economist, moved to St Croix in 2003 to take advantage of a hospitable tax code and clement weather. From his perch on America's periphery, Mr Mosler champions a doctrine on the edge of economics: neo-chartalism, sometimes called “Modern Monetary Theory”.

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Second Bill of Rights The Second Bill of Rights was a list of rights proposed by Franklin D. Roosevelt during his State of the Union Address on January 11, 1944.[1] In his address Roosevelt suggested that the nation had come to recognize, and should now implement, a second "bill of rights". Roosevelt's argument was that the "political rights" guaranteed by the constitution and the Bill of Rights had "proved inadequate to assure us equality in the pursuit of happiness." Roosevelt's remedy was to declare an "economic bill of rights" which would guarantee eight specific rights: Roosevelt stated that having these rights would guarantee American security, and that America's place in the world depended upon how far these and similar rights had been carried into practice.

A region's gross domestic product, or GDP, is one of the ways of measuring the size of its economy. The GDP of a country is defined as the total market value of all final goods and services produced within a country in a given period of time (usually a calendar year). It is also considered the sum of value added at every stage of production (the intermediate stages) of all final goods and services produced within a country in a given period of time. The most common approach to measuring and understanding GDP is the expenditure method: Monetary Theory, Crony Capitalism and the Tea Party - US Business News Blog The so-called "bond vigilantes" turned out to be mythological creatures, at least as far as U.S. federal debt is concerned. Even the crisis over the debt ceiling and the downgrade of the U.S.'s credit rating only lead to lower interest rates. The school of economics that best explains this phenomenon is called "Modern Monetary Theory" or MMT. The MMT school is made up of scholars, businessmen and online advocates who have a deep understanding of the operations of the actual operational aspects of our monetary system. They argue, quite persuasively, that our monetary system is built in such a way that our government is never revenue constrained, which is to say it can spend as much as it likes, because the government creates our money.

Primary Source Documents Primary Source Documents Pertaining to Early American History An invaluable collection of historical works which contributed to the formation of American politics, culture, and ideals The following is a massive collection of the literature and documents which were most relevant to the colonists' lives in America. Modern Monetary Theory is an unconventional take on economic strategy What’s more, his father, John Kenneth Galbraith, was the most famous economist of his generation: a Harvard professor, best-selling author and confidante of the Kennedy family. Jamie has embraced a role as protector and promoter of the elder’s legacy. But if Galbraith stood out on the panel, it was because of his offbeat message. Most viewed the budget surplus as opportune: a chance to pay down the national debt, cut taxes, shore up entitlements or pursue new spending programs. He viewed it as a danger: If the government is running a surplus, money is accruing in government coffers rather than in the hands of ordinary people and companies, where it might be spent and help the economy. “I said economists used to understand that the running of a surplus was fiscal (economic) drag,” he said, “and with 250 economists, they giggled.”

(No handout; chapter 13) What is the Mundell-Fleming model? In an open economy with external trade and financial transactions, how are the key macro variables (GDP, inflation, balance of payments, exchange rates, interest rates, etc) determined and interact with each other? What are the effects of fiscal and monetary policies? John Stuart Mill: On Liberty by Harvard Classics Volume 25 Copyright 1909 P.F. Collier & Son About the online edition. This was scanned from the 1909 edition and mechanically checked against a commercial copy of the text from CDROM. Mainstream economics and Modern Monetary Theory: A family tree Culture Connoisseur Badge Culture Connoisseurs consistently offer thought-provoking, timely comments on the arts, lifestyle and entertainment. More about badges | Request a badge

Let’s Not Pussyfoot Around with the Banks Written by Mira Tekelova on . There is a simple fact about the UK banking system that is both profound and mundane. It is also little known, and yet the source of much hyperbole, according to Tony Greenham, Head of Finance and Business at nef (New Economics Foundation) What is this simple fact?

Black-Scholes Model In their 1973 paper, The Pricing of Options and Corporate Liabilities, Fischer Black and Myron Scholes published an option valuation formula that today is known as the Black-Scholes model. It has become the standard method of pricing options. The Black-Scholes formula calculates the price of a call option to be: C = S N(d1) - X e-rT N(d2) where Put-call parity requires that:

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