background preloader

Heterodox economics: Marginal revolutionaries

Heterodox economics: Marginal revolutionaries
Related:  EconomicsHeterodox

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. I was first attracted to MMT because of the focus on monetary operations. Monetary nerds of the world unite, you have nothing to lose but the interest of your cooler friends. This objection to cronyism is at the very heart of the Tea Party movement.

Modern Money Mechanics | MMT simplified. 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. Background[edit] In the run up to the Second World War, the United States had suffered through the Great Depression, following the Wall Street Crash of 1929. “The Economic Bill of Rights”[edit] Significance[edit] [edit] See also[edit] Notes[edit]

Déclaration de Philadelphie __Déclaration de Philadelphie Organisation internationale du travail, 10 mai 1944 En , la , réunie à , aux Etats-Unis, a adopté une qui redéfinit les buts et objectifs de l'Organisation internationale du travail (OIT) en énonçant notamment les principes suivants : le travail n'est pas une marchandise, la liberté d'expression et d'association est une condition indispensable d'un progrès continu, la pauvreté, où qu'elle existe, constitue un danger pour la prospérité de tous, tous les êtres humains, quels que soient leur race, leur croyance ou leur sexe, ont le droit de poursuivre leur progrès matériel et leur développement spirituel dans la liberté et la dignité, dans la sécurité économique et avec des chances égales. Cette , adoptée le , à l'unanimité, par les représentants (délégués des gouvernements, des employeurs et des salariés) s'adresse "à tous les humains" et "insiste sur leur dignité. {*style:<b>LA DECLARATION DE PHILADELPHIE ) le travail n'est pas une marchandise;

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: GDP = consumption + investment + (government spending) + (exports − imports), or, GDP = C + I + G + (X-M) "Gross" means depreciation of capital stock is not included. Economists (since Keynes) have preferred to split the general consumption term into two parts; private consumption, and public sector (or government) spending. * Private consumption is a central concern of welfare economics. * C is private consumption in the economy. * Read national accounts

Les méfaits ignorés de l’expansion du crédit bancaire L’idée derrière l’expansion du crédit relève en réalité de la pensée magique. Persister dans cette voie n’est pas une solution à la crise mais risque au contraire de l’aggraver. Par Valentin Petkantchin Les difficultés des banques, menacées de faillite, les poussent à réduire leurs bilans et les crédits qu’elles font à l’économie. Or l’École autrichienne d’économie dite École de Vienne – dont les représentants ont parfaitement prédit la crise actuelle tout comme celle de 1929 – analyse que ces politiques pourraient avoir des conséquences désastreuses pour votre capital et vos économies. La foi des autorités publiques actuelles dans l’expansion du crédit paraît quasi-mystique. L’expansion du crédit en question ne repose pas sur la constitution au préalable d’une épargne plus importante. Le système bancaire est-il en mesure de financer l’économie en multipliant le crédit à partir de rien ? L’idée derrière l’expansion du crédit relève en réalité de la pensée magique. Mais ce n’est pas tout.

The Johnsville News EFE Home Intentcasting an Epic Vision: How to Bootstrap Creative Economy 3.0 Q: How do the Amish raise a barn without money? A: Community, and the social capital that weaves it together. In my husband’s Latvian community, they have a concept similar to barnraising called “talka,” which describes collective volunteer work for the good of society and environment. Several times a year we come together at our camp in the Catskill Mountains, and everybody chips in to maintain the property – clearing branches, building bridges, fixing roofs, painting, and whatever else needs to get done. No one gets paid for it (unless you count food, beer, and bonfires as payment), yet everyone helps. Why? Because we’re invested in ourselves and each other and are stakeholders in our community and believe that preserving and cultivating our culture matters. So. **Let’s intentcast to bootstrap Creative Economy 3.0** What is intentcasting? I came across this concept on Seb Paquet’s blog, Emergent Cities. Intentcasting is deceptively simple to describe. “I want to have a party at my house!” 1.

(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? Theoretically, it is the most popular model. In 1963 when he was young, Prof. The Mundell-Fleming model is an open macro application of the standard IS-LM analysis. Consider the following three aspects of the macroeconomy: (1) Aggregate demand (IS and LM curves, representing goods and money markets) (2) Aggregate supply (production function and labor market) (3) Balance of payments (current account and capital account) The usual textbook exposition (with no trade or capital mobility) combines (1) and (2), with a downward sloping AD (aggregate demand) curve and an upward-sloping AS (aggregate supply) curve. Aggregate demand - IS curve where and From above, we have 1. 1.

Related: