Disclaimer: I’m learning, so while I strive for accuracy, I’m open to the idea that I don’t fully understand what this international organization does, or
First, what are oligopolies? Most people are more familiar with the words monopoly and duopoly. A monopoly is when there is only one seller in
Wheat prices have increased sharply over the past few months and are expected to continue to rise for the foreseeable future. Wheat prices are rising
Ecological economics, to me, is simultaneously fascinating and depressing. Fascinating because it starts with the natural sciences of ecology, biology, and thermodynamics. Depressing because the
CAN inflation be good? First, let’s compare common definitions of what inflation is. Definitions Investopedia Inflation is the decline of purchasing power of a given currency over
In the neoclassical and Austrian schools of economic thought, government intervention in free markets distorts the “invisible hand” and leads to problems. To them, government
What is value? How do economists define it? What Adam Smith said The value of any commodity, therefore, to the person who possesses it, and
This is part of our series on the book “What Has Government Done to Our Money?“. This post discusses one of the main concepts where
Feminist economics is not exclusively about gender issues and inequality. It seems that at its core it analyzes how and why unpaid care work is
Humanity has been banking for about 5,000 years. In that time there have been three competing theories about where the money comes from when a
With shortages and supply chain challenges in the news so much lately I tried to find a well done explanation I could share that didn’t
New institutionalism is the economic offspring of neoclassical economics and constitutionalism. New institutionalists believe the quasi rational choices individuals within a market-based economy make are
The image for this post is a little misleading. Institutionalism is not about what most people consider to be institutions, but rather the culture and
Post Keynesian economics is called post Keynesian because the name “Keynesian” was taken,. Ironically, by economists who do not follow the teachings of John Maynard
Professor Steve Keen states we need new economics because neoclassical economics does such a poor job of modeling how the world and how economies really
The economics of ecocide? This, claims Professor Steve Keen, is one of the primary reasons why we need a new economics. He makes the rather
This post is a summary of the interview below, where Steve Keen talks with Lachlan McCall, the President of the Young Economists Network for the
Austrian economics and libertarianism are not the same things, but there does seem to be a very strong overlap. This post is a summary of
This interview I’m sharing occurred during the annual meeting of the World Economic Forum in Davos Switzerland in 2013, about five years after the 2008
I’m pretty sure everyone knows Marxism came from the mind of Karl Marx, so the deeper question is what ideas influenced his thinking? This post
Mint the coin: Who wants a good old political fight about paying for what we already bought? When Congress authorizes spending, then refuses to later
Mint the coin: How can we do that and not increase the debt? US government fiscal and monetary policy Starting after the US Civil War,
The background: Mint the coin Law Professor Rohan Grey wrote an interesting paper describing how the US government can use an obscure provision of the
John T Harvey Ph.D., tell us what the green new deal is and why we do in fact need it. Summary: The Green New Deal
Those neoclassical economic people love their equilibrium curves? Right? Anyway, this post is a summary of chapter 3 of the book Contending Perspective in Economics
This blog post is a summary of an interview where Professor Michael Mainelli, the Executive Chairman of the Z/Yen Group interviewed Warren Mosler about Modern
This blog post summarizes a presentation given by Simon P. Michaux on 20 Sep 2021 during the workshop Are There Biophysical Limites to Growth which
This blog post series is my attempt to summarize, and do justice, to the book Contending Perspectives in Economics by John T Harvey PhD. I
The video below is an interview with Rana Foroohar, being interviewed by Bob Herbert on Op-Ed TV. She makes an incredibly clear statement starting at
When Congress directs the US treasury to do something that requires new US dollars to be created, what is the process of that new money
A nations wealth: Summary (as in, not a word for word transcript) “Mark Twain said sometimes it’s easier to fool people than to convince them
Someone shared the tweet thread below with me on either Facebook or Twitter (can’t remember) and it’s EXCELLENT. So I’ve recreated it here, as faithfully
The Cowboy Economist, John T Harvey, PhD, explains how the (currency issuing) government finances its deficits. I added currency issuing, as in the USA, only the
I’m seeing a lot of people on social media make comments that reveal that they do not understand the basic principles of the operation of
The Cowboy Economist, John T Harvey, PhD, explains how the private sector finances its deficits. Summary (as in, not a word for word transcript) Opening
The Cowboy Economist is John T Harvey PhD, an economics professor at Texas Christian University in Fort Worth, Texas, who makes humorous and educational videos
Half of the 2021 Nobel Prizes in Economic Science went to David Card, of the University of California Berkeley (who got his traditionally assigned Nobel
The economics media is a buzz with news of the newly announced winners of the 2021 Nobel Prize in Economic Sciences, of which there are
This is really a question or inquiry from me. I’m not an economist. Both of these terms are fairly new to me. Economic Rent Adam
I listened to an interview of Warren Mosler by Bob Murphy, for episode 18 of The Bob Murphy Show podcast. If you wish to listen
Medicare for all is one of the hot button political issues of our time. Americans spent A LOT for healthcare As measured in dollars While
But, currency issuer government deficit spending only To be clear, this applies to currency issuing governments ONLY. In the US, this is true only of
Says who? What absolute idiots would ever say something so stupid? Alan Greenspan, former Chairman of the Federal Reserve “There is nothing to prevent the
Today, the phrase free market is generally used to mean free of government intervention. Yet, many economists and students of economics claim that when Adam
As I stated when I first mentioned Nick Hanauer a few posts ago, he is NOT an economist and he is NOT an MMT guy.
Since Warren Mosler accidently created this MMT thing, what is considered to be a new school of economic thought (or perhaps it’s a subset of
Since Warren Mosler accidently created this MMT thing, what is considered to be a new school of economic thought (or perhaps it’s a subset of
Since Warren Mosler accidently created this MMT thing, what is considered to be a new school of economic thought (or perhaps it’s a subset of
Since Warren Mosler accidently created this MMT thing, what is considered to be a new school of economic thought (or perhaps it’s a subset of
The most interesting thing, at least to me, about the story of Warren Mosler and the development of MMT (Modern Monetary Theory) is that at
Modern Monetary Theory is an economic school of thought that starts with the fiscal operations whereby currency issuer Treasury Departments and Central Banks add money
Is the US government broke? For real? Actually no, the US government is not, and can not, go broke Consider that the US federal government
The short answer is the “pay for ” mechanism of the US government is through a Congressional appropriation. WTF? They just vote US dollars into
In his seminal work The Wealth of Nation, Adam Smith told a story of how barter is inefficient, could only occur when there was a
In our last episode of “What is money?”, we left off with… Now, for the first time, people travel. Some villagers from various villages were
What is money? The generally accepted definition of money I was taught in High School Economics class is “Money is a medium of exchange and
Has it occurred to you while we do ask how we will pay for the Green New Deal, there are some things for which we
The video below is of a man named Warren Mosler explaining how job training is not enough to reduce unemployment. He uses the analogy of
This is part of our series critiquing the book “What Has Government Done to Our Money?“. This post discusses the federal government taking gold from
This is part of our series critiquing the book “What Has Government Done to Our Money?”. This post discusses the (I believe Libertarians’) belief that
This is part of our series on the book “What Has Government Done to Our Money?“. This post discusses the supply of money, how free
This is part of our series on the book “What Has Government Done to Our Money?“. This post discusses two of the main concepts where
This is part of our series on the book “What Has Government Done to Our Money?“. This post discusses one of the main concepts where
There is a common narrative in our culture that high marginal income tax rates are bad for the economy. People who are incredibly wealthy say
No, the currency issuer can not spend endlessly I’ll use the USA again in the examples below. The US federal government (the currency issuer of
Before we talk about the currency issuer vs currency users, let’s first think about where currency comes from in the first place. Important idea #2:
Yes, it does get a bit technical, but it’s something anyone can understand when it’s explained with a minimum of technobabble. What is macroeconomics? Macroeconomics
