Monthly Archives: May 2013

Finding A New Macroeconomics: (8) Reinhart, Rogoff, and Reality

Economics has been under fire since the recent crisis for enshrining abstract models that offer little connection to the real world. In “Growth in a Time of Debt,” our data-intensive approach aims at providing stylised facts, well beyond selective anecdotal … Continue reading

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Finding a New Macroeconomics: (7) Inflation, “Conflation,” and the “Inequality Trap”

During the Great Depression, to his credit, Keynes bucked his colleagues by claiming that government spending could revive a depressed economy. But, caught in the neoclassical paradigm, he got the mechanism wrong. Keynes argued, as does Krugman today, that the … Continue reading

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Finding a New Macroeconomics: (6) Mainstream “Normality,” and the Distraction of Behavioralism

The academic economics profession ought to have been most intimately involved in analyzing and debating a broken capitalist system whose deep crisis had confounded all its confident expectations. It has done nothing of the sort. Instead it proceeds as if … Continue reading

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Finding a New Marcoeconomics: (5) Inequality and Taxation

Fairness requires that people who make more money pay a higher portion of their incomes in taxes than people with less money. That’s called a progressive tax system, and it’s been a foundation stone of America’s tax code. [1] – Robert … Continue reading

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Finding a New Macroeconomics: (4) A Georgist-Keynesian Synthesis

We scarcely have time to congratulate ourselves on [the victory of market economics over socialism] before confronting failures like the growing concentration of economic power, growing inequality of income and especially wealth, stagnant or falling real wage rates, homelessness and … Continue reading

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