(Mostly what is mainstream economics, as this post turned out). The field of economics is overwhelmingly dominated by a single school of thought - known as Neoclassical Economics. Almost all economists are neoclassical economists. Note: I am incorrectly blending together Neoclassical Economists with New Keynesians (not actually Keynesians - he would be turning in his … Continue reading What is heterodox economics?
Tag: MMT
Inflation is acceleration
Inflation is a rise in the general price level over a period of time. This means prices moving from one level to a new (higher) level between points in time. If inflation stops, the prices will stop rising and the new (higher) price level will remain until either inflation or deflation occur. Deflation is simply … Continue reading Inflation is acceleration
Does Quantitative Easing create new money?
Stop right there! Hold it. Go back a bit… did you see that? Exactly at the moment when the QE operation happened, the bank balance went up. The money came from nowhere! QE is a form of money creation!! Okay, so what is QE - Quantitative Easing? Put simply, Quantitative Easing is when the Bank … Continue reading Does Quantitative Easing create new money?
Seven Deadly Innocent Frauds (DIFs) of Economic Policy
A great article on the #MintTheCoin campaign; which is a proposal to side-step the US government’s self-imposed (and weaponised) debt ceiling by having the government instruct the Mint to create a $1 trillion platinum coin. Well worth a read. https://www.vox.com/platform/amp/22711346/trillion-dollar-coin-mintthecoin-debt-ceiling-beowulf?__twitter_impression=truehttps://www.vox.com/platform/amp/22711346/trillion-dollar-coin-mintthecoin-debt-ceiling-beowulf Included in the article is some discussion about how Republicans know full well that they … Continue reading Seven Deadly Innocent Frauds (DIFs) of Economic Policy
Tom Nockolds 