Abstract: This paper integrates unproductive activity into a Marxist growth model based on Marx’s reproduction schemes. Labor extraction and technological change are related to the production and distribution of surplus and thus are endogenous. Continue reading →
Professor’s Forstater, Kelton and Wray are among the Nine People Who Saw the Greek Crisis Coming Years Before Everyone Else Did.
Although the problems in Greece didn’t begin making big headlines until 2009, a number of economists, politicians and professors spotted cracks in the European currency union as early as the 1990s. Meanwhile, it’s interesting to note that the country had a tough time making it into the single currency in the first place. Continue reading →
Our economic guardians at Federal Treasury and the Reserve Bank sound increasingly uneasy about some policy choices being made offshore.
Since the global financial crisis, quantitative easing has pumped trillions of dollars into major economies with limited success. More recently central banks in Europe and Japan have opted for negative interest rates in a bid to kick-start growth.
UMKC’s Stephanie Kelton is named chief Democratic economist on the Senate Budget Committee
Stephanie Kelton has been an economics professor at UMKC since 1999. She is a self-described “deficit owl” who supported larger budget deficits to counteract the recent recession. Each party has its own chief economist on the budget panel, which among other things oversees the Congressional Budget Office.
What does a presidential candidate’s choice of advisers tell us about the candidate?
A deep bench of experienced advisers is essential for any president — to provide policy guidance, a sounding board, intellectual ballast and, eventually, help in translating ideas into action. But the people selected say much about the candidates themselves — their intellectual rigor, their willingness to entertain fresh views, the value they place on experience.
Hillary Clinton’s roster is a who’s who of the astute and ambitious accumulated by both Clintons in four decades in Democratic politics. It includes Alan Blinder, former Fed vice chairman, and John Podesta, campaign chairman and a top adviser in the Clinton and Obama administrations. Continue reading →