MEcon (het) student. Econ teacher (orth/het). GNU/Linux user. Secular. #LetsGoBlueJays
The United States of Canada
Joined November 2007
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It can't be repeated enough:
Believing federal taxes are used to finance spending leads to fear-driven politics, misinformed policy, unnecessary austerity, rising inequality, economic stagnation, and poor inflation management.
All based on a false household budget analogy.
pet rock retweeted
My fab daughter Alex has just won a Leverhulme Prize. Her forensic analyses of illicit markets, freeports and special economic zones are on the cutting edge of a criminology coming of age to produce the most revealing insights into the global economy. northumbria.ac.uk/about-us/n…
pet rock retweeted
My prediction is clear: you have not ready any of the empirical literature on the actual cost structure of firms. Like this one for instance, by Alan Blinder.
pet rock retweeted
Exactly right. Citizens United is the most misunderstood decision in SCT history. The mistake was SpeechNow. We're in the 1st Circuit to fix it, and end Super PACs. equalcitizens.us/against_sup…
pet rock retweeted
In my experience, a lot of the debates around MMT ultimately boil down to differing views on the following 3 questions:
1) the substitutability of money and Treasury bonds
2) the determinants and effects of interest rates
3) whether the economy tends toward full employment 🧵
pet rock retweeted
Exactly. If you actually create the financial statements for a DSGE model, you quickly see that what is going on is incredibly simple (with micro foundations and various shocks added such that the math itself isn't simple, obviously), unrealistic, and frankly uninteresting.
Meanwhile in Taiwan...
Internal records show provincial bureaucrats refuted Doug Ford’s arguments before he ordered Toronto bike lanes removed. thestar.com/news/gta/doug-fo…
pet rock retweeted
We're nearing 5 years of hikes/higher rates and inflation remains well above target. We had nearly a decade of ZIRP and inflation stuck to the floor the entire time.
Hate MMT all you want, but this is precisely what MMTers have been arguing would happen the entire time.
pet rock retweeted
The winners of the Nobel Prize in Economics tend to have one thing in common: they’ve passed through an elite US university.
This year’s award reinforces the trend.
And the problem of elite concentration, while perhaps unsurprising, is more severe in economics than in any other field.
A recent study compared the institutional clustering of award-winning researchers across academic disciplines. The study looked at around 6,000 prizewinners from 18 areas of the natural sciences, engineering and the social sciences.
The study found that economics is *the only field* in which elite concentration is increasing over time.
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Robert E. Hall and Michael Woodford “for microeconomic foundations of macroeconomic stabilisation.”
#NobelPrize
pet rock retweeted
I think we should make economists wear their forecasting accuracy on their shirts like sports statistics.
pet rock retweeted
Heterodox economists face an intellectual asymmetry. They must study mainstream economics rigorously to identify and critique its theoretical flaws, while mainstream economists can largely ignore heterodox theories without even engaging with the criticisms directed at their own.
pet rock retweeted
Amazing bit of revisionism - the intellectual authors of the models that allowed central banks to ignore the shadow banking instability that exploded into 2008 global financial crisis are now presented as 'transformers of crisis central banking'
ft.com/content/1d3b1c4f-823d… via @ft
pet rock retweeted
What if the economics Nobel rewarded studying capitalism? Scandalous, I know. Twenty one names. One demand: stop treating heterodox economics as a footnote. Open the prize, the journals and the curriculum to real intellectual pluralism
🤖 Made with AI
pet rock retweeted
How many #MMT academics spend their time writing books attacking Austrian Economics? Exactly. Only one discipline is scared of the other.
