Michael Roberts blog

Blogging from a Marxist economist

Recent Analysis

The roaring twenties repeated?

The latest data on economic recovery in China and the US suggest that both economies should be back to or above the pre-pandemic levels of national output by the end of this year (in the case of China probably some 10% above).  This has renewed optimism that the pandemic slump may quickly be reversed.  KeynesiansContinue reading “The roaring twenties repeated?”

IMF and debt: a new consensus?

There is much talk among ‘progressive’ economists that the IMF and the World Bank have turned over a new leaf.  Gone are the days of supporting fiscal austerity, demanding that national governments get public debt levels down and insisting on conditions for countries borrowing IMF-WB funds that their governments privatise their state assets, deregulate marketsContinue reading “IMF and debt: a new consensus?”

Robert Mundell: nothing optimal

Noted neoclassical mainstream economist, Robert Mundell, has died at the age of 88 years.  Mundell won a Nobel (Riksbank) prize in economics for his extension of general equilibrium theory as applied to Keynesian macroeconomics into the international arena.  Whereas the neoclassical equilibrium version of Keynes’ macromodel (called ‘bastardised Keynesianism’ by Joan Robinson) described a ‘closed’Continue reading “Robert Mundell: nothing optimal”