Modern monetary theory (MMT) has become flavour of the time among many leftist economic views in recent years. The new left-wing Democrat Alexandria Ocasio-Cortez is apparently a supporter; and a leading MMT exponent recently discussed the theory and its policy implications with UK Labour’s left-wing economics and finance leader, John McDonnell. MMT has some tractionContinue reading “Modern monetary theory – part 1: Chartalism and Marx”
Yearly Archives: 2019
Davos: climate and inequality
The two issues that the rich and famous in world capital like to discuss with wringing hands and weeping are: global warming and climate change; and rising inequality of incomes and wealth. Davos realises that the popular reaction to these issues is threatening the destruction of what they call the “liberal order” ie the freeContinue reading “Davos: climate and inequality”
Davos and the ‘liberal order’
This year’s World Economic Forum starts in Davos, Switzerland today. Two years ago, Chinese President Xi made the keynote speech, in which he argued for more trade and investment globally as opposed to the newly-elected US President Donald Trump’s threats to impose tariffs to protect (supposedly) American workers. Then last year, Trump himself turned upContinue reading “Davos and the ‘liberal order’”
From amber to red?
Today’s news that the German economy, the powerhouse of Europe, had narrowly avoided a ‘technical recession’ in the second half of 2018 is another red light flashing for the world economy. In 2018, German real GDP growth was 1.5% down from 2.2% in 2017. This was the weakest growth rate in five years And inContinue reading “From amber to red?”
ASSA 2019 part 2 – the radical: profitability, growth and crises
While hundreds attend the big meetings of the mainstream sessions at the annual meeting of the American Economics Association (ASSA 2019), only tens go to the sessions of the radical and heterodox wing of economics. And even that is thanks to the efforts of the Union of Radical Political Economics (URPE), which celebrated its 50thContinue reading “ASSA 2019 part 2 – the radical: profitability, growth and crises”
ASSA 2019 part one – the mainstream: avoiding recessions
Past annual conferences of the American Economics Association have had some dominant themes: rising inequality, slowing productivity and secular stagnation. But in 2018 and in the 2019 conferences, the focus switched – at least among the mainstream economic stream that overwhelmingly dominate ASSA – to whether there will be a new recession in the USContinue reading “ASSA 2019 part one – the mainstream: avoiding recessions”
The euro – part two will it survive another 20 years?
In part two of my analysis of the euro currency, I consider the impact of the global slump of 2008-9 and the ensuing euro debt crisis on prospects for the euro. The global slump dramatically increased the divergent forces within the euro. The fragmentation of capital flows between the strong and weak Eurozone states exploded. TheContinue reading “The euro – part two will it survive another 20 years?”
20 years of the euro – part one: has it been a success?
Today is the 20th anniversary of the launch of the euro and the Eurozone single currency area. Starting with eleven members, two decades after its birth, membership has grown to 19 countries and the euro-area economy has swelled by 72% to 11.2 trillion euros ($12.8 trillion), second only to that of the US and positioningContinue reading “20 years of the euro – part one: has it been a success?”
Michael Roberts Blog 