Neoclassical Economics and Domain Assumptions

How the learned practice sophistry

by Joe Blackwell

A recent paper authored by two mainstream neoclassical economists [1], Salomon Faure and Hans Gersbach, has caused quite a stir amongst prominent heterodox economists such as Steve Keen and Richard Murphy. The paper seeks to compare and contrast two opposing models of commercial bank lending behaviour (endogenous money model and loanable funds model). Continue reading “Neoclassical Economics and Domain Assumptions”

IMF deal is bad for Argentina, not good

Mainstream & Zerohedge got it wrong

by Diego Ramiro Lattes

This is a reply to Tyler Durden’s ZeroHedge article regarding Argentina and the latest IMF loan given to the country. In the aforementioned article some incorrect assumptions are made about Argentina, particularly in regards to the country’s future and the international economy. I intend to dispel these erroneous views. Hopefully, when the facts change, Durden will change his mind… Continue reading “IMF deal is bad for Argentina, not good”

Jordan Peterson & Bret Weinstein: UBI, Rent-Seeking, and Inequality

A Great Joe Rogan Podcast excerpt

by Serban V.C. Enache

Jordan Peterson comments about Inequality and Universal Basic Income. He admits that too much inequality destabilizes the system and should be combated and even admits that a Universal Basic Income would be a good solution in this regard, albeit he loathes the policy itself. Continue reading “Jordan Peterson & Bret Weinstein: UBI, Rent-Seeking, and Inequality”

Steve Keen on the MMT Trade Mantra: imports are benefits, exports are costs

Theory, Practice, Ethics, and Accounting

by Serban V.C. Enache

In a post on his Patreon, Steve Keen explains why he doesn’t agree with the ‘exports are costs, imports are benefits’ point of view, expressed by many adepts of Modern Monetary Theory. I will summarize the two views below and then offer my own two cents on the matter. Continue reading “Steve Keen on the MMT Trade Mantra: imports are benefits, exports are costs”