An open letter to Brussels

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The Euro­pean Sta­bil­ity and Growth Pact is based on the prin­ci­ple that sta­bil­ity and growth are enhanced when gov­ern­ment deficits are either min­imised or elim­i­nated. I want you to dis­pas­sion­ately con­sider an argu­ment that reaches a dif­fer­ent con­clu­sion. It may sound like some­thing you have heard before from oth­ers and already dis­missed. But bear with me.

3 heterodox-friendly positions at Kingston University

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Kingston Uni­ver­sity has adver­tised three fixed-term lec­turer posi­tions with a very tight dead­lline of June 22nd, with inter­views to be held on July 1st. Appli­ca­tions from econ­o­mists with a research area in het­ero­dox eco­nom­ics are welcome.

For queries please con­tact Julian Wells (J.Wells AT kingston.ac.uk), who is the Direc­tor of Studies.

Why Clive Palmer speaks budget sense

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It was an inter­est­ing expe­ri­ence to be part of the bud­get lock-up last week, but as I warned in my arti­cle, I could make mis­takes under that time pres­sure — and I did. I’ll cor­rect them below, but I want to open with a dec­la­ra­tion that I never expected to make: that the best sense I heard spo­ken about the bud­get was uttered by nei­ther Lib­eral nor Labor nor Green, but by Clive Palmer.

Taking stock of Wall Street’s boom (1)

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If the US econ­omy was per­form­ing as well as the US stock­mar­ket, even Wal­mart work­ers would be break­ing out the champagne.

Since 2009, the S&P has risen over 250 per cent in nom­i­nal terms, and almost 230 per cent in infla­tion adjusted terms. In nom­i­nal fig­ures, it is at its high­est value ever, though when you adjust for infla­tion, it is still 10 per cent below its peak in 2000 (see Fig­ure 1).