Should governments run surpluses?

flattr this!

My talk at the “‘Eco­nom­ics With Jus­tice” sem­i­nar series at the The School of Eco­nomic Sci­ence in Man­dev­ille Place, Lon­don. I cover where the argu­ment for aus­ter­ity came from, a thought exper­i­ment about what will hap­pen when a gov­ern­ment runs a sus­tained sur­plus, and a model show­ing what hap­pens when the gov­ern­ment does run a surplus.

Keep Rus­sell Stan­dish on the Min­sky Project

Other Amount:

Your Email Address (and com­ment if you wish to add one) :

Kingston Lectures on Endogenous Money & Modelling with Minsky

flattr this!

These are two lec­tures on endoge­nous money in macro­eco­nom­ics from the Kingston Uni­ver­sity Polit­i­cal Econ­omy Mas­ters mod­ule “Eco­nomic Change and Ideas”, which I gave yes­ter­day (Fri­day March 6th). I will wait till next year before post­ing the entire lec­ture series, since I’m giv­ing them for the first time this year and they are a bit rough. But one stu­dent couldn’t make yes­ter­day, and I had two lec­tures in one day to make up for my absence next week when I’m attend­ing my niece’s wed­ding in Syd­ney. So these are posted for my absent stu­dent and any­one else who is interested.

Talking Greece, Austerity and Pluralism at the London School of Economics

flattr this!

I was invited by the Rethink­ing Eco­nom­ics stu­dent asso­ci­a­tion at the Lon­don School of Eco­nom­ics to give a talk about Greece, Aus­ter­ity, Post Key­ne­sian Eco­nom­ics and antic­i­pat­ing the cri­sis. There was an excel­lent audi­ence of around 150 for the talk, and a good dis­cus­sion after­wards: the stu­dents there are keen (par­don the pun) to learn about non-Neoclassical approaches to eco­nom­ics, which are taught at Kingston Uni­ver­sity, but which they said they do not learn from their courses at the LSE itself.

Talking Greece & Yanis on the BBC

flattr this!

I was inter­viewed last night on the BBC News Chan­nel about the Greek cri­sis. Nego­ti­a­tions today seem to have bought some breath­ing space, but the issues raised here will now become dom­i­nant. Hav­ing gar­nered a 4 month exten­sion and time to rede­fine the macro­eco­nomic aspects of the EU pack­age, Syriza will now have to carry the day with its con­stituency and polit­i­cal rivals back in Greece.

BBC News Chan­nel Interview

A Lawyer’s Mindset Where An Economist’s Is Needed?

flattr this!

A Twit­ter cor­re­spon­dent pointed out a sim­ple fact that makes Schäuble’s inflex­i­bil­ity in nego­ti­a­tions with Varo­ufakis explic­a­ble: though he is a Min­is­ter of Finance, his PhD is in law.

So is he implic­itly approach­ing these nego­ti­a­tions as a lawyer would? Because from that point of view, what the Greeks are try­ing to do is to renege on a contract.

Click here to read the rest of this post.

The USA — All Systems Go?

flattr this!

The con­trast today between Europe—the sub­ject of my first few posts on Forbes—and the USA could not be more extreme. The cri­sis, when it began in 2007/08, was seen ini­tially as a purely Amer­i­can phenomenon—and by some, proof that the dereg­u­lated Amer­i­can(and more gen­er­ally, the Anglo-Saxon) model of cap­i­tal­ism had failed, while Europe’s more col­lec­tivist ver­sion was still going strong.

One of the most vol­u­ble putting that argu­ment was then French Pres­i­dent Nico­las Sarkozy, who asserted that the cri­sis proved that the Amer­i­can dereg­u­lated ver­sion of finance was kaput:

A page has been turned,” he said, on the “Anglo Saxon” finan­cial model.