http://www.mmtconference.org/). I will be presenting an introduction to my Python stock-flow consistent models package -- sfc_models. This article is a rough draft of what I think the slides will look like.
Wednesday, July 19, 2017
Wednesday, July 12, 2017
Philip Pilkington published "The Reformation in Economics: A Deconstruction and Reconstruction of Economic Theory" in 2016. It is an ambitious book, outlining the structural flaws of mainstream economic theory. He discusses the potential replacement theory, but this reconstruction is somewhat overshadowed by the deconstruction.
Wednesday, July 5, 2017
In particular, the shift by the Bank of Canada is a reversion to historical form; whether or not it will be disastrous remains to be seen.
Sunday, July 2, 2017
Michael Ashton is a inflation product specialist who was involved in the development of the inflation derivatives market. He published What's Wrong With Money: The Biggest Bubble of them All last year. I essentially answered the question in his title with the title of my last report -- "Abolish Money (From Economics)!" The problem with money is that it leads to dubious economic analysis. Ashton is a relatively old school Monetarist, and the book inherits the weaknesses of Monetarism. However, the financial/personal finance aspects of the book are interesting.
Wednesday, June 28, 2017
was quoted by Reuters as believing that there would not be another financial crisis (presumably similar to the one in 2008) in "our lifetimes." Steve Keen was harsh, arguing that this is symptomatic of mainstream complacency about the financial system. I am not completely sure on the context of the comment, but it appears to me that it illustrates the ancient philosophical principle: you ask a stupid question, you get a stupid answer.
Wednesday, June 21, 2017
The flattening of the yield curve has attracted some commentary, but it appears to be telling us very little. By itself, the 2-/10-year slope (above) is not at a particularly interesting level; one should expect flattening during a rate hike cycle. Current bond market pricing is consistent with an eventual recession, and so arguments that the Treasury market is "in a bubble" appear to be hyperbole.
Sunday, June 18, 2017
Yeah, the Fed hiked rates this week. Not worth getting excited about, until they are hiking every second meeting...