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Paradox Of Profits?
Post-Keynesians unnecessarily worry a lot about the paradox of profits. This post is on my thoughts on the paradox. In my view, there is no paradox at all. It is simply the case of not looking at all...
View ArticleParadox Of Profits?, Part 2
In the previous post Paradox of Profits?, I mentioned how I view the paradox of profits as the confusion between production firms’ operating surplus (as defined in the SNA such as the 2008 SNA or...
View ArticleCredit And Economic Growth
In a new column for Bloomberg, Noah Smith questions the intuition that credit fuels economic growth. In which I question the most cherished belief of every economics writer in the Universe:...
View ArticleRespect For Identities
The accounting identities equating aggregate expenditures to production and of both to incomes at market prices are inescapable, no matter which variety of Keynesian or classical economics you espouse....
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Click Bait Monetary Economics
Some economic commentators, in trying to point out the importance of government deficits and debt, go for the overkill. Exhibit: Accounting: bank lending doesn't increase aggr HH net worth. +HH assets,...
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United States’ Net Wealth
The latest release of the Federal Reserve Statistical Release Z.1, Financial Accounts of the United States – Flow of Funds, Balance Sheets and Integrated Macroeconomic Accounts or just “flow of funds”...
View ArticleUnited States’ Net Wealth, Part 2
This is a continuation of my previous post, United States’ Net Wealth. There I pointed out a new table which has been included in the Federal Reserve Statistical Release Z.1, Financial Accounts of the...
View ArticleThe Phrase “Financial Intermediary” In National Accounts
A lot of times heterodox economists and bloggers complain about the usage of the phrase “financial intermediary” when talking about banks. Such as this one from 2016. The reason given is: “because...
View ArticleMonetary Mysticism
Normally, I’d give such things a pass. But there are monetary mysticists – the Neochartalists (“MMTers”) – who make a big issue of a few monetary things. In a post on banking, Eric Tymoigne such...
View ArticleWe Don’t Need No Helicopters … Hey! Economists! Leave Fiscal Policy Alone
A lot has been written on helicopter money recently. Most of them bad with a few exceptions such as one by JKH. In my opinion, the main reason economists come up with stories such as “helicopter money”...
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