New research! Austerity and the labour market in the UK. papers.ssrn.com/sol3/papers.... Headline result: austerity reduced wages, increased employment rates, and contributed to weak productivity. 1/n

Nearly 90 % of the world’s population now lives in countries where inequality exceeds the World Bank’s threshold for “high inequality.” In those societies, the risk of democratic backsliding is seven times higher.

Global inequality has reached a point where it's no longer just an social or justice issue. It’s a structural crisis threatening democracy and economic development. since 2000, the richest 1 % have captured 41 % of all new global wealth.The poorest 50 % have received just 1 %.

Global economics inequality is reaching a tipping point and the world needs an "IPCC of inquality" to help track and understand the problem. Thats the main point of todays report of the G20 Expert Group on Global Inequality - led by Joseph Stiglitz, Jayati Ghosh ipdcolumbia.org/event/landma...

L’approche néo-schumpeterienne de Philippe Aghion a largement inspiré les politiques économiques en Europe depuis le tournant des années 2000. Et singulièrement celle d’Emmanuel Macron 1/

Think of all this literature on lack of property rights, inefficient institutions, oligarchic vs. democratic societies, state predation... in Africa or China of course.

QUAND LES ÉTATS-UNIS OSAIENT DEMANDER DES COMPTES AUX MILLIARDAIRES : L'INCROYABLE PROCÈS MELLON | ROMAIN HURET Le milliardaire Andrew Mellon, pionnier de la finance qui prônait le "ruissellement", fut mis en procès après avoir été ministre des finances 👇 www.youtube.com/watch?v=aUYv...

"Corporate Planning remains as crucial in the age of intellectual monopoly capitalism as in the age of industrial capitalism. Yet, we identify transformations regarding purpose, means, knowledge and temporality." academic.oup.com/ser/advance-... with @ceciliarikap.bsky.social and Hannah Bensussan

Le riche travail de la Dares et des équipes d’évaluations des réformes de l’assurance chômage de 2021 confirment que c’était bien une étape de plus dans la stratégie de l’emploi par la baisse du coût et des conditions de travail et la pressurisation de la main d’œuvre. Petit fil ↓

Why tariffs may not bring manufacturing back to the US.

Tariffs are cost shocks. Last time around, across the board cost shocks coordinated price hikes and triggered sellers' inflation (see paper below). Get ready for the next inflation bout! This time courtesy of MAGA. peri.umass.edu/wp-content/u...

''Progress is slow partly from mere intellectual inertia. In a subject (economics) where there is no agreed procedure for knocking out errors, doctrines have a long life.'' -Joan Robinson

This is truly bonkers.

Amazon, Google, Meta, Microsoft… Ces géants ne sont plus de simples entreprises. Ils ne dominent pas juste un marché : ils le contrôlent et dictent ses règles. Un nouvel ordre s’impose : le techno-féodalisme. Un système où le numérique, loin d’émanciper, asservit. Explications. 🧵⬇️

re-reading Kalecki on nazism: 'The dislike of government spending policy as such is overcome under fascism by the fact that the state machinery is under the direct control of a partnership of big business with fascism.'

Die Linke just ruled themselves out as a leftist progressive party. By endorsing the sordid rearmament program of the warmongering new German gvt, they have repeated the sins of the Social Democrats circa WW1. History will judge them harshly.

La 11e session du Récri, c'est maintenant ! What agent-based, stock-flux-consistent macroeconomics can teach us about how to deal with the (quite urgent) ecological issues ? www.youtube.com/watch?v=Nmbt... With Côme de Chefdebien-Zagarriga, Jessica Reale, Mattia Leoni and Colin Vuilletet.

A l'occasion de la sortie du livre, nous en discutons avec @jlmelenchon.bsky.social et l'historienne Sylvie Laurent www.youtube.com/live/lVcIRA_...

"Generally speaking, changes in the prices of finished goods are cost determined while changes in the prices of raw materials inclusive of primary foodstuffs are demand determined". -Michał Kalecki

« Quand l’effondrement moral continue de se croire au sommet de la moralité, la classe qui jouit fait la leçon à tous en matière de jouissance – au moment où elle invente de se rétablir dans le sang des autres. » blog.mondediplo.net/betharram-fo...

🔴 EXCLU - Découvrez les premières pages du nouveau livre de Cédric Durand ! Ce vendredi, l'ILB sort son 2e livre : « Faut-il se passer du numérique pour sauver la planète ? » de l'économiste Cédric Durand. 👉 ActuaLitté en publie les bonnes feuilles : urlr.me/yVc4Hv

The Fed: "Post-Pandemic inflation was driven by the supply shocks, not demand." In other words, post-Keynesians are right, we were wrong..

L'anti Musk.

The PKES PhD conference this year will be at Herts. If you are a PhD student with interest in pluralist economics consider applying! You will get your work discussed by a senior academic, and meet like-minded people. More details (incl application link) here ysi.ineteconomics.org/event/16th-p...

Elon Musk is a tick who sucks $8 million per day out of the federal govt and gives back diseases like armored Cybertrucks. Tesla was saved by a $465 million federal loan in 2009 and buoyed to success by EV tax credits (thanks Obama). All while paying virtually no federal taxes. Who's the parasite?

A voir absolument sur Hors-Série: notre entretien avec Johann Chapoutot, conduit par Ugo Palheta, sur les "Irresponsables" qui ont permis aux nazis d'accéder au pouvoir. 👇 www.hors-serie.net/Aux-Sources/...

Johann Chapoutot parle de son dernier livre, Les irresponsables. www.youtube.com/watch?v=sUjW...

France: the extreme centre is going round in circles. Bayrou had tried and failed to aggregate the bloc bourgeois in the early 2000s. Macron later succeeded before running into the problems we all know. And now, he (sort of) chooses Bayrou as his new PM.

“The tax is there to create a demand for the government’s currency. Before anyone can pay the tax, someone has to do the work to earn the currency.” -Stephanie Kelton

Far more worrying than the level of the interest rate on French government bonds.

“I am often asked what I would keep of Neoclassical economics in a new paradigm. My answer is that I would keep as much of Neoclassical economics as modern astronomy kept of Ptolemaic astronomy – which is to say, nothing at all.” -Steve Keen

"In fact, communism is the foundation of all human sociability. It is what makes society possible." -David Graeber

“Milton Friedman’s misfortune is that his economic policies have been tried.” -John Kenneth Galbraith

"Identifying a phenomenon is not enough; we need a theory that makes instability a normal result in our economy and gives us handles to control it." -Hyman Minsky

Ideology causes acceptance of theories that should be rejected based on the available evidence.

"Stability or tranquility in a world with a cyclical past and capitalist financial institutions is destabilizing." -Hyman Minsky

Than why did we not see inflation in 2010?

The economy has outperformed Fed expectations for 3 years. Here's what the Fed gets wrong: 1) It's all about the flows, and higher rates and increased flows. 2) The economy is a dynamic non-linear system, the Fed only thinks in linear terms. Follow the flows and think non-linearly!

I completely forgot this happened: “Janet Yellen, former chair of the US central bank, The Federal Reserve, once celebrated unemployment as a ‘worker disciplining device’.”

Let's talk about "Ecological Planning And the Problem of Knowledge in the Anthropocene"on Friday, 29th November, 6-7:30pm. Thanks to the Institut für Räumliche und Sozial-Ökologische Transformationen at Vienna University for the invitation!

It’s the second year that I’ve been teaching the IS-LM model to my students. This note by Louis-Philippe Rochon perfectly summarizes all the reasons why this model should no longer inspire public policymakers. medium.com/@monetarypol...

Why has US productivity outperformed since COVID? One big reason is that Americans are doing different jobs than in 2019—the COVID shock and strong labor demand reallocated millions of workers, with employment in high-wage industries rising 8.3% vs 3.4% in low-wage industries

A more nuanced picture on what really caused Trump’s election.

As promised (threatened?), I made a starter pack of heterodox and political economists! You'll see a range of pluralist theories here, as well as some heterodox-friendly economists that may be more mainstream. go.bsky.app/J86RtKh

"Unless we understand what it is that leads to economic and financial instability, we cannot prescribe policy to modify or eliminate it." -Hyman Minsky

Took a while but they are starting to show up 👇

I am NOT saying that this is true. I am saying that it seems like an actually difficult question.

I personally think that the incidence of tariffs is not at all obvious. It’s not hard to find estimates of import price passthrough for the US of less than 0.5, suggesting that most of the costs might indeed be borne by foreign producers.