Monday, December 26, 2016

  1. The Crisis of Market Fundamentalism

    Anatole Kaletsky

    The Crisis of Market Fundamentalism

    39

     views the political upheavals of 2016 through the lens of previous capitalist breakdowns.

    Trump Spencer Platt/Getty Images

    When a particular model of capitalism is working successfully, material progress relieves political pressures. But, as we saw in 2016, when the economy fails – and the failure is not just a transient phase but a symptom of deep contradictions – capitalism’s disruptive social side effects can turn politically toxic. READ MORE

  2. Economists versus the Economy

    Robert Skidelsky

    Economists versus the Economy

    27

     thinks the discipline should require much more than aptitude for formal mathematical models.

    Mathematics PeopleImages/Getty Images

    If you believe that economies are like machines, you will likely view economic problems as essentially problems of mathematics. But the great economists throughout history, such as John Maynard Keynes and Joseph Schumpeter, have always understood that an approach emphasizing formal precision has severe limitations. READ MORE

  3. The Destructive Power of Inflation

    Martin Feldstein

  4. Demonetization on Five Continents

    Jeffrey Frankel

    Demonetization on Five Continents

    7

     sees some lessons in recent and ongoing currency reforms in Venezuela, India, the US, and Europe.

    Newsart for Demonetization on Five Continents

    Around the world, several countries are currently undergoing demonetization, or currency reforms in which the government removes banknotes of a certain denomination from circulation and replaces them with new notes. Governments pursue demonetization for a variety of reasons, but some efforts go better than others. READ MORE

  5. Greece’s Perpetual Crisis

    Yanis Varoufakis

    Greece’s Perpetual Crisis

    36

     urges the government to suspend debt repayments until its creditors agree to a restructuring deal.

    Merkel and Tsipras in Berlin 12.2016 Pacific Press

    The problem with Greece is that everyone – the government, the European Commission, the European Central Bank, Germany, and the IMF – is lying. To end the country's crisis once and for all requires a unilateral moratorium on all repayments until substantial debt restructuring and reasonable fiscal targets are agreed. READ MORE

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