Weir, D. (2013), Fiat Money, Individual Rationality and Production. Metroeconomica, 64: 573–590. doi: 10.1111/meca.12019 A Production Theory of Money (pdf 79kb) Money and Production Credit (pdf 101kb) Public and Private Money Creation: Reform the Banks, not the System (pdf 298kb) Unemployment, Effective Demand and the Tax-Foundation of Money (pdf 198kb)
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This article was published on LabourList on 2nd August 2011. Immigration, by being freighted with so many unsaid and often unconsidered subtexts, is a toxic subject. As both Marc Stears and Anthony Painter have suggested on LabourList recently, it certainly seems to have poisoned the ‘Blue Labour’ project, possibly fatally.
This is an essay on the approach to economics suggested by Maurice Glasman’s essay ‘Labour as a Radical Tradition’. Glasman’s essay forms part of the ebook ‘The Labour Tradition and the Politics of Paradox’. I’m not particularly keen on the ‘Blue Labour’ moniker, but the ideas behind Maurice Glasman’s approach bear serious examination. Interestingly, his […]
My last blog claimed that equilibrium economics is a fig-leaf for the rich and powerful – because it is a justification for preserving the status quo. But it is more than that, because the conditions required for reaching any such equilibrium (the point at which prices of goods and services have adjusted so that everyone […]
What is economics for? It’s often characterised as being about the choice between ‘guns or butter’. This choice is one not only about which we want to consume, but also about which we want to produce. Strangely, the dominant neoclassical paradigm attempts to render this a choice that need not be made, since it proposes […]
Sharon Shoesmith is accountable for the cruel and tragic death of Peter Connelly. Government ministers are accountable for serious events that occur in their area of responsibility. But what do we mean by accountability? Does it mean that we expect those in ultimate charge to immediately take poison or be summarily executed when things go […]
There was an intriguing juxtaposition last week, as the chief executive of Barclays, John Varley, penned an article on banking reform in the Financial Times the day before Paul Volcker, 82 year-old former Federal Reserve chairman and now chair of the US Economic Recovery Advisory Board, made a speech to the Federal Reserve Bank of […]
This post was published on LabourList on 13th September 2010. The TUC conference starts today, and union leaders are declaring war on the coalition’s deficit-reduction strategy. Although some union leaders are talking about ‘civil disobedience’ campaigns and co-ordinated strikes, TUC general secretary Brendan Barber is taking a more cautious and constructive line. He wants a […]
The 2001 winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, Professor Joseph Stiglitz, was in Edinburgh last week to give two talks as part of the Edinburgh International Book Festival. He is a pioneer of the economics of information, showing how markets can produce unexpected outcomes because information is […]
As I have mentioned in previous posts, I have been having some interesting discussions on the Chris Martenson Crash Course website. Chris wasn’t very pleased with me because I (presumably quite effectively) challenged one of his core tenets – that the monetary system is intrinsically doomed. In his post asking me never to darken his […]