The IMF is showing some hypocrisy on inequality - Christopher Sheil and Frank Stilwell “I hope people will listen now” said Christine Lagarde, managing director of the International Monetary Fund (IMF), at the World Economic Forum in Davos last January. Lagarde was alluding to the wave of … [Read more...]
Cutting wages is not the solution
Cutting wages is not the solution - Lars Syll A couple of years ago I had a discussion with the chairman of the Swedish Royal Academy of Sciences (yes, the one that yearly presents the winners of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel). What started the … [Read more...]
Creation and destruction of bank credit money
It is well known and understood that the nation's money supply overwhelmingly consists of deposits within bank accounts of an intangible entity known as bank credit money. This form of money is interchangeable with currency (coins and banknotes) on demand. It fluctuates according to economic … [Read more...]
How Land Disappeared from Economic Theory
How Land Disappeared from Economic Theory - Editor Anyone who has studied economics will be familiar with the ‘factors of production’. The best known ‘are ‘capital’ (tools, machinery, computers) and ‘labour’ (physical effort, knowledge, skills). The standard neo-classical production function is a … [Read more...]
