There is consensus among the New Zealand policymakers and researchers that GDP is not a good measure of a nation’s well-being. But the debate about what metric should replace GDP is ongoing. The recent well-being NZ budget was based on the Livings Standards Frame- work (LSF), which is a set of … [Read more...]
Trump’s war on the Fed
Trump’s war on the Fed - Ellen Brown President Trump has stepped up his criticism of the Federal Reserve, saying of its aggressive interest rate hikes that it has “gone crazy.” The same charge has been levelled against Trump, but there may be a method to his madness. October was a brutal … [Read more...]
Mainstream macroeconomics and Modern Monetary Theory
Mainstream macroeconomics and Modern Monetary Theory - Steven Hail What really divides them? A very great deal indeed! I have been asked for a response to a very recent John Jay College, CUNY working paper, entitled Mainstream Macroeconomics and Modern Monetary Theory: What Really Divides Them? … [Read more...]
Bank of England: How money is created
According to the Bank of England’s Monetary Analysis Directorate [1] : The reality of how money is created today differs from the description found in some economics textbooks: Rather than banks receiving deposits when households save and then lend- ing them out, all bank lending creates … [Read more...]
