ERA Review 2017

The complete ERA Review is available in pdf form to members. We welcome your comments in the comments section.

Volume 9 No.6 November-December 2017

Keynes and the creation of a new economic narrative
Who could be creating such a narrative?
Editor

Big banks financing environmental disasters
Editor

A conversation about job guarantees
An email conversation with a Journalist
Steven Hail

Water, health and wealth
Summary of a Working Paper
Editor

Local government initiatives in Europe
Initiatives from Berlin and Amsterdam
Editor

The seven sins of economists
Sins of omission and commission
Editor

The ABS is wrong: inequality is getting worse in Australia
Wealth concentration growing for the 1%
Christopher Sheil and Frank Stilwell

Countries intending to phase out combustion-engine vehicles
Editor

Jobs, taxes and politics
Three ways electric vehicles will change our world
Hussein Dia

Economyths: the five stages of economic grief
Economists are slowly coming to terms with their role in the GFC
David Orrell

The Treasurer’s claim that wages growth requires profit growth
Productivity and wage increases are out of kilter
Editor

Rational expectations – the triumph of ideology over science
Editor

Monsanto’s violence in India: the sacred and the profane
The dictation of foreign capital on Indian development
Editor

Memo to mortgagors .. get your house in order
An economic tsunami is coming
John Kelly

Inequality and immiseration in the U.S.
The evidence
David Ruccio

Richard Thaler gets the ‘Nobel prize’
Lars Syll

Volume 9 No.5 September – October 2017

The biggest intellectual scandal of our time
Mainstream economists do not
understand what central bankers understand
Editor

Neoliberalism doesn’t work
It doesn’t do what it says it can, and we can
prove it
Steven Hail

The counter-intuitive dimension of economic reality
Real world economics
requires us to tame the authority of our intuition
Edward Fullbrook

Mainstream monetary theory
Neat, plausible, and utterly wrong
Lars Syll

Letters
Understanding inflation
John Rawson
Public finance without debt
Richard Giles

The future of economics
Pretending everything is okay only restricts our understanding of what is happening
Steve Keen

U.S. will meet Paris accord commitments despite Trump’s withdrawal
Renewable energy will be the cheapest form of power by 2020
Editor

What can Tesla’s giant South Australian battery achieve?
In support of grid stability
Ariel Liebman, Kaveh Rajab Khalilpour

Major Australian bank found to be in breach of money-laundering laws
Editor

U.K. to ban petrol and diesel cars by 2040
Editor

Home ownership falling, debts rising
It’s grim for the under 40s
Roger Wilkins

Australian housing affordability the worst in 130 years
Evidence that our economic system is eating the young alive
Philip Soos, Lindsay David

China’s Belt and Road initiative
This vast infrastructure initiative is arguably
China’s largest and most ambitious economic undertaking
Editor

Australia’s interest in China’s One Belt One Road
Australian businesses should take advantage of the opportunities available
Alice de Jonge

Warren Buffet on derivatives
Buffet describes derivatives as financial
weapons of mass destruction
Editor

Krugman and Mankiw on loanable funds – so wrong
William Vickrey compellingly demolishes the loanable funds theory
Lars Syll

Volume 9 No.4 July-August 2017

Government debt vs household debt: ‘good’ and ‘bad’ debt explained
To burden the young with more debt is the height of folly
Steven Hail

Be prepared for a cashless society
And the real reasons are hidden
Joshua Krause

If China can fund infrastructure with state credit money, so can we
Infrastructure spending can be funded with state created money
Ellen Brown

The human development revolution
The poor are the most efficient means to development
Asad Zaman

The philosophy behind economics
Many economists are using failed models
Aiden Bedford, Rui Sihombing

Chicago economics: a dangerous pseudo-scientific zombie
It relies on the poor having to pay for the mistakes of the rich
Lars Syll

Scary numbers
U.S. poverty and wealth inequality are increasing.
David Ruccio

To make America great again, write off the private debt
President Trump should ignore the insider economists
Steve Keen

The vital importance of restoring the Glass-Steagall Act
Growing inequality is one consequence of its repeal in 1999
Editor

Macron’s false claim that laying off workers will boost the economy
The simple fact is that austerity destroys demand
Dean Baker

Will addressing climate change devastate the economy?
Clean energy technology will be cheaper and employ more people
Editor

Economics is a form of brain damage
Unlearning the economics textbooks is slow and painful
Asad Zaman

The myth of the balanced budget
Total spending should generally exceed taxation receipts
John Kelly

Volume 9 No.3 May-June 2017

The IMF is showing some hypocrisy on inequality
The IMF has created the inequality it claims to be tackling
Christopher Sheil and Frank Stilwell

Cutting wages is not the solution
Lower wages and lower unemployment compensation make a recipe for catastrophe
Lars Syll

The decoupling delusion
Rethinking growth and sustainability
J Ward, K Chiveralls, L Fioramonti, P Sutton, and R Costanza

Creation and destruction of bank credit money
The ways in which this intangible form of money are created and destroyed
John Hermann

How land disappeared from economic theory
Evonomics article
Editor

To be a good economist, one cannot only be an economist
There is a lack of pluralism in the teaching of economics
Lars Syll

The super stupid way to get your own piece of over-priced housing
Using superannuation to buy property is a really bad idea
Claire Connelly

More on Australia’s housing market bubble
The evidence for, and the dangers presented by, Australia’s real estate bubble
Editor

Government mismanagement and Australia’s debt time bomb
Can the fuse be extinguished before the debt time bomb explodes?
Steven Hail

ASIC chairman talks about risk of mortgage crash
APRA demands more bank capital
Editor

Mainstream understanding of inflation may be all wrong
The amount of money a central bank creates may be less important to inflation than commodity prices
Editor

Trumponomist
The head of Donald Trump’s Council of Economic Advisers is a wealth inequality denier
David Ruccio

Time for new economic thinking
Using the best science available
Eric Beinhocker

Volume 9 No.2 March-April 2017
Contents

Articles in this issue explain the reality, as opposed to the myths, behind the operation of our financial system. Important discussions also embrace renewable energy issues and the need for Glass-Steagall type legislation.[su_divider top=”no” size=”1″ margin=”3″]Reserve bank decision time: good luck Australia!
Steven Hail

Federal Treasury finances: a functional perspective
John Hermann

Enclosure day?
Colin Cook

Keating and the consequences of austerity
Rob Holmes

Solar energy investment is booming
Madia Prupis

Issues with renewable energy accounting
Editor

Why Glass-Steagall matters
Editor

Explainer: what is modern monetary theory?
Steven Hail

Social and economic problems requiring reform
Editor

Make GDP great again
David Ruccio