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ERA Review 2018

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Volume 10 No.6  November-December 2018
Contents


How big does the fire need to be?
Before we “understand”, once again, how we can pay ourselves to put it out?
J.D. Alt


Book extract: Why technology alone won’t save us
from “Managing Without Growth. Slower by Design, Not Disaster”
Peter Victor, publ by Edward Elgar. Part Two – Editor


Keen versus Krugman
Mainstream economics wrongly asserts that credit and money are neutral, with no impact on real economic activity
John Balder


There is nothing sacrosant about corporate culture
We can and must regulate it
Ann Wardrop and David Wishart


What should be the purpose of economic policy?
And what role can, and should, economists play in guiding policy decisions?
Rachel French


Neoclassical economists — a bunch of idiot savants
They do not understand what is happening in the world today
Editor


Is there a case for restoring the gold standard?
Trying to get gold back into the monetary system is a very bad idea
Lars Syll


Is the U.S. Federal Reserve privately owned?
The Fed is not owned by anyone, however it was established to serve the public interest
Editor


Governments left clueless by economic orthodoxy
Economics, as now mostly practised, is largely self-reinforcing rather than self-correcting
Editor


Mainstream economics and Modern Monetary Theory
What really divides them? A very great deal indeed!
Steven Hail


The Trans-Pacific Partnership is not about trade
But rather, it is about corporate power and control
Editor

Volume 10 No.5 September-October 2018

Contents


Why have wages been allowed to stagnate?
Ideology, ignorance, selfishness, delusion and intellectual fraud
Steven Hail


Minsky on secure employment
Guaranteed employment for all
Editor


Corporations and mainstream media on “horrors” of higher wages
Plutocratic control of the political process guarantees inequality
Dean Baker


What is a good economy?
Targeting full employment
Warren Mosler


New coal power cannot compete with solar and wind
The writing is on the wall for new coal
Mark Diesendorf


New coal doesn’t stack up
New power generation in Australia is mainly solar and wind
Matthew Stocks and Andrew Blakers


The renewable energy train is unstoppable
The NEG needs to get on board
Ken Baldwin


Does economic growth make us happier?
There is no correlation between economic growth and happiness in the long run
Editor


Fixing corporate governance – more than rearranging deckchairs
Reforming corporate structures
Andrew Linden and Warren Staples


The loanable funds fallacy
Banks are not barter institutions that transfer preexisting loanable funds
Lars Syll


CEO pay is not about value for money
Their remuneration is more about white male entitlement
Carl Rhodes and Peter Fleming


Keynes – getting money into perspective
Keynes Book Quote


RBA evidence that you’ve been played for a sucker
The numbers in the Government’s accounts aren’t money
Damian Penston


Book extract: Why technology alone won’t save us
from “Managing Without Growth: Slower by Design, Not Disaster”
by Peter Victor, publ by Edward Elgar
– Part One Editor


Only speculators will profit from an Australian economic crash
The RBA thinks high stock prices are more important than unemployment
Steve Keen

Volume 10 No.4  July-August 2018
Contents


The irresponsibility of (so-called) fiscal responsibility
Federal spending didn’t wreck the economy; deregulation and greed did
Dean Baker


Busting the NAIRU myth
Wages and employment can increase at the expense of corporate profits without causing inflation
Lars Syll


Stark contrast between U.S and French inequality
Editor


How are you going to pay for it?
Editor


Federal Treasury recognises the ‘benefits’ of breaking up banks
Editor


Achieving genuine progress in Australia
Robert Costanza, Philip Lawn, Ian Lowe, Peter Mart


Funding infrastructure
Why China is running circles around America
Ellen Brown


The Italian economic crisis
Why the euro must be abandoned
Lars Syll


Australia’s ‘electric car revolution’ won’t happen automatically
Graciela Metternicht, Gail Broadbent


Global investment in renewable energy is outshining fossil fuels
Editor


Kate Raworth on economics for the 21st century
Editor


Commentary on Doughnut Economics by Oxfam International
Editor


Budget 2018: another unfortunate budget
Steven Hail

Volume 10 No.3 – May-June 2018
Contents

A comfortable betrayal
The false debate of the economic mainstream narrative
J.D. Alt


Bank of England: How money is created
Editor


Science and the quest for truth
Objective truth is an important concept in any real science
Lars Syll


The Myth of the 2020/21 Surplus
A surplus budget within two years is not achievable
John Kelly


Neoliberal v Neoclassical economics
There are important differences between the two
Claire Connelly


Trump’s trade war, and ‘fair’ rather than ‘free’ trade
Trump is picking an unnecessary neoliberal “free trade” fight
Steven Hail


Bank income and spending – Part 2
Discussion with Jamie Walton John Hermann


U.S. Economic trends, ten years after the crash
We have renewed instability and a likely new dramatic crash
David Ruccio


The Bayer-Monsanto merger is bad news for the planet
Agribusiness giants will destroy the ecosystem for more profit
Ellen Brown


Recent revelations from the banking royal commission
Heavy penalties are on the table for bank misbehaviour
Editor

Volume 10 No.2 March-April 2018

Contents


A just social wage and a job guarantee
Essential components of future sustainable prosperity
Steven Hail


Student debt slavery
Bankrolling financiers on the backs of the young
Ellen Brown


A qualitatively improving steady-state economy
As an alternative to continued growth
Philip Lawn


The ‘mystery’ of low wages
As identified by Henry George
Editor


What is a steady state economy?
Extracted from the CASSE website
Editor


Bank income and spending
Commercial bank interest income is a flow
John Hermann


The zombie TPP is back
Abridged from the NZ-based The Daily Blog
Jane Kelsey


Australian financial regulators need policing
Regulators are at best misguided, and at worst captured
Andrew Schmulow


Self-driving, electric and shared vehicles – utopia or nightmare?
A holistic management approach is needed Jake Whitehead
Michael Kane


The benefits of job automation might not be shared equally
Workers’ wages are not growing in line with productivity growth
Shahid Shahiduzzaman, Marek Kowalkiewicz, Rowena Barrett


Ten drivers damaging the living world
Identified by recent ACF commissioned research Editor
Editor


The absurdity of the budget deficit hysteria
A government deficit is a non-government surplus
Marshall Auerback

Volume 10 No.1  January-February 2018

Contents


Capitalism’s slow-burn energy collapse
Why the struggle for a new economic paradigm is about to get real
Editor


The design flaw at the core of humanity’s malaise
Human and ecological wellbeing requires a new design framework
Judith Schwartz


Advice to aspiring economists
Lars Syll


Keynes on employment
Editor


Big banks are committing major crimes against our climate
To stop runaway climate change, the banks must be on board
Alison Kirsch


Why we need a federal job guarantee
Giving everyone a job will democratize the economy
Mark Paul, William Darity, Darrick Hamilton


Where has all the surplus gone?
David Ruccio


General thinking about government deficits is mostly wrong
Abbreviated version of an article by Stephanie Kelton
Darian Hiles


The public bank option
Safer, local, and half the cost
Ellen Brown


Governments haven’t always shirked responsibility for our low wages
Post-war Australia had full employment and falling inequality
Warwick Smith


Why the big four asked for a parliamentary inquiry into banking
The banks are seeking to influence the terms of reference
George Rennie


Latest financial inquiry will fall short of what is needed
John Hermann


What happened in the mid 1970s?
Editor