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ERA Review 2019

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Volume 11 No 6 – November-December 2019

Contents


Impoverishing economics
Unpacking the ignoble prize in economics
David Ruccio


The key to economic stability is 5,000 years old
Debts that can’t be paid won’t be paid
Ellen Brown


Household debt: a tale of three countries
How to avoid a financial crisis without creating a major private debt problem
Steven Hail


Modern economists haven’t learnt from their own history
How economists came to ignore the natural world
Editor


The transition to New Energy Vehicles
A federal government-led policy framework is essential for effecting change
Editor


Do electric cars make climate change better or worse?
It is possible to have near-zero emissions with electric vehicles?
Michael Barnard


California just legalized public banking
Setting the stage for more affordable housing, infrastructure funding and low-rate loans
Editor


Trends in income and wealth in Australia
The era of fiscal austerity is coming to an end
Editor


Land of the ‘fair go’ no more
Wealth in Australia is becoming more unequal
Christopher Sheil and Frank Stilwell


The ABS insists that inequality has been stable, but its data suggests something less rosy
Australia’s continuing upward redistribution of wealth
Christopher Sheil and Frank Stilwell


A financial transactions tax is more strategic than a high wealth tax
Freeing up fiscal space to accommodate central government spending
Dean Baker

Volume 11 No.5 September-October 2019

Contents

Eulogy for William Krehm
Jonathan Krehm


Progressive economic policy and the Green New Deal
We need a progressive economic agenda offering a Green New Deal
Steven Hail


“Job snobs” are back on the agenda
The realities of unemployment and poverty cast doubt on the “job snob” claims
Greg Marston et al


Understanding global inequality in the 21st century
International coordination is required to address social inequality
Jayati Ghosh


The cheapest way to save the planet grows like a weed
Industrial hemp has been suppressed because it’s a threat to other industries
Ellen Brown


The scarcity machine
Inequality drives artificial scarcity
Jason Hickel


Some concerns about the Job Guarantee
A Job Guarantee scheme must work in concert with an expanded public sector
Elinor Hurst


Progressive policies may hurt the US stock market – not a bad thing
Implementing economic reforms will impact upon the stock market
Dean Baker


The US tariffs cannot push China into a recession
Trump’s trade measures cannot sink China’s economy
Dean Baker


Australia’s ecological footprint
A letter about infrastructure sent by Dr John Coulter to journalist Geraldine Dooge
Editor


Economics and ideology
A recent study provides evidence of a strong ideological bias among economists
Editor


Is a federal Treasury bond a “debt” or not?
Extract from an article which proposes that a Treasury bond is a form of state fiat money
J.D. Alt


What is the most efficient way to store solar energy?
Pumped hydro is the main form of electricity storage used around the world
Mark Diesendorf

Volume 11 No.4 – July-August 2019

Contents

A national depository system
Radical banking alternative
William Hummel


Employment for All
The case for a Job Guarantee scheme
Asad Zaman


Should student loans be waived?
Response to a Quora question
Editor


We wrecked the planet
But if the young just read the Washington Post they will only blame us for the national debt!
Dean Baker


The world of free market drugs
Removing patent monopolies
Dean Baker


Germany will close all 84 of its coal-fired power plants
Germany will rely primarily on renewable energy
Editor


The search for an alternative to GDP to measure national progress
The New Zealand experience
Murray Graham Patterson


The RBA Governor is completely wrong about the federal budget and it matters
Suggestions for getting our economy back on track
Steven Hail


Cornell University study supports public bank model for infrastructure financing
Case study of the Bank of North Dakota
Public Banking Institute


Is money really neutral in the long run?
Money matters in both the short run and the long run
Lars Syll


Krugman vs Krugman
Paul Krugman does not recognize that the state could not actively manage the economy if money was neutral
Editor


Functional Finance and MMT
Krugman still does not get it!
Editor


Has neo-liberalism turned us all into psychopaths?
The role of the success narrative in our life choices
Paul Verhaeghe


Mending hearts: how a ‘repair economy’ creates a kinder, more caring community
Promoting a circular economy
Katherine Wilson


Mark Diesendorf answers questions recently submitted to Quora on the economics of renewable energy
Editor


The Visible Hand we need today
The “invisible hand” seems to be guiding us in the wrong direction
J.D. Alt


Some aspects of federal government finances
Examining myths and misconceptions about the government’s fiscal operations
John Hermann

Volume 11 No.3 – May-June 2019

Contents

Paradigm shift: the great machine of capitalism starts to heave
A tectonic mind shift is occurring in economics
Kalle Lasn


A winner: Alexandria Ocasio-Cortez’s green new deal
New Deal can stop the worst effects of climate change
Steven Hail


Mainstream economics versus Minsky
Asad Zaman


The purpose and function of Treasury bonds
The function of Treasury bonds relates to interest rate management
Ellis Winningham


Federal government deficits and surpluses
Deficit spending provides the non-government sectors with essential net financial assets
Editor


Some fallacies of financial fundamentalism
Two extracts from a classic work by William Vickrey
Lars Syll


Krugman vs Kelton on the fiscal-monetary trade-off
We have to free ourselves from the loanable funds fallacy
Lars Syll


A novel idea: harness the economy to good cause
Neoliberal myths and misconceptions are at the heart of our economic chaos
Geoff Davies


Economists and climate change
Under the current model of capitalism, economies “prosper” at the expense of our planet’s health
David Shearman


The Venezuela myth keeping us from transforming our economy
Issues surrounding Venezuela’s current difficulties and its hyperinflation
Ellen Brown


Anti-social economics
At its core, mainstream economics remains anti-democratic – by design
Peter Radford


Capitalist utopia has become a dystopia
American elites have ruined their society in a way the world hasn’t seen since Weimar Germany
Editor


Commissioner Hayne’s recommendations
A summary of Hayne’s main recommendations for reforming the financial services sector
Editor


Four lessons not learned from the 2008-9 financial crisis
Brief extracts from an article by John Harvey
Editor

Volume 11 No.2 – March-April 2019

Contents

Growth and GDP: don’t mention the G-Words
Let’s focus on rules for the ownership of things and money that work for the common good 
Geoff Davies


20th anniversary of the euro — no reason for celebration
Real people have to pay dearly for fundamentally flawed doctrine   
Lars Syll


What is wrong with mainstream economics?
Inadequate analysis of its failures is a devastating indictment of modern mainstream economics 
Editor


What is competition?
Many economists misunderstand competition
Editor


Why Germany leads in renewables
It has its own green bank   
Ellen Brown


The U.S. bank bailout of 2008 was unnecessary
Saving the banks became the first priority, rather than saving people’s homes and jobs   
Dean Baker


War and peace and the steady-state economy
There is a necessary interdependence between peace and a steady state economy   
Herman Daly


Reforming Australia’s banking system
How do we build an anti-fragile financial system that serves the real economy?   
Steven Hail


The explicable mystery of the national debt
The true character of sovereign treasury securities   
J.D. Alt


Green New Deal
a proposed economic stimulus program aiming to address inequality and climate change   
Editor


The Green New Deal is happening in China
China is massively pushing to convert to electric powered vehicles and cleaner energy sources 
Dean Baker

Volume 11 No.1 – January-February 2019

Contents


The poison beer of GDP
Attempting to maximise the growth of GDP will be socially and environmentally destructive
Herman Daly


Our world does not operate as a pure market economy
And neoclassical economics cannot explain it
Dave Elder-Vass


US pharmaceutical prices began to explode in the 1980s
Nearly doubling as a share of GDP over the decade
Dean Baker


Summary of The Great Transformation by Karl Polanyi
We should focus on ensuring that people have the right to earn a decent livelihood
Asad Zaman


Richard Feynman on the limitations of mathematics
Mathematics is a powerful tool but used without discretion can lead one astray
Lars Syll


Fulfilling the world’s energy demand in the next fifty years
Electricity will be supplied by renewable sources and storage technologies
Mark Diesendorf


An energy revolution is coming
Electrical energy generated from solar panels is cheaper than energy produced from fossil fuels
Editor


News about the Trans Pacific Partnership
Extracted from the AFTINET bulletin of Oct-Nov
Editor


The world’s largest vanadium redox flow battery
Owing to its unique properties, this type of battery will reduce the cost of energy storage
Editor


Economic ‘recovery’ leaves most citizens behind
The labour share of business income has been falling
David Ruccio, Jamie Morgan


Jesus: the economic activist
The Hudson Report: The history of debt cancellation and Jesus’ economic justice activism
Michael Hudson


Trump’s war on the Fed
Is the Fed’s stated intention to raise interest rates a mistake?
Ellen Brown


The decoupling delusion
Rethinking sustainability
James Ward et al


Renewables reduce energy prices in South Australia
The biggest reason for higher wholesale electricity prices in SA is higher gas prices
Editor