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ERA Review 2020

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Volume 12 No 6 November-December 2020

Contents


Neoclassical economics, part I: farcical global warming analyses
The deficient analyses of William Nordhaus
Geoff Davies


The appallingly bad neoclassical economics of climate change
With comments by Geoff Davies
Steve Keen


Pandemic musings
How and why economics has contributed to the growth of wealth and income inequality
Peter Radford


Debt and deficit spending by a monetary sovereign government
Federal government bonds are debt in name only
John Hermann


Degrowth and MMT: a thought experiment
MMT provides an opportunity to create a post-growth, post-capitalist economy
Jason Hickel


Political Economy
A discussion of new directions in macroeconomics for the twenty first century
Asad Zaman


Hyman Minsky: prophet of financial doom, iconoclast or economic genius?
Minsky was able to use the insights of great reformers of the past to bring together a new blend of economic thinking
Wayne McMillan


It’s not only Westpac
What’s behind the biggest fine in Australian corporate history
Thomas Clarke


China’s wicked competitive advantage
A house is for living in, not for speculation
Colin Cook


If a politician says they want affordable homes, they are lying
How to make home ownership more affordable
Cameron Murray


Economic possibilities for our granddaughters
There needs to be a sustainable and organic way to remove gender disadvantage
Hetty Krupka


The Inequality Crisis: The three options
Income and wealth distributions result not from the natural order but from human decisions
Edward Fulbrook


Volume 12 No 5 September-October 2020

Contents


Why Deficits hurt Banking Profits
How the term ‘stability’ has been used as a cover for financial fraud
Michael Hudson


Abba Lerner: Father of functional finance
Taxation is not designed for funding expenditure, but to maintain low inflation
Wayne McMillan


The climate emergency after the pandemic
Decarbonization of the economy can occur with a modest commitment of resources
John Quiggin


The antidote to a post-pandemic great recession
Decades of austerity are not needed to accommodate spending on the health crisis
Steven Hail


Is it impossible to envision a world without patent monopolies?
We should not face very high prices for a Covid-19 vaccine
Dean Baker


Creative destruction: The Covid-19 economic crisis is hastening the demise of fossil fuels
The fossil-fuel economy is obsolete
Peter Newman


A few economic problems that must be dealt with
Comments from Dr Geoff Davies
Editor


Chomsky on why neoliberalism has added to Covid-9’s danger
Only governments can prepare for future catastrophes
Alex Henderson


Australia: an emissions super-power
Australia has become the world’s biggest exporter of coal and gas
Editor


Why the euro has to be abandoned if Europe is to be saved
Europe’s future is one of growing economic disparities
Lars Syll


The true cost of privatising public services
Today, we are counting the cost of privatising public services
Editor


Investing in a Job Guarantee for Australia
The persistent shortage of remunerated work requires a different approach
Editor


Income inequality in the United States
To the victor belongs the spoils
David Ruccio

Volume 12 No 4 July-August 2020

Contents


Our future is in our hands
Bernard Thomson


Corporations prepare to sue over action to save lives as pandemic reveals trade flaw
CPTPP chickens coming home to roost
Patricia Ranald


The Price of Peace – Tackling the Deficit Myth
Insights that can form the basis of a modern Keynesian revolution
Steven Hail


Joan Robinson: A pre-eminent economic theorist of the 20th century
A survey of Joan Robinson’s impact on economic theory
Wayne McMillan


Joan Robinson on public sector deficits and debt
V. Ramanan


Keynesianism with an expansionary twist
And why the European monetary union has failed
Lars Syll


Scientists’ warning on affluence
Editor


Energy giants seeking to avoid reforms
Editor


Political economic responses to the coronavirus crisis
The current crisis is a likely major rupture and turning point
Frank Stilwell


Capitalism and production science vs impact science
Ikonoclast


Three mega-events which shape our minds
Asad Zaman


The totalitarian dystopia of the World Economic Forum
Evidence of growing authoritarian control
Editor


Burning gas is inconsistent with science-based climate policy
Health and environmental impacts of burning LPG
David Shearman


The simple approach to carbon
Fee and dividend carbon pricing is fair, simple and supportable
Warwick Smith


The future of air travel and tourism
The new normal will not be an extension of the old normal
John Coulter

Volume 12 No 3 May-June 2020

Contents


Economic realities in the wake of the global health crisis
Editor


Dark Times
Immediate measures needed to keep people safe
David Ruccio


Supermarkets hit by panic buying
Editor


Neoliberalism is unfit for the purpose of human survival
Editor


Does the federal government’s “credit rating” need protecting?
Credit rating corporations play no constructive role
John Hermann


The corona virus and our economy
Editor


Unlike previous recessions, this one has to be managed differently
Priorities for handling the economic impact of the pandemic
Richard Murphy


Modern monetary theory, the economy and the virus
Large scale spending required to support people and organisations
Steven Hail


It’s time for the federal government to spend
Editor


Filmmaker’s Collaborative documentary: Finding the Money
Editor


Tackle climate crisis and poverty with the zeal of the Covid- fight
The pandemic exposes that we can do things differently RWER
Editor


Beyond the global coronavirus crisis: austerity or recovery?
Creating the conditions for recovery, stability and sustainability
Frank Stilwell


Sociopathic societies
Editor


Our “Scheidel moment”?
According to Walter Scheidel, elites always, and everywhere rig society for their own gain
Peter Radford


Coronavirus and climate emergency: an opportunity for government
A unique opportunity for economic reform
David Shearman


The shape of the recovery: Those who tell don’t know
Nobody really knows what the recovery will look like
Dean Baker


Beware Financial Journalists on Government Deficits
Steven Hail


Corona Debt Jubilee
Debts that can’t be paid won’t be – a debt jubilee may be the best way out
Michael Hudson


US and UK unemployment could exceed Great Depression
Editor


The virus crisis and the low-carbon transition
Editor

Volume 12 No 2 March-April 2020

Contents


Parable for the new decade
Paying for what needs to be done to save our planet from disaster
JD Alt


A stock market boom is not the basis of shared prosperity
Our addiction to stock price inflation is toxic
Thomas Palley


Introducing land rent, the ACT’s good idea for cheaper houses
A proposal for saving housing costs
Cameron Murray


Anti-cash alliance suffers setback
Some recent developments in the campaign to eliminate cash
Norbert Häring


A just transition for Australia
Australia can lead the way towards repairing climate change damage
Steven Hail


Questions that do not arise in standard neoclassical economics
Development is more important than growth for the future
Herman Daly


Chicago economics – where do we unload the garbage?
The garbage must be removed from textbooks and policy advice
Lars Syll


The key to the environmental crisis Is beneath our feet
Tackling the climate crisis with central bank funded regenerative agriculture
Ellen Brown


Modelling climate impacts
Averages always underestimate the damaging consequences of climate change
Greg Reid


Why monetary policies are impotent
We need fiscal tools to get the economy going
Lars Syll


Alternative paths to MMT
The central bank will never say no to Federal government spending
L Randall Wray


Economics awaits a Darwinian revolution
The rational approach is to assume that all economies evolve
Blair Fix


BlackRock is the canary in the coalmine
Its decision to dump coal signals what’s next
John Quiggin

Volume 12 No 1 January-February 2020

Contents


Our economy is an unstable system, threatening its own survival
Accumulate, accumulate! That is Moses and the prophets!
Lars Syll


Government spending and inflation
Government spending won’t produce accelerating inflation prior to the economy reaching maximum output
Editor


The US is the world’s second largest economy
When it comes to climate change, it matters
Dean Baker


The essence of neoliberalism
A programme for destroying any collective structures that might impede pure market logic
Editor


Is a different type of economics the answer?
A paradigm shift is underway in economics
Steven Hail


The unrealistic model of William Nordhaus
A worrying model used in advising governments about the economic impact of global warming
Editor


Facing Barbarism
Humanity is facing the prospect of socio-economic and ecological collapse
David Faber


Climate Justice: Asymmetrical Responsibilities
Coco Hoskin-Murray


How Westpac is alleged to have broken money laundering laws million times
Financial misdemeanours by a major bank
Ian Fargher


I have a dream: resurrection of Westpac as a Sustainability Bank
A community bank serving social and environmental needs
David Shearman


Dying too young
The impact of economic pressures and inequality on human health and longevity
David Ruccio


The teaching of economics – captured by a dangerous sect
In society and the economy, the whole is not the sum of its parts
Lars Syll


Paul Krugman – one of Joan Robinson’s Bastard Keynesians
Editor