dimelab dimelab: shrinking the gap between talk and action.

elephant Topic in The Credit Debacle Catalog

Sat 2010-05-22 21:31 EDT

It's Hard Being a Bear (Part Six)?Good Alternative Theory? | Steve Keen's Debtwatch

...Chartalism rejects neoclassical economics, as I do. However it takes a very different approach to analyzing the monetary system, putting the emphasis upon government money creation whereas I focus upon private credit creation. It is therefore in one sense a rival approach to the ``Circuitist'' School which I see myself as part of. But it could also be that both groups are right, as in the parable of the blind men and the elephant: we've got hold of the same animal, but since one of us has a leg and the other a trunk, we think we're holding on to vastly different creatures...a leading Chartalist, Professor Bill Mitchell from the University of Newcastle, [writes] a précis of the Chartalist argument...The fundamental principles of modern monetary economics, By Bill Mitchell...The following discussion outlines the macroeconomic principles underpinning modern monetary theory (sometimes referred to as Chartalism)... [MMT principles]

Bear; Good Alternative Theory; hard; part; Steve Keen's Debtwatch.

naked capitalism Mon 2009-12-21 16:36 EST

The China Decoupling Myth?

One of the motherhood and apple pie items in econ-land is that the world needs global rebalancing, which is code for China has to stop being a mercantilist and currency manipulator, and the US has to quit borrowing a ton and overconsuming (or underproducing, which is another way to frame the same problem). But once everyone agrees that that's a swell idea, no one seems particularly inclined to do anything about it, except complain about the consequences.One of the things that has led to somewhat less attention to this elephant in the room is the perception that China has ``decoupled.'' If it has managed to fare reasonably well in this global upheaval, then surely it is becoming more self sufficient and therefore less dependent on US demand, so the situation is already righting itself, correct? Wrong, says Dror Poleg...

China Decoupling Myth; naked capitalism.

Copyright © 2010 dimelab. All rights reserved.