socialist-economics

I will have to read more on MMT to make a judgement. but the Minsky part on full employment is the only "full employment under capitalism"  theory I know (or, more correctly, half capitalism, half socialism), Ditto everything Wray says re: Henwood Randy Wray: Response to Doug Henwood's Trolling on MMT in Jacobin https://www.nakedcapitalism.com/2019/02/randy-wray-response-doug-henwoods-trolling-mmt-jacobin.html Randy Wray: Response to Doug Henwood's Trolling on MMT in Jacobin Posted on   February 27, 2019   by  Yves Smith Yves here. Wray saves one of his best lines for late in the article: "As Kelton puts it, people like Henwood think money grows on rich people." But boy, is it a hard slog to deal with people who refuse to deal with MMT in good faith. By Randy Wray. Originally published at  New Economic Perspectives Doug Henwood has posted up at  Jacobin an MMT critique that amounts to little more than a character assassination. It is what I'd expect of...

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Trump, Trade and the Advantage of Autocrats https://www.nytimes.com/2019/02/25/opinion/trump-trade-china.html There's been some good news on global trade lately: A full-scale U.S.-China trade war appears to be on hold, and may be avoided altogether. The bad news is that if we do make a trade deal with China, it will basically be because the Chinese are offering Donald Trump a personal political payoff. At the same time, a much more dangerous trade conflict with Europe is looming. And the Europeans, who still have this peculiar thing called rule of law, can't bribe their way to trade peace. The background: Last year the Trump administration imposed tariffs on a wide range of Chinese products, covering more than half of China's exports to the United States. But that might have been only the beginning: Trump had threatened to impose much higher tariffs on $200 billion of Chinese exports starting this Friday. What was the motivation for these tariffs? Remarkably, there doesn...

A Green New Deal is Fiscally Responsible. Climate Inaction is Not http://cepr.net/publications/op-eds-columns/a-green-new-deal-is-fiscally-responsible-climate-inaction-is-not In the coming days, the Senate majority leader, Mitch McConnell, plans to hold a  vote  on the Green New Deal resolution recently introduced by congresswoman Alexandria Ocasio-Cortez (D-NY) and Senator Edward Markey (D-MA). Despite  polls  showing broad bipartisan support for a Green New Deal, McConnell hopes his ploy will divide Democrats and boost the GOP talking point that the plan is fiscally irresponsible. While McConnell and other critics seem to think that they can defeat the Green New Deal by repeating a tired mantra – "we can't afford to do it" – the real question is: how can we afford not to? Without bold action to tackle climate change, toxic pollution and economic and racial inequity, our society will only see rising fiscal burdens. A Green New Deal would not only help us avoid mounting c...

A VERY important point, here, by Jack Metzgar  He highlights the precise issue in Medicare for All that Haunts the Green New Deal Resolution. What about the losers in the transitions and big reforms contemplated, and deemed "necessary". Who will pay the insurance industry workers the $58, 000 THEY need to make a manageable, not traumatic transition. Same with the GND resolution. Put the JOBS and INCOME protections and enhancements UP FRONT. Otherwise, as Brother Metzgar notes, the doors to backlash are opened. The losers costs are gonna be paid, paid, paid in one form or another. Pay them up front! That way you get more support, not division. Same with approaches to Amazon, IMO, btwl  . Accept, that with change, there will be losers. Pay them. Make them winners. Jobs and Medicare for All https://workingclassstudies.wordpress.com/2019/02/25/jobs-medicare-for-all/ You can tell that Medicare for All is becoming a real possibility when it gets a rigorous cost-benefit analysis and...

The economic reasoning behind the Democrats' bold agenda https://www.washingtonpost.com/outlook/2019/02/25/economic-reasoning-behind-democrats-bold-agenda/ Jared Bernstein Just because Congress is anchored in a toxic combination of partisan gridlock and Trumpian chaos doesn't mean policy debates are dead. Democrats are working overtime to craft an alternative to the status quo, including progressive tax reform, jobs programs, pushback on climate change, universal health care, expanded Social Security and more. As it happens, economic conditions right now make this an excellent time for a bolder-the-better agenda. First, the Federal Reserve recently announced that its previously planned interest-rate increases were on pause. After holding the benchmark rate they control at zero for an unprecedented six years, in late 2015, the Fed began raising rates. A few years later, even as interest rates and unemployment remained historically low, enough economic head winds developed that t...

The very smart Simon Johnson believes that something like codetermination is essential if modern capitalism is going to... https://www.bradford-delong.com/2019/02/simon-johnson-_saving-capitalism-from-economics-101-by-simon-johnson-project-syndicatehttpswwwproject-syndicate.html The very smart Simon Johnson believes that something like codetermination is essential if modern capitalism is going to work:  Simon Johnson :  Saving Capitalism from Economics 101 : "Warren is proposing a much broader rethink. Large corporations can still do well, but they need to be held accountable in a much more transparent way. Incentives for executives would be adjusted, and running these companies would no longer be so much about lining their own pockets.... The legitimacy of capitalism–private ownership and reliance on market mechanisms–would be greatly strengthened under the Accountable Capitalism Act. So, yes, like it or not, this will be on the final exam...     -- via my feedly newsfeed

I tend to favor the UBI approach, although the results are ambiguous in this first year study. However, I believe politically all guaranteed income has to be linked to work or service for able-bodied or able minded recipients. Universal Basic Income: Preliminary Results from the Finnish Experiment http://conversableeconomist.blogspot.com/2019/02/universal-basic-income-preliminary.html The big selling points for a universal basic income are simplicity and work incentives. The simplicity arises because with a universal basic income, there are no qualifications to satisfy or forms to fill out. People just receive it, regardless of factors like income levels or whether they have a job. There are not bureaucratic costs of determining eligibility, and no stigma of applying for such benefits or in receiving them. The gains for work incentives arise because many programs aimed at helping the poor have a built-in feature that as you earn more on the job, you receive less in government assistanc...

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From triple crisis, a good discussion of tax vs cap and trade market approaches to emissions reduction. And their limitations. Prices Are Not Enough http://triplecrisis.com/prices-are-not-enough/ y Frank Ackerman Fourth in a series on climate policy; find Part 1  here , Part 2  here , and Part 3  here . We need a price on carbon emissions. This opinion, virtually unanimous among economists, is also shared by a growing number of advocates and policymakers. But unanimity disappears in the debate over  how  to price carbon: there is continuing controversy about the merits of taxes vs. cap-and-trade systems for pricing emissions, and about the role for complementary, non-price policies. At the risk of spoiling the suspense, this blog post reaches two main conclusions: First, under either a carbon tax or a cap-and-trade system, the price level matters more than the mechanism used to reach that price. Second, under either approach, a reasonably high price is necessary but not sufficient for ...