RALPHONOMICS

Commentaries (some of them cheeky or provocative) on economic topics by Ralph Musgrave. This site is dedicated to Abba Lerner. I disagree with several claims made by Lerner, and made by his intellectual descendants, that is advocates of Modern Monetary Theory (MMT). But I regard MMT on balance as being a breath of fresh air for economics.

Thursday, 25 July 2013

Beware of Greek doctors bearing medicines.

Greece has an abnormally large number of doctors and an abnormally few nurses. Reason, it seems, it that there are big bucks to be ma...

Islamic finance is nonsense, says Prof. Timur Kuran.

Timur Kuran had an article in the Financial Times a day or two ago in which he said amongst other things that "Islamic banking,...

Wednesday, 24 July 2013

“Make work” is not the solution for Detroit.

Stephanie Kelton (associate professor at the University of Missouri-Kansas City) claims make work schemes are a solution for bankrup...

Tuesday, 23 July 2013

The fatuous “Help to Buy” scheme.

Whenever there’s a problem, governments of almost any political persuasion think the solution is a new scheme dreamed up by governmen...

Sunday, 21 July 2013

QE money should be spent on general stimulatory measures, not on anything in particular.

Summary: If a central bank creates money out of thin air and buys securities (QE) the effect is distortionary. Therefor such money sh...

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Ralph Musgrave

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