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.

Friday, 26 September 2014

Prosecuting banksters.

Eric Holder, US Attorney General didn’t want to prosecute bankster / fraudsters because of the effect he thought it might have on the...

Wednesday, 24 September 2014

Positive Money’s Money Creation Committee solves a dilemma.

As Tejvan Pettinger righly points out in an article entitled “Budget Deficit Targets”, the main advantage of budget deficit reducti...

Cutting the deficit is an absurd objective.

If aggregate demand declines for whatever reason (e.g. less spending by households or a drop in demand for exports) then the deficit ...

Sunday, 21 September 2014

Alan Moreira and Alexi Savov try to defend shadow banking.

In this Vox article entitled “Shadow banking and the economy” the authors’ first point in favour of shadow banking is that it create...

Friday, 19 September 2014

Spot the flaw in this argument relating to bank capital.

The illustrations below come from a Bloomberg article by Peter McCoy. I like the illustrations, but the argument behind them is act...

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Ralph Musgrave

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