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.

Tuesday, 9 January 2018

What proportion of economists have a grip on reality?

The Cambridge economist Ha-Joon Chang said “Unfortunately a lot of my academic colleagues not only do not work on the real world, but are ...

Wednesday, 3 January 2018

Artificial interest rate adjustments are daft.

Summary . The optimum or GDP maximizing price for anything, including the price of borrowed money, is the free market price. Therefor ar...

Tuesday, 2 January 2018

Random charts - 49.

Large pink text on the charts below was added by me. Re the Persimmon chart on the cost of building houses, there's another quite simil...

Tuesday, 19 December 2017

Random charts - 48.

Large pink text on the charts below was added by me.

Sunday, 17 December 2017

Pigou subsidies.

Bit arcane this – so don’t say you weren’t warned. A Pigou subsidy is an idea I hadn’t come across till Nick Rowe draw the attention of a...

Friday, 15 December 2017

Richard Murphy’s weak grasp of economics.

He advocates a rise in inflation to above the 2% target because that would help debtors*. As he puts it in reference to increased inflatio...

Wednesday, 13 December 2017

What’s the optimum amount of national debt?

MMTers have solved this one. Others are still floundering, in particular Roger Farmer in this NIESR article on the subject, is all over the...

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Ralph Musgrave

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