Prof Richard Murphy asks a number of question in this short blog, the central one being :’…who is asking where the money is coming from?’ And the others follow on from that one.

It is a very short read, but a telling one for #MMT and perhaps a calling out of all the hypocrites and their economic dogma.

#EconomicTheory #NeoClassicalEconomics #EconomicBigortry #antifa #EatTheRich

https://www.taxresearch.org.uk/Blog/2026/03/02/are-we-all-modern-monetary-theorists-when-the-chips-are-down/

I never get tired of tooting #GregJericho ‘s articles, because what he says, most of the time, is not just informative, it’s a booster shot against the #FakeNews and #EconomicMisInformation the #msm spews out — unfortunately with that much misinformation being the main narrative of all but a few news outlets and the #FifthEstate, a lot of it is bound to be believed as truth: like the furphy about increasing wages driving up inflation — everyone should know by now the inflationary dragon is #GreedFlation.

“There hasn’t been a wage breakout since I was in primary school but do not worry – the RBA is still on the watch, ever on alert to raise interest rates in an effort to increase unemployment and lower wage growth.”
Read more:
https://www.theguardian.com/business/grogonomics/2026/feb/18/real-wages-fall-australia-workers-economy

But the RBA is not about to let a debuked economic theory go to waste. So Greg is warning us of another rate rise likely to come if the RBA stays true to form — and why shouldn’t it?

Read more:
https://thepoint.com.au/opinions/260220-dont-panic-rba-low-unemployment-is-a-good-thing

#RBA #NeoClassicalEconomics #NeoLiberalEconomics #AusPol #CashRate #Inflation #WageGrowth

Are we starting to see some sort of pushback against the neoliberal thinking of the majority of economists who harp on about the wage-inflation spiral — or to put it another way the need for some workers to live on the dole so that the rest of us can have a more confortable life free of inflationary pressures.

Here is someone other than #GregJericho of The Australian Institute that also thinks this #RBA mantra is utter bull dust.

“…[economists] obsess about an oft talked about, but mysterious concept called the NAIRU, the non-accelerating inflation rate of unemployment.

The theory goes that, if you have just the right amount of workers on the unemployment scrap heap, you can keep inflation in check.

The problem is that no-one knows exactly what the magic unemployment rate is. Even more confusing, it seems to change and, on occasions, such as the past few years, not hold true at all.”

Read more
https://www.abc.net.au/news/2026-02-21/why-economists-hate-low-unemployment-for-inflation/106367852

#unemployment #WageInflationSpiral #NAIRU #Economy #AusPol #NeoClassicalEconomics #NeoLiberalEconomicTheory
#CapoitalismUnbound

With regard to intellectual diversity on campus, departments of economics tend not to be shining examples .

#HigherEducation #USUniversities #Economics #NeoclassicalEconomics #IntellectualDiversity

Ha-Joon Chang is totally right. Economics is heading towards total irrelevance - mostly because it has severed all ties with political science and the study of power.

"Neoclassical economics has become the Aeroflot of ideas. A friend recalls that after asking for a vegetarian meal on a flight with the Soviet airline in the 1980s, he was told: “No, you cannot. Everybody’s equal on Aeroflot. It’s a socialist airline. There’s no special treatment.” The same logic applies in today’s economics departments: you’re free to choose — as long as it’s neoclassical chicken.

But real life is not one-size-fits-all. The complex challenges of our time require imaginative solutions, not endless variations on the failed theme of efficient markets. We need a more nuanced approach and to understand the economy not from a purely economic point of view, but also from political, social and psychological perspectives. Reforming economics curricula is not an academic distraction — it’s a societal imperative. 

We need to push for an economics education that is more pluralist, ethically aware, historically grounded and relevant to the real world.
(...)
While we can expect further dismissals from the discipline’s high priests, we also know that they are on the defensive. The cracks are showing and the demand for change is growing. Even the staunchest defenders of orthodoxy will eventually have to listen. 

I remain an optimist. Two hundred years ago, buying and selling people was legal in many countries. A hundred years ago, women were jailed for demanding the right to vote. Progress never comes easily. You can’t simply hope that societies will evolve in the right direction. You have to fight to change them."

https://www.ft.com/content/9aabb4a9-d896-4b4c-a40a-1c4477a47a29 

#Economics #SocialSciences #NeoclassicalEconomics #Capitalism #Neoliberalism

Why Neoclassical Economics Fails – A Deep Dive
#EconomicJustice, #FinancialCrisis, #NeoclassicalEconomics, #PolicyReform

Mainstream economics is flawed. Discover why neoclassical economics fails and how alternative models offer real-world solutions.

https://socialjusticeaustralia.com.au/why-neoclassical-economics-fails/

It's fascinating to hear Michael Beckley misunderstand China, despite being well-informed on the raw facts. Because he's trying to cram those facts into a one-size-fits-all neoclassical economic frame. It simply doesn't fit a country with a totally different political-economic system from the US, and a massive, diverse territory with a huge population.

https://opentodebate.org/debate/has-chinas-power-peaked/

(1/?)

#podcasts #OpenToDebate #China #NeoClassicalEconomics

#Economy #Economics #NeoclassicalEconomics #IntellectualFraud: "The question we should be asking, then, is whether there is something wrong with mainstream economics. Mainstream economists should perhaps re-examine their core beliefs, or maybe we need a new “mainstream” altogether.

To be sure, Krugman notes that “one strand of argument involved parallels with the inflation of the 1970s.” But this only grazes the problem. The real issue is that most of today’s leading mainstream economists were trained in the 1970s, and their worldview – not just the facts, but the theory – was fixed back then. On macroeconomic issues such as inflation, the influences of general equilibrium theory, inflation-unemployment trade-offs, and monetarism remain strong. The legacies of Kenneth Arrow, Paul Samuelson, Robert Solow, and Milton Friedman live on.

That earlier generation’s project was partly scientific, partly political. As “social scientists,” they believed in the power of mathematics, which they borrowed from the celestial mechanics of previous centuries. Politically, they sought to defend capitalism against the Soviet challenge during the Cold War. By uniting these objectives, they fashioned the market-oriented mathematical straitjacket in which today’s mainstream economists were raised – and from which they cannot escape. Yesterday’s Wunderkinder – including Summers and Krugman – are today’s tired old men."

https://www.project-syndicate.org/commentary/transitory-inflation-why-mainstream-economics-got-it-wrong-by-james-k-galbraith-2023-11

"#MainstreamEconomics has consistently understated the economic damage of #ClimateChange, according to two recent reports. [..]

"The models are relied upon by investors, politicians, central bank governors and influential bodies like the #IntergovernmentalPanelOnClimateChange (#IPCC)."

#MainstreamEconomists accused of playing down #climate threat

https://climatechangenews.com/2023/08/08/economics-climate-threat-models/

#EconomicsOfClimateChange #NeoclassicalEconomics #GlobalWarming #Nordhaus