Dirk Ehnts — Structuralist Macroeconomics

I have recently ordered a copy of “Structuralist Macroeconomics – Applicable Models for the Third World” by Lance Taylor. However, I did not read very far into the book. Let me explain why. On p. 12, chapter 2 – titled “Adjustment Mechanisms – the Real Side” – starts with the sentence:

“MACROECONOMICS begins with the notion that the value of saving generated by all participants in the economy must by one means or another come into equality with the value of investment in the short run.”

While most economists will probably nod their heads, I don’t. Informed by a book chapter written by Basil Moore (download) and my own research, let me point out the fundamental problems with this statement. The first is trivial, the second not so....

econoblog 101
Structuralist Macroeconomics
Dirk Ehnts | Lecturer at Bard College Berlin

Ramanan on Keen-Krugman

Ramanan fills in some of the Post Keynesian historical background. It's not like this is new thinking. Krugman often chided opponents of being unaware previous advances in the field. Where was he when Basil Moore published Horizontalists and Verticalists: The Macroeconomics of Credit Money back in 1988?
Read it at The Case For Concerted Action
Is Paul Krugman A Verticalist?
by Ramanan

Ramanan — The (Almost) Irrelevance Of Reserve Requirements

Ramanan quotes Basil Moore on reserves and show how reserves are irrelevant — almost. They do impose a cost.

Read it at The Case For Concerted Action
The (Almost) Irrelevance Of Reserve Requirements
by Ramanan