The eurozone came with fine aspirations: according to article 127 in the consolidated version of the Treaty on the Functioning … Continue reading “Sovereign debt restructuring and the euro crisis”

Ireland is not stupid. When credit is offered, it chooses the lowest rate. Ireland’s ‘bailout’ from the European System of … Continue reading “Is Ireland exploiting eurosystem loopholes at Germany’s expense?”

Inflation is the process whereby ‘things’ – balloons, tyres, opinions, etc. – wbecome enlarged. Deflation is the reverse process. In … Continue reading “Oil prices and inflation”

While the full complexity of an economic cycle can never be gauged, economists point to many contributory factors, each with … Continue reading “Taylor Rules – far from ‘OK’!”

A member of the Bank of England’s Monetary Policy Committee believes that inflation has been driven ‘by higher food and … Continue reading “How can so many economists be wrong-headed on inflation?”

Mervyn King has been criticised for crossing a line which separates monetary policy (the Bank’s remit) and fiscal policy (the Treasury’s … Continue reading “The tragedy of the eurozone”

In the 1920s, the UK economy was deflated as a prelude to the restoration of the gold standard. The Chancellor … Continue reading “The economic consequences of fiscal consolidation”

As one set of economists warns that rapid debt reduction is likely to plunge the economy into deep recession, another … Continue reading “A Post-Keynesian sleight of hand”

A comment from a Woman’s Own interview in 1987 is often repeated, but rarely in context:  ”There is no such … Continue reading “There is no such thing as society”