The BoE’s decision to raise the Bank Rate to 0.75% is a mistake. It is a mistake comparable to those made by Alan Greenspan’s Federal Reserve in the years between 2003 and 2006. It is a mistake that must be understood in a wider context. Not just the political context – which promotes ‘monetary radicalism
What Is Wrong with the Bank of England’s Decision Today? Read More »
On 19th July, 2018, I was stunned and honoured to receive the following from Professor Antonia Grunenberg of the Heinrich Boll Foundation, Bremen, Germany. Berlin, July 19, 2018 Dear Mrs. Pettifor, it is my great pleasure to inform you in behalf of the international jury of the „Hannah Arendt Prize for Political Thinking“ that you
The Great Honour that is the Heinrich Boll Stiftung’s Hannah Arendt Prize Read More »
This is the original text of an article that appeared, after edits, in the Irish Times on 22nd June, 2018. Economists regard the theory of ‘supply and demand’ as nothing less than a ‘law’ and “and as one of the fundamental principles governing ‘the economy’. Almost every economic event or phenomenon is considered the product
The Irish Housing Crisis & the Crisis of Economics Read More »
I was interviewed by Martin Sandbu of the Financial Times about the nature of money, in particular the importance of borrowers to the creation of money. A video was filmed at Bank Job, a wonderful charity dedicated to a) promoting understanding of money, b) cancelling the debts of the people of Walthamstow and c) using
Interview with Martin Sandbu of the Financial Times Read More »
At the April Rethinking Economicsconference in Oslo I pointed out that western politicians and economists are repeating policy errors of the 1930s. The pattern of a global financial crash, followed by austerity in Europe and the UK, led in those years to the rise of populism, authoritarianism and ultimately fascism. The scale of economic and political
Is It Unreasonable to Blame Bankers/Rentiers for the Rise in Populism? Read More »
This review first appeared in the Times Literary Supplement on the 10 May, 2018 under the title: Greed is not Good. The subject of growth is popular with economists, not so much with ecologists. It has been much studied and written about – by philosophers, theologians, scientists, environmentalists – as well as economists. John Stuart
This article was first published on the PRIME website: On Tectonic Plates.. It is my view that the greatest weakness of economics is the habit of drawing, or encouraging politicians to draw, macroeconomic conclusions from microeconomic reasoning (“the government budget, like a household budget, must balance”). This weakness is endemic within the profession. It is
On Tectonic Plates, the Economic System and the Economics Profession Read More »
I wrote this post on the 21st April, 2018, for PRIME. “There are a significant number of households that are in so deep that the slightest sign of rough weather could see them in over their heads,” said Jonathan Davidson, one of the FCA’s directors of supervision. Given these imbalances, the biggest danger facing the
Why the Bank of England Should Not Raise the Bank Rate Read More »
At the invitation of New Zealand’s Institute of Directors, I recently visited Auckland. I was there to address the IoD’s annual gathering of 600 CEOs..and on the side did this interview with NZ’s equivalent of the BBC, for a Sunday Talk Show with popular host, Wallace Chapman. It was good to be given fully 20
Interview with Wallace Chapman of New Zealand Radio Read More »
Prospect magazine’s April 14, 2018 edition ignited a debate between orthodox and heterodox economists. It also included a page titled: In my contribution I tried to explain the nature of money. Not sure I succeeded. Anyway, here it is: “Unlike the prices of bitcoins or gold, the price of money is not determined by
From Prospect Magazine: There Can Never Be A Market in Money Read More »
